Why outsourced payroll decision makes sense in Jan Feb March

As a company, you have always wanted to run organized and efficient payroll for your employees. Payroll that is error-free and consistently delivered before the target date, every single month. We know that bringing in automation, building technology and a team that can understand and implement these changes for you is not easy.

Outsource payrollHowever engaging with Paysquare and leveraging their award winning technology that ensures consistency

Here are some advantages of moving to outsourced payroll with Paysquare, right now, in the months of Jan-Mar.stent error-free operations is easy. Also you do not need to defer your decision to outsource your payroll to the next financial year, as you can start deriving benefits from your payroll outsourcing decision almost instantaneously.

  • Form 16 benefits
    • We process form 16 for the previous year, including collecting documents, managing tax re-conciliation and issuing physical Form 16 to all your employees.
  • Payroll process gets stabilized even before you enter the next FY
    • While we manage outsourced payroll, we even run historical payroll using your past payroll data, so that you are confident of going live on the new platform. As you enter the next FY, you are already on a robust payroll solution.
  • Statutory Compliance taken care of
    • We take care of all your statutory compliances and deductions for the previous FY, so that there are no hassles involved for you to continue managing it
  • Per month billing really starts only when the payroll is live
    • We take around 3-6 weeks to migrate the data, map the payroll logic, historical run and parallel run from the start of our engagement.
    • The actual billing starts only after the 1st live run. The early we start, the better it works.

Paysquare is a specialist in managing outsourced payroll and is the preferred partner for 300+ clients. With 13+ years of strong domain experience, Paysquare processes over 1,50,000 monthly payroll records.

Click the links to find more details about Managed Payroll services and payroll outsourcing services from Paysquare.

For more details about how payroll processing with Paysquare helps you, click here

How organizations can avoid the payroll related tax mess

April/May is the time frame when most organizations tell their employees to make payroll related tax declarations for the entire financial year. Organizations typically use paper based manual forms to have employees submit their tax declarations. These forms are then manually uploaded to the payroll master and then factored for any tax calculations including tax deductions that need to be done on a monthly basis.

The entire process is prone to errors as there are several manual steps involved.  The end result may end up to be very unfavorable for the employees as well as the organization. Excessive tax deductions are irreversible and employees will need to seek refund while filing their Income Tax at the end of the financial year.

Payroll related tax mess

Payroll related tax mess

Disgruntled employees will bad-mouth the organization in social forums and if their grievances are not addressed in a reasonable time frame  this may also lead to loss of productivity at work.

Also typically this process is not one-time. Employees revise their tax declarations at different times in the year, adding to complexities.

At Paysquare, we address this challenge rather uniquely. Employees make payroll related tax declarations online at our self service portal myPayroll. These declarations then get automatically considered while the final payroll file is prepared. If there are updates to the tax declaration, only the most recent file is considered.

Since there is trace ability and a clear audit trail within the system, all declarations can be easily linked to individual employee logins. Also since there is a good level of automation, errors, while making entries are eliminated. Across our client engagements, we have seen payroll tax related grievances come down significantly, once our myPayroll system goes live at the client site.

Paysquare has been focused on payroll outsourcing for over a decade now and processes over 100,000 monthly payroll records. Paysquare offers a host of benefits with its managed payroll services.

Click the links to find more details about Managed Payroll services and payroll outsourcing services from Paysquare.

For more details about how payroll processing with Paysquare helps you,click here

Regards,

Atul

sales@paysquare.com

Twitter @PaysquareIndia

Process driven approach – A must in payroll outsourcing

When we look at the business environment around us, we realize that most successful businesses are focused on driving process efficiency. A process centric approach helps organizations provide predictable, repeatable and consistent customer experience. For e.g. Process efficiency and automation allow banks and financial institutions to offer superlative service to their customers, every single time.

Process driven approach - A must in payroll outsourcing

This applies pretty well to all the functions within an organization, so why should payroll be any different?

While you do payroll outsourcing, mapping organizational and HR practices to a robust payroll process is the order of the day. With a highly functional and customizable back end payroll engine (Precision) Paysquare ensures a high degree of process efficiency across its payroll outsourcing engagements. This keeps human intervention to a minimum and helps in maintaining a high degree of accuracy.

Paysquare has been focused on payroll outsourcing for over a decade now and processes over 100,000 monthly payroll records. Apart from high process efficiency, Paysquare does offer a host of other benefits with its managed payroll services.

Click the links to find more details about Managed Payroll services and payroll outsourcing services from Paysquare.

For more details about how payroll processing with Paysquare helps you, click here 

Regards,

Aditya

sales@paysquare.com

Twitter – @PaysquareIndia

 

Successful Payroll outsourcing – How do you measure it?

Processing payroll is an important activity for every organization. The performance of the payroll processing or payroll outsourcing team is evaluated based on a few common parameters. Some of these include number of errors in the processed payroll, accuracy in tax computation for employees, timeliness of payroll, the ease/flexibility with which HR can provide inputs to the payroll process, the ease of accessibility of payslips & tax computation reports for employees.

