Payroll Outsourcing Services | Payroll Management Companies in India

Payroll Management Services


Let’s face it, your business as well as functional aspirations are not to get involved in managing payroll paperwork and tracking amendments but to drive Human Resource function to the next level.

What is Payroll Management?

The payroll management process, in short, can be referred to as the administration of a business’s employee’s financial records. The financial records include detailed information about the workers’ salaries, incentives, deductions, commissions, and net payments.

Payroll Management Services in India

Finsmart Solutions payroll management process, is a great mix of technology with payroll expertise and helps customers ensure timely payouts, compliances with accuracy and deep insights for making business decisions.

As mandated by the law, the employer must adhere to various rules and regulations such as Labor Law, PF, PT, and other statutory Compliance. And with the introduction of the New-Wage Code, all Entities need to adapt to the new labor laws else it could have serious legal risk implications.

Our scalable payroll solutions are designed and customized, keeping in mind the payroll processing needs of businesses and cater to companies of any size and business nature. Finsmart is a renowned accounting outsourcing company in India, providing remote payroll processing services and onsite payroll processing services in Pune and Mumbai, India.

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Payroll Outsourcing Services India

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Detailed and insightful documents & reports.

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Minimal IT infrastructural investment.

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Quick and satisfactory resolution of employee/employer queries.

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Optimal Resource management.

Payroll Management Process

Payroll Management is one of the important functions since it is pertaining to all the employees in the organization. It’s a very sensitive function even a minor lapse can create a not so good impression about the organization in the minds of the Employees. Further it’s sensitive data so the organization needs to handle it well, maintain confidentiality and that’s the reason most of the organization outsources this function.

Here are the Stages in Payroll Management Process:

1. Compensation Structure:

The designing of compensation structure is key to the Payroll Management, it should consider all the legal regulations, provision of allowances to take advantage of tax benefits and should be efficient enough in terms of administrative management from the organizations perspective. Compensation Structure also has a power to promote organization’s philosophy and core values. For example : if one of the core values of an organization is say Knowledge & Learning, the comp structure should have an allowance built in for Knowledge Site/ Magazine subscription or Reimbursement of Course fee, etc.. built in.

2. Payroll Input :

a) Attendance System: Managing accurate Attendance has become a task for the organisations, thanks to technological innovations have now made jobs easier. There are a lot of Mobile Apps to capture attendance along with the geo tags besides the normal access or punch cards. These systems helps to a larger extent making attendance an auto pilot process

b) Leave Management: Defining the right kind of leave quota and setting process of allocation, recording and approvals becomes a tasks for most large organisations. Keeping track of leaves for all the employees is a task for most larger organisations unless it is automated.

c) New Employees: Setting up a New Employee into the Employee Records and Payroll System is a task unless the organisation has designed a right process for the same. It requires to collect all the Employee information, Personal Details, Bank Account Numbers, PAN and Investment details in time to ensure smooth payroll for New Employee

d) Exits: When the Employee exits the organisation there is a lot of paperwork and process involved. Company needs to ensure all the Leaves eligibility, incentives due, PF, gratuity and other benefits that accrue to Employees are calculated correctly to arrive at Full and Final Settlement of the Employee Compensation. Any mis calculations or errors can leave a bitter experience about the organisation in the minds of employees.

3. Salary Payout and Compliances:

Organisation needs to define the date of Salary payout and accordingly create a process and TAT for each step in the Payroll Process. Ensuring the Salary Payout on the defined date every month creates a huge goodwill in the minds of the Employees and they too can plan their cash flow accordingly. Timely Compliances like PF, ESIC, Provision for Gratuity, etc.. needs to adhere to the date else there can be disallowances of these expenses in Income Tax and additional interest & penalties can be levied.

Payroll Management Process Stages of Finsmart

A payroll manager needs to carefully plan how he will carry out the process stages accurately and efficiently. In addition, there are always tasks requiring extra attention to review payroll data in line with changing tax laws. The payroll management process is split into three brief stages: pre-payroll, actual payroll, and post payroll.

