WHY PAYROLL OUTSOURCING?
Business organizations may hire an external firm to handle all payroll functions to save their time, to save money and reduce the effort of purchasing and maintaining appropriate software packages. Payroll service is one of the major responsibilities of an employer. Payroll services offer an attractive and valuable alternative including salary payments, deduction from the paycheck.
Businesses are assigned some specific tasks to an expert for payroll outsourcing service. These includes:
Maintain monthly payroll processing and master data.
Output reports based on the requirements of management and employees.
Interact with the authorities such as concerning registration of your company, labor welfare, ESIC, provident fund, income tax, and professional tax authorities.
Submit all statutory returns (Tax) with government authorities.
Payroll outsourcing firm will take care of reporting, usage, balances, accrual calculation, approval of leaves of your company employees.
1. Cost Saving:
You would be amazed at the time and money you can save by a simple decision of outsourcing your payroll department. Let us see what is eating up your precious money while you should have been spending it on core business areas.
Employing an in-house team of payroll professionals can be a daunting task because the cost of hiring, training and retaining these professionals on an individual level will drain the life out of you. Payroll Specialists demand higher salaries year on year increasing your total cost compared to subscribing to a simple pricing plan from a payroll consultancy.
Many companies choose payroll software as a replacement, failing to understand the entire picture of payroll outsourcing. Payroll Software can only solve basic functions of calculation and distributing salaries and generate monthly reports. The whole idea of payroll outsourcing stems from creating a group of highly skilled payroll specialists focused on solving unique demands and executing a long list of payroll related functions of a company in the most cost-effective manner.
2. Time saved:
While you are calculating payroll, printing, signing pay checks and coordinating with accountants, time falls short for important strategic functions of your company. You might argue that payroll function is an end-of-the-month event of just paying salaries and compliance. The reality is you must spend ample time in handling large amount of employee data to make sure a pay check was paid right.
3. Free of Statutory Compliance responsibility:
The laws of Indian Payroll compliance apply to companies big or small. Today many companies have realised that most of their employee’s payroll related grievances are legally bound. Interactions regarding compliance between employees and company fail drastically due to the lack of clear understanding of these laws. A payroll & statutory compliance service provider can handle any number of legal matters relating to employee payroll, taking over the burden of your responsibility.
Another important factor in compliance is the avoidance of legal penalties. Companies end up paying huge sums of money unable to keep up with an ever-changing rule-book of the government. A Payroll Consultancy maintains a constant relationship with government authorities to make sure no law slips away from updating. You have the added benefit of educating your employees about these updates from an outsourced company without your involvement.
WHY PROLIFIC HR?
Prolific HR is in the business for more than 10 years servicing 6000+ employees pan India and understands the Indian payroll and compliance inside out.
Generate employee payslips
Comply 100% with EPFO, ESIC, TDS, LWF & PT of India
Avoid non-compliance penalties from EPFO and ESIC
Relax during inspections from government authorities
PROLIFIC HR PAYROLL SERVICES
• Manage Employee Database
• UAN registration for new employee
• ESIC registration for new employee
• Salary Processing
• PF Computation
• ESIC Computation
• Generating Payslip for all employees
• ECR Challan generation, uploading in PF Portal & generating Bank Challan
• ESIC Challan generation, uploading in ESIC Portal & generating Bank Challan
• Leave Management
• PT Report
• LWF Report
• Bonus Calculation
• Gratuity Calculation
• Full & Final Settlement
• TDS Report
• Helpdesk Services