Customer loyalty a measure for successful payroll outsourcing It is possible to assign metrics to these various parameters and include these as SLA’s, when you sign a contract with your payroll outsourcing services provider.

We, at Paysquare feel that the real success is when customers remain loyal to you.  This can happen only when all of the above parameters are consistently positive for extended periods of time. Moreover, additional specials like personalized service, approachability, excellent team attitude, superior customer service keeps the customers interested at all times.

Paysquare offers managed payroll services with accuracy levels exceeding 99.4% across its engagements. This is made possible because of its rich experience in managing payroll and a high degree of automation enabled by Precision, its back end payroll engine. Paysquare has over a decade of experience in handling payroll for its 250+ customers. A large majority of the customers have been with Paysquare for over 5 years.

Paysquare has been focused on payroll outsourcing for over a decade now and processes over 100,000 monthly payroll records.Paysquare offers a host of benefits with its managed payroll services.

Click the links to find more details about Managed Payroll services and payroll outsourcing services from Paysquare.

For more details about how payroll processing with Paysquare helps you, click here 

Regards,

Aditya

sales@paysquare.com

Twitter – @PaysquareIndia

Handling confidentiality in payroll, think payroll outsourcing!

Organizations strive to keep payroll information confidential in order to avoid employee conflicts and to maintain a proper work environment. Information leaks can lead to loss of productive time for the employee concerned and significant loss of HR branding value for the organization, because of the negative word of mouth communication.

silent payzones and the advantages of payroll outsourcing

silent payzones and the advantages of payroll outsourcing

With payroll managed in-house, it is difficult to keep employees from mingling with the payroll staff and sneak away with insider information. Organizations create special secure zones for payroll processing, but find it difficult to restrict the distribution of sensitive payroll information. This creates significant rift in employees and HR teams have a tough time doing re-conciliation of salary data.

Payroll outsourcing eliminates this problem in totality. With payroll being managed, at a completely remote location, and by a team that is no way connected to the employees, leaks in confidential data are almost eliminated.

Paysquare has been focused on payroll outsourcing for over a decade now and processes over 100,000 monthly payroll records. Apart from confidentiality, Paysquare does offer a host of other benefits with its managed payroll services.

Click the links to find more details about Managed Payroll services and payroll outsourcing services from Paysquare.

For more details about how payroll processing with Paysquare helps you, click here 

Regards,

Atul

sales@paysquare.com

Twitter – @PaysquareIndia

Does payroll software help in solving your payroll challenges? Time to think about professional managed payroll services

A lot of HR teams within organizations feel that automation and tools are the eternal answers that will help solve all the payroll problems. Companies invest in purchase of payroll software only to realize that their challenges get multiplied instead of being solved by such a decision.  What are the reasons then and how do you fix these?

payroll software vs managed payroll services

payroll software vs managed payroll services

Software customization – The payroll software that you buy is usually generic. Most often, you will need to customize it to meet your requirements. Your vendor may do some tweaking, to achieve the sale, but may not necessarily support the ongoing customization requirements subsequently.  This creates the requirements for developing customizing resources in-house. (which may not be such a good idea?)

Updates & Upgrade path – Most software vendors will provide you with updates free as a part of their first year AMC. You will need to pay for these updates from the 2nd year. Any unauthorized customizations will create problems for auto-updates and will need support from the vendor (at what price?). The product will soon be launched in a newer version and you may need to upgrade your version to continue meeting your requirements. Have you considered these update and upgrade issues while making your software purchase?

Changes in HR rules & policies – HR  Rules and policies change so often, how can you manage to keep configuring them in the software. Typically users will be accounting professionals and you will need to go back to the vendor to do these additional configurations in the software.

Paysquare has been focused on payroll outsourcing for over a decade now. With payroll outsourcing/ professional managed payroll services, the software comes to you free, as long as you continue to use our services. You do not need to worry about maintenance, updates, upgrades, customization or configuration. Our professionals will take care of you so that you can continue to focus on your business. Now isn’t that music to your ears?

Click the links to find more details about Managed Payroll services and payroll outsourcing services from Paysquare.

For more details about how payroll processing with Paysquare helps you, click here 

Regards,

Atul

sales@paysquare.com | Twitter – @PaysquareIndia

The hidden costs in payroll & the adv of payroll outsourcing

Do you know how much your organization is really spending on payroll processing? You may not be considering all the “hidden” costs, and as a result, may be spending much more than you think.

Hidden costs in payroll & advantages of payroll outsourcing

Hidden costs in payroll & advantages of payroll outsourcing

It is usually easy for organizations to identify visible costs such as manpower and technology acquisition, but there is certainly more to it than meets the naked eye. The cost of operating and integrating the different functions within drives up administration costs. Here are some of the hidden costs that you should consider:

Manpower – Apart from direct salary costs, senior executives are involved in training and driving the process culture for the teams involved. These costs are often overlooked. Also attrition causes a lot of problems and all the training needs to be provided all over again.

