Payroll Outsourcing – Introduction
Your search for the best payroll consultants in Bangalore ends right here! SetMyCompany is a premium agency offering payroll services in Bangalore. One of the most important processes in any organisation is processing salary for employees. This process is more than just crediting salary in the employees’ accounts. The admin or the HR needs to calculate the leaves, incentive, overtime, bonus, increments, reimbursement, and more. On average, two to three executives may have to work for a week or ten days to process the salary each month. Payroll outsourcing is the process of using a third-party service provider to handle all the compliance and administrative tasks of payroll management.
The various functions of payroll processing that can be outsourced include:
- Making employee pay after calculating deductions and incentives
- Calculating tax on salary and withholding tax amount from salary for tax payment
- Filing all the essential government reports
- Managing employee benefits
Our payroll service providers in Bangalore can help streamline the payroll management process in your organisation.
How does a Payroll Outsourcing Service work?
You will need to have the following details to set up an effective payroll management system:
Company documents such as GST, TIN, certificate of registration, electronic challan cum return document.
Set up a payment schedule – you need to have a payment schedule to release the salary. The schedule can be weekly, fortnightly, monthly, or quarterly
Classify the employees – For effective payroll processing, you need to classify your employees are full time, part-time, freelance, consultants, or interns. The pay calculation will depend on the type of employee.
Compensation regulations – if you have any rules regarding leaves, loss of pay, overtime, office hours, and others that will determine deductions or additions in the salary, they need to be explained in advance.
SetMyCompany is one of the leading payroll outsourcing companies in Bangalore. We work with organisations of all types and sizes. Whether you have less than 10 employees or thousands of employees, we can take care of your payroll management. Our team includes experts in payroll compliance and labour laws. So, we help ensure that all the compliances are met. Our aim is to ensure that both the employee and the employer is happy. That’s why we have designed a self-service portal that the employees can access. This portal will allow employees to check their payslips, track deductions, reimbursements, taxations, bonuses, and other benefits. In case, they have any queries, they can raise tickets on the portal itself. The employers will also have a clear idea of payroll management. We can also customise the portal and the dashboard based on your organisational requirements.
Focus on building your business as we take care of the nitty-gritty details of payroll management. Contact us to know more about our payroll services in Bangalore.
Why SetMyCompany for Due Diligence?
If you're planning to acquire a company or go for a merger, then you need to do Due Diligence. In this process, the financial health of the proposed merger company is investigated. At Set My Company, we have a team of accountants who come from a strong financial background. Based on your expectations, we can do a complete evaluation of the finances to help you get a clear picture of the financial health of the company that you want to partner with or merge with. For more details about our Due Diligence services, contact us.