Pre-Payroll Activities

Set Pay Policy:

The net salary or the amount to be paid is affected by many factors. Various company policies such as pay policy, leaves, benefits policy, and more are considered necessary during this stage. As this is just the initial stage, such policies need to be briefly defined. We need to get approved by the management to ensure standard payroll processing.

Collect Payroll Inputs:

This pre payroll process stage involves interacting and gathering information with multiple departments and personnel in the company. The data collected includes information like the mid-year salary revisions, employee attendance data, and more.

In larger organizations, this activity might feel overwhelming since the data might come from various departments. However, it is easier to collect this data from smaller companies. Furthermore, getting data from the more prominent organizations can be solved using multiple innovative and effective payroll management softwares. Those include integrated features, including attendance management, so that the input data collection task does not remain a problem.

Input Validation:

Once the payroll inputs are received, we check how valid the data is and its adherence to the company policies and make sure it is in the correct formats. We also make sure that any employee working in the organization has been missed out and inactive ones are included for salary payment.

Actual Payroll Process

Payroll Calculation:

Once the payroll input data is validated, the information is catered to the payroll system or software to further process the data. The data we get as a result is the Net Salary after adjusting the necessary deductions and other things. Once this process is over, we usually go through the values to avoid any mistakes and keep the data accurate to the highest possible level.

Post-Payroll Process

Statutory Compliance:

Deductions like EPF, TDS, ESI are to be deducted at the payroll processing stage to maintain the Statutory Compliances. The company has to hand over the data to the relevant government organizations. The frequency of sending the data can vary as per the type of dues. Mostly the dues are paid in the form of challans. After paying all the challans, the returns report is filed for PF return and generating ECR.

Payroll Accounting:

Most organizations do recording of all the financial transactions. However, you can also outsource this department to us by outsourcing your bookkeeping services to maintain the books of accounts. Since you outsource the payroll management process to Finsmart solutions, we check that all the salary and reimbursement data is fed accurately in the accounting system.

Salary Payout:

The salary payout can be by any means as per the company’s convenience, be it bank transfer, cheque, or cash. Most of the prominent organizations give their employees salary bank accounts. Upon completion of the payroll, the organization needs to send a salary bank advice statement to us. The salary bank statement has information like employee ID, Bank account number, wages, etc. This process can be shortened by using automatic salary slip generation and distribution softwares.

To facilitate the Salary Payout, we also help organizations where they can transfer the Salary Payout to the Finsmart Salary Account by way of single transfer, and in turn, we do the necessary payouts to the Employees. This saves time and effort of reconciliation at the organization’s end.

Reporting:

Upon completing the payroll run, we provide the finance and higher-level management reports of department-wise employee cost, etc. Also, customized reports like location-wise employee costs can be provided if required. Because you have outsourced your payroll management to us, it becomes our responsibility to analyze the data deeply, extract the required information, and share the necessary reports.

5 Benefits of Outsourcing Payroll Management Services

1. Save on time and cost:

In business, time is money is what they say. Having in-house payroll processing requires much attention to detail. As the demand increases, there comes a need for an increase in staff. By outsourcing the payroll processing to us, you get everything related to payroll, like calculating payroll taxes and statutory filings to handle payroll inquiries. So having outsourced your payroll process, you save a lot of time and cost.

2. Business focus:

Payroll is not one of your business’s core functions, meaning no revenue is generated for your business through this process. By outsourcing a non-core function, you can focus more on your core business functions in your area of expertise and grow your business to the next level.

3. Avoid penalties and stay in compliance:

Having outsourced payroll to organizations like Finsmart, you can depend upon us since we are constantly updated about the local and national regulations. This helps in avoiding unnecessary audits and penalties which are charged for non-compliance. We ensure that the payroll process stays in compliance with the relevant guidelines. We make sure we keep ourselves updated with the country’s payroll laws where your company is currently operating.

4. Expert access:

Having an outsourced payroll provider can have access to experts with years of knowledge in this process. Having this access is a boon if your business operates under multiple jurisdictions. Also, you get someone well aware of all the local as well as international rules and regulations. In addition, Finsmart has individuals who can handle even the complex payroll tax issues.

