Payroll Outsourcing Company in Pune
From consolidating payroll inputs to processing payroll and tax reports, to meeting statutory compliance’s and filing ITR, we help you manage it all accurately and efficiently.
Common payroll challenges which companies face while outsourcing payroll services in Pune
Difficult to find payroll processing company in Pune, who keeps up to global standards
When companies have presence in multiple locations and multiple countries, it becomes very difficult to sign-up with a payroll processing partner, who not only meets best in class local standards, but also meets top class global standards and is the best in class for payroll management services. A company that can meet both local and global standards is able to offer superior service and an exhilarating experience to customers.
Paysquare provides these answers. With several years of experience, Paysquare works with local as well as global customers.
Difficult to find a partner who is flexible to meet your specific requirements
While every payroll management vendor offers different solutions, what you look for is the ability of a vendor to meet your specific requirements in terms of reporting or meeting specific standards etc. A vendor who does not have the right technology platform finds it difficult offer flexibility to meet client requirements. They have to do a significant portion of the work manually, which becomes error prone and expensive.
Difficult to find a partner who is committed to technology
Payroll processing can be a time-consuming process, when done manually. Even if you use some excel based solutions, it continues to remain manual in nature. For this to happen the payroll processing company needs to be committed to using technology in the right way. With a payroll provider partner like Paysquare, you are in safe hands. With significant investments in technology, both at the back-end as well as in terms of the web based front end, Paysquare provides a wow factor to clients, while it provides payroll management solutions.
Difficult to find a partner committed to data security
Across organizations, data management is a massive challenge among payroll departments. Moreover IT department will expect organizations to maintain records for a few years. Even in terms of business continuity, it is necessary that the payroll processing vendor have back-up locations or redundancy, so that if one of their servers is affected, the payroll operations for the customer will not be affected, as the data will be mirrored on a different server.
Payroll outsourcing is a process of assigning the process of payroll management to a third party with expertise in this area. Since payroll is mostly an extended department and not the core department in almost 99% of the companies therefore by outsourcing it, the primary advantage which the company enjoys is a reduction in the overall cost as well as quality of service delivery. Paysquare is one of the best payroll outsourcing companies in Pune. The team makes use of the latest technology to manage the payroll operations.
5 Key Reasons of Outsourcing Payroll
The 5 key feature of Payroll outsourcing
The fluctuating economic conditions and global uncertainties compel businesses to constantly work on ways to streamline their business processes while remaining cost-effective. Outsourcing time consuming and non-core business process activities can help to boost business productivity by enabling organizations to focus on mission critical tasks.
No Major Infrastructure
Implementing and managing payroll management systems in companies can be a drain on resources. Effective payroll systems require the purchase and maintenance of extensive infrastructure such as hardware, software, network capabilities and nowadays, cloud technology.
Delivers Considerable Time Savings
Time is precious and all organizations are aware of this. Time wasted on non-critical yet unwieldy processes can be costly and a significant distraction for companies. As per research conducted by an agency, in-house payroll processing contributes a great deal to wasted time and loss of productivity.
Reduce Security Threats
Managing payroll process outsourcing and different payroll service providers can often be a nightmare for organizations as there are many security aspects involved. By working with a vendor, who has robust mechanisms for data protection, you are in safe hands.
No Additional Staff Required
Maintenance of payroll in-house requires the recruitment and training of staff which can be quite expensive. Once you outsource your payroll, you have no such requirements.
Most of the small business owners who want to concentrate in building and establishing their businesses can save their time, as well as money by Payroll Outsourcing
How much Payroll Outsourcing cost?
Costing depends upon the scope of work defined and the no of employees. Scope of work would include monthly payroll processing, compliance management-PF/P.TAX./ESIS/Taxation returns filing, other activities like Full & Final settlement, Investment proof checking and auditing, Form 16 generation.
Which seems to be a good option, In-house or outsourcing Payroll?
The general trend seen in the last few years is more towards OUTSOURCING PAYROLL. Payroll is a once in a month activity in every organization but it requires joint efforts of people from different departments coordinating with each other. i.e. the HR person who takes care of the employee records/salary structure CTC working etc. and other person is from Finance who needs to take care of compliance i.e. monthly tax challans, quarterly and annual returns filing.
Understanding the payroll process flow adopted by the partner. How does the partner process payroll for its existing clients.
Internal audit practices built by the partner to maintain the accuracy in data.
Knowledge on the subject matter. Is the partner updated with the changes happening in statutory compliance? E.g taxation, investment, P.F.,P.TAX etc.
Customized plan of action designed by the partner for the client in order to maintain the deadline of the payout date.
Factors of Payroll
When hiring any company for outsourcing the payroll processing in Pune, you need to consider some important points
How much is the company charging for its services?
The whole point of purchasing payroll services for small & Medium sized business is so you don’t have to pay payroll tax penalties.. Accordingly, there are certain payroll services that come with a guarantee. They promise you won’t face any fines—and if you do, the services will handle them.
Even with the best payroll services for small & medium size business, payroll is complicated. It’s always important to make sure that you have chosen the right company for Payroll outsourcing service.
You’re in an industry with specific payroll demands, you’ll want to double-check that your favourite service can handle those extra steps.
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Frequently Asked Questions
What is Payroll Company?
Every business, small, medium or large needs to process salary payments (payroll) to its employees. This process of doing the entire payroll calculations including tax deductions applicable and the end to end process of managing all the filing and compliances related to the payroll is called payroll processing. A company that offers payroll processing as a service is typically called payroll company. A payroll company make it easy for small, medium & large businesses to streamline their business operations. Paysquare is a leading payroll company in India, which helps organizations in end to end payroll processing. From payroll calculations to tax deductions to finalizing bank files for depositing employees’ salary directly to their bank accounts, Paysquare does it all. Along with all this, Paysquare also provides web based access to employees and HR admins, where they can access their payslips and tax related information through secure logins.
What are the features of Payroll Outsourcing company?
Payroll outsourcing companies help you to improve productivity by saving time, efforts and costs incurred for carrying out payroll operations in-house. Payroll outsourcing companies have a wide range of payroll specialization for different industries, like for e.g. some organizations offer flexible savings accounts, or retirement account options, and some provide specific tax saving proposals, insurance payments helping the business owner to deliver efficient payroll through better productivity.
Improved efficiency of employees
Payroll outsourcing companies process the payroll day in and day out with the high availability of expert pool and better awareness of technical and legal norms. Efficiency is achieved by outsourcing to specialized payroll experts ensuring timely and accurate payroll processing.
Accurate tax returns filing
Tax returns are filed accurately and on time to ensure that there are no compliance related issues. Cost savings is one of the major benefits delivered by payroll outsourcing companies. High penalties can be avoided by making sure that tax returns are filed on time and accurately.
Using best of technology
Payroll outsourcing firms use latest and advanced software programs for payroll processing, tax computation for minimizing errors and delays. This ensures high degree of automation in the entire payroll processing process and ensures that manual errors are minimized or eliminated.
Kick-Start Your Payroll Outsourcing Journey With Us.
Let us sit together for a quick walk through of the payroll and HR solutions, we have on offer for you.