A report from Price Waterhouse stated that businesses maintaining in-house payroll associated jobs spend 18% more than the average spending of businesses who hire outsourced payroll services. Similarly, businesses that use cloud-based payroll outsourcing tend to spend 32% higher than who don’t use it.  All this has resulted in fostering an ecosystem in India to create a world-class global hub for payroll outsourcing. More and more SMEs are entering into this industry to implement outsourced payroll, and with technological advancements, payroll outsourcing companies in India are emerging with cost-effective payroll software to meet the client needs.   Payroll Outsourcing

Payroll Outsourcing Companies- India Trends

With the promise to simplify and accelerate the jobs of payroll and administrative managers, so that they and the organization can keep their focus on their core business competencies, Payroll outsourcing companies in India are themselves getting organized and professional in their approaches and initiatives.  Following are the positive trends forecasted which they will embrace in 2018.

A. Leveraging the Fluidity Offered by Cloud-Based Payroll

To satisfy the demands of the sector, payroll outsourcing companies in India will extensively be employing the Cloud computing. Access and incorporation of multiple users into a single account in Cloud-based payroll systems. Also, it permits the businesses to scale with their employee, be it reduction or increase. The access is not just limited to PC but extended to smartphones as well.

B. Ballooning Demand for Online Payroll

It has been realized by businesses that the cost of payroll per payslip, if in-house, is around 75%. It is 25% if the same is outsourced. In addition, faster turnaround time, permanent assistance for the life-cycle of an employee, payroll process streamlining, cost reduction in IT infrastructure, safety, accuracy, saves time and money are many other advantages payroll outsourcing can provide. Payroll outsourcing companies in India will receive increased investment as HR functions, by employing payroll outsourcing, can re-focus and realign their HR budgets on skill development, training and PLIs. Not just that, venture capitalists, entrepreneur, corporate houses, and start-ups have witnessed the strong demand for outsourced payroll, and they will lead by investing in unique products and services to meet the demand . Hence, the probability of better experience, service, and competitive pricing will benefit the Indian businesses in 2018.

C. Integration of Cross-Functions

Payroll outsourcing will be seen as the best option to integrate human resource, finance, and online banking seamlessly. Hence more and more corporate houses will employ it to streamline the HR systems, accounting software, and online banking methods.

D. Personalized Employee Accounts

Payroll outsourcing companies in India will not just help employers; they will also engage employees by creating personalized employee accounts to review their critical information and data related to tax liabilities and other financial details. Therefore, hiring outsource payroll companies business HRs will give their employees automated accurate financial information and in turn get a motivated and engaged employee. Apart from providing right information payroll services will efficiently integrate changes in taxation, which are becoming complex day-by-day. Hence, HR will hire payroll services so that they can just focus on the organizational business objectives without being distracted by the complication of changing regulatory environment.

E. Reduced Cost of Payroll Systems

The Year 2018 will also witness reduced cost of outsourcing payroll systems as the cost of technology, like cloud-computing, will reduce. The continuous feedback from customers, business houses, and individual employees will keep payroll outsourcing companies in India to better them and become well-organized.

Conclusion

Business houses, SMEs, and corporate sector will benefit from all the above trends as they become available. HR function and payroll outsource companies in India will get attracted by these trends and will benefit each other. 

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CA. Vipul Gandhi

Associate Director

Khandhar Mehta & Shah - Chartered Accountants

‘Paysquare’ a perfect match for us as a consultant to deliver the best to our client. It extends User friendly portal for Employees and seamless processing of Payroll including statutory compliance on time! We

Parameshwer Matla

Human Resources

Columbus India

‘Paysquare’ a perfect match for us as a consultant to deliver the best to our client. It extends User friendly portal for Employees and seamless processing of Payroll including statutory compliance on The most valuable service that we get from you is "peace of mind." I know that once I submit our payroll information, everything will happen on time, payroll, pay slips, statutory reports, full and final settlement, returns and I know that we are and will be always in compliance with statutory laws regarding payroll.

Ramakrishna Dabbara

Sr. Manager – Finance

Sumtotal Systems

We would like to take this opportunity to thank you for your continual support till date! Your support especially during this pandemic has been awesome! Be it the TAT (turnaround time) you people are processing our requests, being accommodative in accepting the II, III payroll revisions, working late/ weekends, delivering the reports in time and minimal to zero errors are some of the examples of your commitment towards work & deliverables.

Abhijeet Shete

SENIOR MANAGER- HUMAN RESOURCE

Altra Industrial Motion India

We would like to take this opportunity to thank you for your continual support till date! Your support especially during this pandemic has been awesome! Be it the TAT (turnaround time) you people are processing our requests, being accommodative in accepting the II, III payroll revisions, working late/ weekends, delivering the reports in time and minimal to zero errors are some of the examples of your commitment towards work & deliverables.

Sukesh Baban Dhage

Manager Accounts

Hi Tech BioSciences India Private Limited

On behalf of Hitech Bio Sciences India Pvt. Ltd., Hi Tech Bio Laboratories, Hi Tech Analytical Works & Hi Tech Biosynth Pvt. Ltd., we appreciate your dedication to provide Payroll services to our companies from the approximately last 4 years. We acknowledge the fact that due to COVID-19, situation has become really tough across the globe. We all are forced to stay at our homes and take extra care of ourselves along with family members. It is a privilege to acknowledge you and your consultancy’s efforts and recognize the valuable service that you have provided to us. 

It is always gratifying to work with such great people with extraordinary abilities to provide good and quality service. The kind of response from your side get is fabulous and most memorable with professional culture. Specifically we would like to mention that, your approach towards the client is fantastic, for e.g. response to email is very prompt, continuous touch with client, on time response to queries or questioners’, on time and accurate report sharing. Flexibility to client requirement, Client / customer centric approach etc. Timely payment of salary gives a lot of confidence to all employees and it is due to our partners like Paysquare that Hi tech has never defaulted on its commitment of timely payment of salaries.

Ratnakar Dhakad

Senior Operation Manager

Tecknack Technologies Private Limited

We are very impressed with Paysquare team due to their ability to process payroll very efficiently. We found the implementation team very knowledgeable, supportive and very systematic.

Paysquare is a very matured payroll processing solution and they have well paid down processes to manage first time as well as every month's processing.

Monica Shah

HR Business Partner India

Victaulic Piping Products India Private Limited

Honestly , It has been an amazing experience working with Payroll team as on date . Deepika and Uma has been a strong support to us. They have always been very helpful and co-operative. I congratulate them to run payroll with zero error every month. And I expect the same level of support in future. I am happy to be associated with Payroll team.

Seagate India

Manager

I have been a client of Paysquare for 7 years and their services are fantastic. Migration from the old consultant to Paysquare was seamless. Soon after the migration, Paysquare team was up the learning curve. They never missed the deadlines provided by us. The team is always reachable, and they keep us informed about changes in taxes or government policies which impact payroll. I have complete confidence and trust in their payroll solutions, and we will always recommend them. Any company looking to ease their payroll burden with friendly service and a flexible, secure system should partner with Paysquare.