Technology – Buying technology is one-time cost, but maintaining it for your business is an ongoing running cost. Doing frequent customizations consumes a lot of bandwidth and cost. In most companies, this may not be possible to do in-house as well. Even technology acquisition is not a one-time cost, as technology becomes outdated over time. Organizations need to spend money on upgrades or moving to newer & better technology products.

Infrastructure – Uptime of critical systems need to be maintained. Also due to confidentiality reasons, the hardware used may need to be dedicated to payroll. To comply with statutory regulations, companies also need to maintain back-ups of data for specific period of time. All of this involves cost, and bandwidth.

Paysquare has been focused on payroll outsourcing for over a decade now. With managed payroll services from Paysquare, you no longer need to maintain manpower, technology, hardware, back-ups etc. We take care of all of that as a part of the engagement. Now isn’t that music to your ears?

Click the links to find more details about Managed Payroll services and payroll outsourcing services from Paysquare.

For more details about how payroll processing with Paysquare helps you, click here 

Regards,

Aditya

sales@paysquare.com

Twitter – @PaysquareIndia

Employee relations simplified with efficiently managed payroll services

Ask any HR heads and you will realize that one of the most difficult elements of employee relations is managing compensation & benefits related to the employees. Our customers tell us that almost 60-70% of the queries received by the HR dept relate to some elements of payroll and compensation. Getting payroll right is a basic requirement, while getting it wrong creates a series of problems.

Better employee relations with efficiently managed payroll services

Better employee relations with efficiently managed payroll services

To retain employees, employers have to resort to a series of measures. Getting their payroll right is an absolute must. Wrongly managed payroll services leads to dis-satisfaction among employees. In-house payroll processing has indeed become a tough job.

Outsourcing payroll to a vendor who can deliver consistent, error-free operations in managed payroll services with highest degree of automation seems to be the best way out.

Paysquare offers high degree of automation with its powerful back-end payroll engine ‘Precision’ and also offers web based login to individual employees with  ‘myPayroll’. These ensure hassle free operations and are extremely user friendly.

Click the links to find more details about Managed Payroll services and payroll outsourcing services from Paysquare  

For more details about how payroll processing with Paysquare helps you, click here 

Regards,

Atul

sales@paysquare.com

Twitter – @PaysquareIndia

 

Why is domain knowledge important, when you are selecting your payroll outsourcing vendor

Different companies have varied requirements in payroll. for e.g. capabilities required to process payroll for knowledge workers may be very different than those required to process payroll for workers in a large manufacturing set-up. The heads in payroll will also vary significantly from company to company based on their HR policies and guidelines.

Domain knowledge needed in payroll outsourcing

Domain knowledge needed in payroll outsourcing

Challenges involved in these different kinds of payroll scenarios are very different and it makes sense to have a vendor, who not only understands these challenges, but has already managed them successfully in several similar past engagements.

When companies outsource payroll, they definitely do not want to be considered as training ground for managing their kind of payroll challenges.They always look for vendors that have past experience and domain knowledge for e.g. companies in IT sector will prefer to work with payroll outsourcing firms, which have already handled payroll in other IT companies. The prior experience helps in relating to the problems and issues in the IT domain.

Paysquare has been focused on the payroll outsourcing business exclusively for over a decade now. Through its engagements, over the years, it has strong domain knowledge in a large number of industries. In fact Paysquare has captured much of this domain knowledge in their back-end payroll engine ‘Precision’ . As a part of their managed payroll services engagements, Paysquare makes ‘Precision’ available to its clients FREE of cost.

Click the links to find more details about Managed Payroll services and payroll outsourcing services from Paysquare  

For more details about how payroll processing with Paysquare helps you, click here 

Regards,

Atul

sales@paysquare.com

Twitter – @PaysquareIndia

 

The importance of having a highly customizable payroll software in payroll processing

Payroll processing requirements at every organization are different. This could be due to different HR policies, different team structures, different pay structures, requirement for different types of MIS reports etc. To fulfill these varied requirements at different  companies, companies need to plan for a lot of customization on their payroll software. Also these are not one-time changes and these will change, based on change in policies or change in govt. regulations.

Customizable Payroll Engine

Customizable Payroll Engine

Running payroll manually is simply not possible, once you go beyond a certain number of employees. Automation is the key, but companies do not have the capability to invest in the software needed. Having invested in a software, they do not have the capabilities to customize the software based on changing requirements.

The ideal situation is to have an external vendor manage payroll and the necessary software related to it. With ‘Precision’, Paysquare is able to meet these requirements very well. Precision is the back-end payroll software that has been developed by Paysquare. It packs years of knowledge in payroll processing and enables Paysquare to automate the payroll processing to the extent possible. Also since it is developed in-house, it is possible to customize it to meet exact requirements of clients.

Click the links to find more details about Managed Payroll services and payroll outsourcing services from Paysquare  

For more details about how payroll processing with Paysquare helps you, click here 

Regards,

Atul

sales@paysquare.com

Twitter – @PaysquareIndia