payroll outsourcing services

Payroll Outsourcing – Introduction

Your search for the best payroll consultants in Bangalore ends right here! SetMyCompany is a premium agency offering the best payroll processing services in Bangalore. One of the most important procedures 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 any third-party payroll companies 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 Payroll Outsourcing Services work?

You will need to have the following details to set up an effective payroll management system:

Company documents such as GST, TIN, private limited company registration certificate, electronic challan cum return document.

et up a payment schedule – you need to have a payment schedule to release the salary. The schedule can be weekly, fortnightly, monthly, or quarterly

lassify 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.

ompensation 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 processing companies in Bangalore city. 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. We aim to ensure that both the employee and the employer are 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 should companies consider outsourcing payroll and what are the payroll outsourcing benefits?

A few of the reasons you should go for payroll service providers in India are:

You will work with professionals with plenty of experience in finance and accounting as in the due diligence services
You will have access to advanced technology for payroll processing
You can save up to 50% of the costs involved in payroll processing and related tasks
You can efficiently deal with employee queries regarding the salary calculation
You will have a database of all the salary, increment, incentive, leaves, and bonus details
ou can be assured of the confidentiality of data

SetMyCompany is one of the top payroll service providers in India. You will enjoy many benefits by availing of our payroll management services. A few of the benefits are:

Effective resource management
Better use of your time and money
Record complete lifecycle of an employee from joining to exit
Hassle-free payroll management of every employee
Ensure regulatory compliance

How can SetMyCompany help you?

SetMyCompany offers a suite of payroll services in Bangalore. The services that we offer include:

  • Salary processing
  • Updating details such as attendance, new joiners, resignees, increments, salary advances, loans, bonus incentives, etc.
  • Calculate leaves, leave encashment, loss of pay
  • Calculate arrear salary
  • Provide monthly salary slips
  • Generate reports – employee-wise, team-wise, department-wise, company-wise
  • Reimbursement management
  • Prepare full and final settlement
  • Handle employee queries related to salary release

Why SetMyCompany for Payroll Services?

Payroll processing is one of the hectic tasks of the HR or accounts personnel. The task can eat into their productive hours every month. But outsource your payroll management with the best HR & payroll outsourcing companies in India. Being one of the best payroll outsourcing companies, Set My Company’s team of accountants come from a strong financial background. So, we can take care of salary management and also ensure that the payroll is compliant with the local and national labour laws. During the salary calculation, we also calculate taxation, reimbursements, overtime, and other deductions and additions. For more details about our payroll services, contact us.

How Payroll Outsourcing Companies can be Beneficial for You?

With the best payroll companies in India like ours, you can primarily eliminate a lot of paperwork and its related confusions as we take care of it all for you. This is less time consuming as well as error-free. You can indeed streamline the entire payroll process when you outsource the requirement (s). Also, the right accuracy level can be achieved with the numbers, hence giving the companies a better grip in terms of your return on investment (ROI).

The major advantage of outsourcing the payroll projects is that the robust nature of the human resource management system can be turned effective and quicker with the aid of reputable brands like SetMyCompany. And when it comes to the times of taxation and auditing the finances, companies can well handle their credit and debit values using the stats given by outsourcing agencies.

FAQs

Businesses outsource their payroll management as it helps save time and effort. Payroll outsourcing also reduces the necessity of having a trained team in-house. Companies also get the services of professionals who have ample experience and expertise in payroll management.

There are many factors that will determine the cost of payroll outsourcing. We recommend you call or visit us for a consultation. Based on your requirements and employee count, we will give you a quote for payroll outsourcing.

No, there is no limit to the number of employees on the payroll. We work with organisations of all sizes.

Call us at +91 96111 89911 (IN) for more information about our payroll outsourcing services in Bangalore.

Yes, we also offer payslip generation services as a part of our payroll outsourcing services.

Yes, payroll outsourcing is a good idea considering the benefits of time-saving, expertise, results accuracy, peace of mind, and swift documentation processes.

Yes, it is more productive to outsource payroll since external payroll solutions are much more precise and quick, and also leaves sufficient time to concentrate on other important tasks.

Many small companies outsource payroll to streamline the entire process in a jiffy. The right accuracy level is achieved as the payroll service providers can help mitigate complications from dealing with local taxes, overtime hours and other variables.

Depending on the payroll service companies, the cost structure for payroll services varies. With SetMyCompany, you can save up to 50% of the costs involved in payroll processing and related tasks. We recommend you call or visit us for a consultation.

Payroll outsourcing is the process in which an organization outsources another to take care of its payroll management needs. The following are the payroll outsourcing services:

  • Calculating salaries
  • Calculating tax on salary and withholding tax amount from salary to tax payment
  • Making employee pay after calculating deductions and incentives
  • Finding all essential government reports
  • Managing employee benefits

A payroll outsourcing company needs necessary information about your employees (hire date, job title and salary) to set up effective payroll management. The following steps are carried out generally by the payroll outsourcing companies:

  1. Gather company documents such as GST, TIN, Private Limited Company registration certificate
  2. Classify the employees – full-time, part-time, freelance, consultants or interns
  3. Set up a payment schedule. The schedule can be weekly, fortnightly, monthly, or quarterly
  4. Compensation regulations

Yes. Outsourcing payroll is cost-effective as it the easy way to save time and money in the long run. You can hire a payroll service provider instead of calculating employee pay by hand or using spreadsheets.

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