5. Security:

A company’s payroll process has sensitive data about the company and its employees. When working with payroll management companies like us, your data is protected and handled only by trustworthy experts. So you need not worry about the confidentiality and the security of data. Your information is always secured when with us.

Why Outsource Payroll Services from Finsmart?

Finsmart Solutions outsourced payroll management process is an excellent mix of technology with payroll expertise. It helps customers ensure timely payouts, payroll compliances with accuracy, and deep insights for making business decisions.

Our customer-centric approach has helped us improve our level of expertise and evolve in payroll management technology. However, it has also made us confident enough to handle any complex payroll function with ease. It is making us one of India’s preferred payroll outsourcing companies.

Related Questions

What are payroll management services?

A payroll management service helps a company process payroll calculations, payroll tax statements, year-end taxes, and more. An effective and efficient payroll management process makes sure that employees are paid accurately and consistently.

Payroll management services maintain the law the employer has to adhere to, such as labor law, PF, PT, and other statutory Compliance.

What payroll services include?

Payroll services include complete payroll management like payroll calculations, statutory compliance, accounting, salary payout, reporting, and other activities like tax deductions and reporting.

Is payroll a part of HR?

Payroll these days is considered the responsibility of both the HR and finance departments. Payroll management is an employee-facing function, which is why some organizations have it under HR. Pay changes, entering termination dates and start dates, changing benefits information falls under the human resource umbrella.

Who needs payroll services?

Companies with just one employee may also need to get payroll services. The business that operates under different jurisdictions needs to get payroll services to maintain the statutory compliances. Payroll service helps you prepare paychecks and report payroll taxes. However, penalties for missed payments or reports might cost a lot; therefore, every company needs payroll services.

How much does it cost to outsource payroll solutions?

Depending upon your needs and where your business is based, you can get in touch with us to get a free quote or drop us an email with your requirement, and we will get back to you.

Reviews

What People Say

Our clients have always trusted our expertise payroll management services. Client selected our onsite payroll processing service or remote payroll processing service as per their requirements. Here’s they shared experience about their favorite payroll processing companies, in Mumbai, Pune, India.
Software Platforms

We Work With

The main challenge in appointing payroll management service provider is the knowledge on different payroll software’s. Over period of time we have developed capabilities to work on different payroll management and ERP platforms like QuickBooks, QuickBooks Online, Xero, Sales force, ZOHO, Oracle, SAP, Microsoft Dynamics, Sage, Time maker etc. including customer’s customized software’s.
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Our Team Is Trained On

Smart Accounting Add ons

Finsmart Solutions is advance technology payroll outsourcing services provider in India as we works with a variety of cloud add-ons to provide you with world-class accounting services from India. Our expertise helps our clients to outsource payroll management and processing services from any part of the world.

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Have Questions?

FAQ'S

How does Outsourced Accounting work with Finsmart Solutions?

With new technology, working as your virtual/outsourced accountant/partner has become simple. You can opt for any of the following delivery models: Remote, Visit Based Or Dedicated Resource and we would be able to customize the solution accordingly. Our team is well trained to work on the accounting software of your preference ensure deliveries are met as per the set date plans.

What time zone you work in?

We have the flexibility to work in any time zone as preferred by the client, be it real-time, overlapping time or offshore time.

What is your cancellation policy? What if I prepaid for the year?

We want you to work with Finsmart Solutions because you’re happy with the service, not because you signed a contract. You can cancel anytime with one month notice period

Can I speak to someone who has or is working with you?

Yes of course! We want you to be sure that you are making right decision by choosing us and hence we would be glad to share our references with whom we are working with.
However this can be done post our initial discussions about your service requirements and our proposed service offering.

Let us do your books so you can run your business.

Contact us today to learn more

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    Electronica Finsmart Solutions Pvt. Ltd.
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    Income Tax Office Lane, Erandwane,
    Pune, Maharashtra -411004 INDIA.
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