WHY OUTSOURCE TO PAYROLL HYDERABAD
PAYROLL HYDERABAD Provides Complete and affordable Payroll services, that let you concentrate on What you do BEST – Managing Your Business. We specialize in giving payroll solutions for companies with one employee to those with thousands, across all industry lines.
Employers guide to payroll-Legal aspects
The job of Employer in payroll processing doesn't end just by handing over the paychecks. The REAL job involves Year-Round preparation of federal, state, and local tax returns, deposits, and extensive record keeping.
Apart from having expert knowledge in designing pay package for the benefit of both employer and employee, employer has many other legal obligations with regard to the employees, which forms part of payroll processing. You need to have the knowledge of
· Provident Fund
· Profession Tax
· Income tax Act (TDS provisions, Fringe Benefit Provisions)
· Gratuity rules, Insurance etc.
You have number of obligations under each legislation’s mentioned above which requires lot of time and records apart from expert knowledge.
Using an outsourced payroll solution is typically more efficient for a business than processing payroll internally. Leaving payroll to experts frees up hours that you can devote to other important parts of your business. Whether it is your time, staff time, or a combination, chances are the hours could be better spent wining more business, improving customer service, fine-tuning business operations or launching a new product line
Why Outsource Why It Pays to Outsource Your Payroll
You need to keep accurate records, calculate and pay payroll taxes, and communicate effectively with employees. Many business owners are finding that they can simplify the process by using an outsourced payroll provider to manage the entire process cost-effectively and efficiently.
Outsourcing your payroll can provide your business with a number of important benefits:
Using an outsourced payroll solution is typically more efficient for a business than processing payroll internally. Leaving payroll to experts frees up hours that you can devote to other important parts of your business. Whether it is your time, staff time, or a combination, chances are the hours could be better spent wining more business, improving customer service, fine-tuning business operations or launching a new product line. Among the areas where outsourcing will save time are:
- Processing payroll
- Cutting and distributing paychecks
- Calculating and paying withholding and employment taxes
- Handling employee payroll inquiries
Many business owners underestimate the cost of processing payroll internally by failing to account for all hours spent and resources allocated to pay employees and maintain payroll paperwork. A thorough cost assessment usually proves that a business saves money by outsourcing the processing, tracking and filing of payroll documents.
Calculating federal, state, and local employment taxes and filing payroll-related tax paperwork can be more than just a hassle. If it's done incorrectly, your business may face penalties and even interest on money owed since the mistake was made. Outsourcing payroll does away with the risk of many of these costs and hassles because:
- An outsourced payroll provider calculates payroll taxes, based on its expertise and close tracking of regulation changes
- Monthly or quarterly employment tax reports are managed by the payroll service, ensuring they are submitted correctly and on time
- End-of-year paperwork — such as IT Returns — are handled directly by the payroll provider, so they are sent out on time
Creation & Maintenance of database that will capture the following data:
- Masters, Rules, Wage structures
- Complete Employee footprint
- The flexibility built into the system and exhaustive wage structures allow the system to meet most most requirements with minimal customization.
- Provision for investment intent declaration at start of the year to facilitate tax planning
- Payroll processing that will be undertaken on a monthly basis
- Processing of time office data to credit to employee's bank account
- Updating of Masters and Employee footprint
- Incorporating any wage structure changes
- Reimbursements in the nature of Cash / Voucher adjusted in the payroll
- Incorporating any rule changes both internal and regulatory
- Incorporating any tax laws changes
- Ad-hoc payments - bonus, performance awards, etc.
- Exemptions under LTA, Medical allowances and Conveyance as per rules
- Automatic arrears computation for cases such as
- Delayed wage revisions
- Retrospective adjustments
- All Statutory requirements as per the requirements of various regulatory authorities as well as a comprehensive tax module
- Income Tax compliance
- Profession Tax compliance
- PF compliance
- ESIC compliance