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

5 things to consider before you choose your payroll outsourcing provider

Payroll is not a core function that gets you the revenues, but it is an important function and needs to be managed well to ensure a bunch of happy employees. Here are a few things that you should consider before you make a choice among the payroll outsourcing vendors.

1. Data integration & migration:  You have been operating with your own team thus far, so you have been using some system and have your own set of learning’s and of course you have data. Find out how the vendor can ensure a seamless transition to their payroll system with over the shoulder support and intuitive tools to get the migration and integration activities done.

2. Integration with time-based attendance systems: Over time, you have moved from the traditional musters to electronic attendance systems like swipe cards, biometric devices. While you process your payroll, you need to access this attendance data. Find out how easy it is to integrate the data from your time-based attendance systems to the payroll masters.

3. Integration with accounting data: While you run payroll in a completely different system, all the payments need to be accounted, provisioned in the accounting system. Find out how easy it is to integrate your payroll with your accounting data.

4. Managing compliance requirements: Meeting changing government compliance requirements related to payroll is not a choice, but a compulsion. Making mistakes or missing out on compliance requirements can land you in trouble. Find out how your payroll outsourcing vendor can help manage compliance requirements for you.

5. Fully functional web portal: Employees want to manage all aspects related to their payroll themselves. Find out if your vendor can provide your employees with authenticated secure logins, so that they can manage their payroll and tax information online, at their own convenience.

There are just some features that you need to check before deciding on your payroll outsourcing vendor. Of course Paysquare offers you a host of other features as well, making us the preferred payroll outsourcing partner for over 250+ clients.

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

Why SMEs should seriously consider payroll outsourcing

SME’s typically operate with multi-skilled and multi-tasking teams that are ready to go the distance to meet the organization requirements. Creating a specialized payroll team becomes expensive and cumbersome to manage. Even if they do create a payroll team, it involves too much supervision and eats up a lot of management bandwidth. Also non-compliance to regulations can be very expensive for the SME. Because of all of these factors, they should consider payroll outsourcing

Why SMEs should do payroll outsourcing

Why SMEs should do payroll outsourcing

 

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

Improve your margins with payroll outsourcing

You may have used several avenues to improve your company margins. Ever wondered, how much difference, motivated employees can bring to your company margins?

Improve your margins with payroll outsourcing

Improve your margins with payroll outsourcing

Payroll is one of the most important hygiene factors for every employee. It is one of the prime reasons, why they continue to work. Errors in payroll and tax computation can cause anxiety and dissatisfaction among a lot of employees. This tends to impact productivity at work and eventually starts affecting company performance.

With payroll outsourcing managed by Paysquare, errors in payroll become a thing of the past and employee productivity can never be any better.

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

The relevance of online web portal in payroll outsourcing

Traditionally, payroll functions within organizations have operated like a black-box. The only thing that comes out for employees are payslips and tax reports (apart from salary credits, of course & issue of cheques in some traditional companies). Today, with the availability of online web portals for payroll, this process is getting a lot more transparent (yet secure & authenticated). This is an important factor to consider, when choosing a vendor for payroll outsourcing.

Payroll outsourcing-online web portal

Payroll outsourcing-online web portal

With individual logins to the online web portal, employees are now able to access their digital payslips, tax reports and a lot more 24*7. This is very convenient for employees, as they do not need to depend on their HR teams for every small requirement (related to payroll reports)

Here are some of the known benefits of having a fully functional online web portal for payroll

1)    View/Access/Print payslips – Employees today need their payslip for a variety of reasons including opening of Bank accounts, applying for credit cards, applying for different types of loans, Visa applications etc. Requesting for a copy of the payslip from HR department every time tends to be a lengthy process. The online access helps solve this problem completely.

2)    Making their own tax declarations – Several times, payroll teams make errors in tax computations purely because they have not factored the employee tax declaration appropriately (data entry errors). By giving the power of the declaration to employees via their logins, employees can be sure that their tax declarations are submitted right.

3)    Grievance Management – With online payroll portals,provided by payroll outsourcing vendors like Paysquare it is possible to manage employee grievances via email. This offline process helps employees a lot, as they don’t need to leave their desks to take up their grievances with the HR/payroll teams. Typically resolutions happen over email and pretty quickly.

Paysquare, with its web based  ‘myPayroll’ portal provides secure logins to employees.

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

Managing statutory compliance in payroll outsourcing engagements

Companies need to operate and comply with the govt. tax regulations/frameworks in which they operate. For e.g. companies, depending on their business may need to pay sales tax, VAT, Income Tax, Service tax etc. The rules and clauses pertaining to each are quite complex. While you choose your payroll outsourcing vendor, it is important to keep these factors in mind.

Payroll outsourcing -Statutory compliances

Payroll outsourcing -Statutory compliances

These tax regulations themselves do not remain static in nature and are subject to change quite frequently. However it is mandatory for companies to keep track of these changes and comply with these regulations at all times.

While some companies prefer to manage these activities in-house, they tend to be cumbersome and time-consuming. Also the implications of not doing it right are pretty serious. There could be hefty fines and penalities attached.

It is better to have a specialist do this for you. Paysquare provides end-to-end managed payroll services to its customers. Paysquare also manages all related statutory deductions and filings related to the same.

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

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