Payroll Outsourcing
Managing employee payroll requires time, resources, and vigilance to consider applicable tax laws. We can take this burden off your shoulders with our full-fledged payroll outsourcing services. Our payroll team is accurate, efficient, and securely handles everything, from computing employee salaries to deducting taxes and issuing payslips.
Payroll Outsourcing Services In India
Payroll services are at the heart of every business, whether big or small. However, as business operations expand, new tax laws step in, and the number of payrolls to be processed increases, DIY payroll processing becomes unmanageable. That’s when payroll outsourcing services save the day.
At BC Shetty and Co. — one of the trusted payroll management service providers and as CA firms in Bangalore — we also take care of the following while handling your payroll:
- Salary Structuring
- Labour Laws
- TDS Challans
- Form 16 Generation
- Statutory Compliance
- Reimbursement of Expenses
- Attendance and Leave management
You can avail primarily of three types of payroll outsourcing services based on your business use case.
- Fully managed payroll outsourcing services:
- Partial outsourcing services:
- Customized payroll outsourcing services:
handover all your payroll functions to the outsourcing company
delegate a chunk of your payroll tasks to the outsourcing company
discuss the best model with your outsourcing company and choose the one that suits your business needs.
4-Step Process of Payroll Outsourcing Services
- Step #1: Assessment of business needs
- Step #2: Choosing a payroll outsourcing services provider
- Step #3: Implementation and integration
- Step #4: Ongoing management and communication
Determine which payroll functions you want to outsource—computing salaries, structuring CTC in compliance with tax and labour laws, loans, reimbursements, leave management, final settlements for resignations, etc.
Look for an outsourcing partner who understands your company payroll’s structure, applicable taxes, and laws per the state your company is registered in, has experience and reputation across the competition, and falls within your budget.
Onboard your outsourcing company by setting up the required systems to shift to an outsourced payroll model. Also, it’s time to establish necessary integrations with payroll applications to materialise the transition.
Payroll outsourcing is a dynamic process—the outsourcing company will keep updating you with regular reports on payroll activities. They will also communicate the changes that occur according to applicable laws and business/employee needs.
Benefits of Payroll Outsourcing Services for Companies
- Save Time While Avoiding Duplications
- Cost Savings
- Increased accuracy
- Compliance with regulations
- Improved security
- Additional services that require expertise
Payroll outsourcing companies manage important data (like employee details, salaries, reimbursements, etc.) while avoiding duplicate entries in the record and saving time when browsing through the record.
Don’t spend too much on in-house payroll systems and additional staff to handle payroll tasks because outsourcing companies charge much less than you spend in-house.
Managing payroll and related activities is the only responsibility of an outsourcing company, so the chances of errors and ambiguities in calculations of salaries and taxes reduce to zero.
Payroll outsourcing companies also render financial accounting advisory services, saving you the hassle of looking into regulatory compliances, cost penalties, laws, and associated issues.
You don’t have to worry about protective, sensitive employee data, security breaches, and threats because outsourcing companies take extra care of your data.
In addition to managing HR and payroll-related tasks, some companies also provide assistance with important processes that require specific expertise, like GST registration and return filing, income tax filing, bank letter execution, year-end investment document verification, etc., which you may not get in-house and have to hire an expert for.
Our Payroll Outsourcing Services Offered by BC Shetty & Co
- Payroll processing and management
- Tax compliance and reporting
- Employee self-service portals
- Time and attendance tracking
- HR and benefits administration
Hiring BC Shetty & Co. allows you to
We provide end-to-end payroll processing and management services, from computing employee wages and reimbursements to filing taxes and preparing paychecks. Our team at BC Shetty and Co. simplify the process with cutting-edge tools like Zoho Payroll, GreytHR, KEKA, etc. (which automate payroll-related manual tasks like employee record maintenance, training data, compensation & appraisals, attendance & leave tracking, workflow management, generation of pay slips, etc.), which makes the entire process efficient, seamless, and less time-consuming.
We ensure that you comply with the latest tax and labour laws. Our payroll Team also handle tax filings and reporting, so you don’t have to worry.
Our employee self-service portals enable your employees to check their payslips and applied taxes, apply for leave, view leave balance, and update their details on the portal.
We provide your employees with seamless time and attendance tracking software to allow them to track their working hours efficiently without any hassles.
Our HR and benefits administration solutions make enrolling and processing employee claims, benefits, loans, arrears, and reimbursements easier and quicker.
Tools
Why Choose Us For Payroll Outsourcing Services
If you are looking for reliable and affordable payroll outsourcing services in India, look no further than BC Shetty and Co. We are Bangalore’s leading payroll outsourcing company which provides comprehensive payroll solutions to businesses of all sizes and industries.
Our payroll team streamlines your payroll processing functions and offloads administrative tasks to help you focus on what matters the most for your core business. To learn more about our services, contact us today!
FAQ
How is payroll outsourcing useful for startups?
Startups already have a lot on their plates, and adding payroll functions (with all the tax laws and regulations) to their list worsens the situation. Payroll outsourcing saves startups from these hassles and frees up their time for the core business.
What are the common payroll errors that can cost you a hefty sum if committed without expertise?
Incorrect employee details, entering wrong amounts, errors in time tracking & overtime calculation, underpaying or overpaying employees, etc., are some common errors that can cost you a hefty sum and raise questions on your credibility as an employer.
What payroll inputs are required from the HR team?
Why do we need payroll outsourcing?
Outsourcing payroll-related tasks can help you save time, money, and manual labour. Reducing the time spent on administrative operations, like collecting employee details, maintaining salary records, framing a payroll schedule, tracking work hours, marking attendance, overseeing deductions, etc., increases work efficiency and allows your employees to focus on the important tasks at hand. Team at BC Shetty & Co. can help you avoid errors and costly penalties. We assist you in making accurate calculations and informed decisions regarding employees' paychecks.