Payroll processing plays an important part in every organisation much like sales, customer service, and even content marketing. It is necessary to help you reward and retain employees, compensating them according to their performance. Studies have revealed that many a times errors due to miscalculation increase the number of dissatisfied, unmotivated employees.
In addition errors in calculation are not the only problems that can be caused. The IT department has a lot of payroll regulations that every company needs to follow. A small error in payroll can prove costly to the company, monetarily as well as for its reputation. And smaller businesses need to avoid these at all costs if they hope to survive in the long run. Here’s how payroll outsourcing can help small businesses:
Save time by outsourcing:
By carrying our payroll processing in-house, business owners need to spend a lot of time and attention to detail. This demand can subsequently increase as the number of employees grow. At every pay period there need to be a series of checks to ensure no errors are made while handling salaries that vary from employee to employee. This time is often taken away from the core tasks that help companies grow and expand. By outsourcing payroll, time is freed up to an extent that can be instead spent on refining sales and marketing strategies and improving workflow efficiencies.
Reduce overhead costs:
For small business owners, budgets are tight and every bit of it needs to be spent optimally. The time they save on payroll processing is actually money earned. Typically following processes take up a lot of time and need to be thus handled by outsourced service providers:
- Calculate employee hours
- Manage deductions, paid time off and sick leaves availed
- Accurately compute taxes
- Print and distribute paychecks
- Process direct deposit payments or electronic payments
- Generate payroll reports
With its highly customizable and robust ‘Precision’ software platform, Paysquare offers complete automation while offering managed payroll services to its clients. A real-time synchronization of ‘Precision’ with its web-based ‘myPayroll’ portal offers employees complete access to their salary related information and provides a single window for the HR/Finance teams to interact online with the Paysquare teams. Powerful MIS reports help in making life easy for the HR & Finance divisions.
Paysquare wants you to focus your time on core business activities instead of tackling operational challenges related to run a consistent and error free payroll for your employees.
Paysquare will take care of the entire payroll management, right from consolidating HR/Finance & employee inputs, to processing of payroll, providing the respective outputs and managing statutory filing, Paysquare’s Service offering:
- Payroll Management (Monthly Salary Processing ,CTC RElated reimbursement,E-TDS, Form 16)
- Compliance Management (PT,PF, ESIC,LWF Challan generation and Filling)
- Online Employee and Manager self service suits for payslips, tax sheets, declarations and reimbursement claims
- Query Management online for payroll and compliance queries
Apart from payroll, PaySquare deals in Leave Management
- Employees can directly apply for leave online, comp off, encashment, view leave balances & other related time – off information.
- Various outputs stating the leave calculations/ balances etc.
- Leave Planner for better resource management.
- Interface with attendance systems for data transfer & Attendance regularization
- Rights for updation of shift roistering/ approval of leaves/ adjustment in leaves etc