Overview of Payroll Management Services

The comprehensive HR and Payroll management service simplifies the business's payroll processing and also the tax compliance. We have team of experts that gives a dedicated accountant to manage the payroll and tax filings, ensuring compliance with government regulations and helps in tackling the legal issues. Our services include the Monthly basis Payroll processing, TDS Filing, ESI Filing, and PF Filing. This allows businesses to streamline payroll processes, reduce administrative burden, ensure accurate and timely payment to employees while staying compliant with relevant laws and regulations.

With our Ledgers compliance platform, you can help in easily manage employee data, track attendance, generate pay slips, and automate payroll processes. The software also gives you a real-time view of your finances, enabling you to make informed decisions. At Whizseed, we are committed to providing you with India's best HR and Payroll management service.

What is Payroll Outsourcing?

Payroll outsourcing is when the organization uses a third-party payroll provider to handle all their payroll and compliance-related activities. It includes the following:

• Generation of certain payroll inputs like loss-of-pay deductions, overtime, arrears, and bonus calculations
• Processing of payroll inputs to calculate the net salary payable, as well as deductions like Salary TDS, Provident Fund, ESIC, and Professional Tax
• Filing of TDS and Compliance Returns
• Generation of Reports and Payslips that are accessible to employees on self-service portals
• Audit and Advice related to tax and compliance matters.

What is Payroll Processing Management?

Payroll processing involves calculating and disbursing employee wages and taxes on a regular schedule, ensuring compliance with legal and regulatory requirements. It includes the following:

• Payroll means having a list of employees who get paid by the company.
• Payroll management involves the development of the organization's pay policy, which includes a flexible benefits leave encashment policy.
• Payroll management includes payslip components like basic, variable pay, HRA, and LTA. Also, gather all the other payroll inputs like the organization's food vendor supply, etc.
• Payroll management involves releasing the employees' salary, depositing the dues like TDS, PF, etc., with the appropriate authorities, and filing returns.
• Payroll processing includes calculation of the Net Pay after making the tax adjustments and other deductions.

Why should you outsource your payroll?

There are some of the important aspects of outsourcing the payroll at Whizseed are as follows:

• Accurate & Compliant Payroll

With changing government regulations across PAN India and numerous compliance issues faced by companies handling payroll internally, the growing need for outsourcing payroll to third-party payroll experts has seen an uptrend in recent years. As Payroll Outsourcing Company, we have the expertise to address complex tax and statutory compliance issues while having the systems and processes to minimize any potential payroll errors.

• Time and Cost Efficiencies

Outsourcing payroll enables companies' HR departments to focus on core activities like recruitment and employee engagement instead of dealing with the cumbersome minutiae of running payroll every month. Not only does this save companies' HR teams significant time every month, but it also optimizes the internal resources allocated to this process.

• Confidentiality

Payroll is one of the sensitive pieces of information within an organization and can often lead to information leakages through the grapevine when handled internally. By outsourcing payroll with us, companies can minimize the total number of stakeholders involved in the process, thereby reducing the risk of sensitive information being shared internally.

What should you look for in a payroll vendor?

The importance of having the payroll vendor with you is mentioned below:

• Reputation in the market

The most important aspect to consider while evaluating payroll providers in India is the reputation and trust they build in the market. Companies gain a reputation in the industry by maintaining excellence in all the points below, like timely delivery, accurate processing, years of industry experience, and much more.

• Cost Control

The cost you pay for outsourcing your payroll to a third-party vendor will be a fraction of the cost you would spend on an entire payroll team in-house. However, comparing various costs across vendors and researching any hidden costs can be crucial for deciding on the right vendor.

• Error-free and timely processing

Error-free payroll processing and on-time delivery can reflect positively on the quality of the service given by a payroll provider in India. Running a pilot payroll before opting for the service is highly recommended, as it will give you a clear understanding of whether that vendor can fulfill all your requirements.

• Data security

The first thing that comes to our minds when we hear of a cloud-based solution is. You must check for various security certifications that vendors have under their belts and validate the stability and security of their systems.

• Customized package option

Ideally, it helps if your payroll service provider is also your HRMS provider, given the need for tight integration between your HRMS and Payroll. Working with a Payroll Provider who also has its own HRMS reduces the costs and time spent on integration while being a one-stop solution for all your HR operational requirements.

• Customer service

After-sales service is an essential component of any solution. Your employee will expect to receive their pay on time every month. It does not matter how you do it or what difficulties you may have to go through, but if your payroll vendor cannot assist you with issues and queries that need immediate attention at the time of running your payroll, you may want to explore other vendors who can provide you with this kind of support.

• Industry expertise

Payroll outsourcing companies in India operate on efficiency and trust, both of which are obtained from years of experience in the field. Experienced payroll service providers provide you with a strong team of payroll experts who know the ins and outs of the payroll landscape.

• Compliance filings

Payroll and compliance management go hand in hand, and adhering to all statutory compliances and their filings is a challenge most companies need help to overcome. Non-compliance can lead to heavy penalties. Hiring a separate compliance consultant leads to gaps in the process and requires one more party to deal with. Hence, companies find it more efficient to outsource their compliance to their current payroll management service.

When do you outsource your payroll?

• Get accurate, timely and also compliant payroll
• Benefit from compliance support
• Have payroll taxes calculated for you
•  Online/digital mode of end-of-year processing
• Access expertise and unified technology
• Get real-time access to the payroll data online
• Accurate processing and filings of quarterly returns in (Form 24Q, Form 27A)
• Free up HR to focus on the engagement and productivity

HR & Payroll Outsourcing Services

The magnitude of the business operational complexities has never been as intense as what has been witness today, and also this situation is all the more aggravated when it comes to human capital, which is gives nightmares to the HR departments of nearly each and every company. A business slowdown may leave permanent employees expensively twiddling their thumbs on full salary or out of jobs. On the other hand, a new product or process launch might require hiring 100 skilled professionals- to start as of yesterday.

Our innovative Staffing and HR Resources solutions are tailored to enable organizations to meet a challenges of today's fast-changing business environment. Our consultants are highly skilled and well-versed in particular industry sectors, enabling them to understand the assignments thoroughly.

We help clients by sourcing staff, sometimes at very short notice. We help them further by solving co-employment issues and providing the administrative management of our temporary employees, including HR management, payroll & benefits administration. Also, should you decide to engage the temporary on a permanent basis, we have the conversion scheme.

Our focus is on improving productivity through improved quality, efficiency, and cost-reduction, enabling the customer to concentrate on its core business activities. We bring your staffing partner, and you would be able to benefit from the valuable and cost-effective measure, thus allowing you to exercise greater flexibility through economic highs and lows.

Payroll Managed Services

Whizseed offers the most efficient corporate payroll services providers in India. In HR spectrum, Payroll management is an indispensable service which requires rigorous quality adherence, agility & also high degree of planning. To maximize the company's gains – our payroll unit offers error-free payroll processing through a customized Employee Self Service (ESS), facilitates employee interaction and client Self Service (CSS) through a secured web network. The team of practitioners handles reimbursement processing, full and final settlement processing, preparation of salary slips, PT, PF, Contract Labor, ESIC and LWF. The clients benefit from consistent payroll processing, customized customer engagements to handle queries and complete data security.

Payroll processing and HR management

• Payroll processing and HR management are complex tasks for most small businesses because of the various compliance requirements in India.
• Most startups need a well-established HR system and processes leading to a discrepancy in hiring top talent, retaining good employees, and even building a productive workplace culture.
• Outsourcing payroll and HR management to Whizseed allows an individual to enjoy a monthly stress-free and error-free payroll cycle.
• Also, the HR experts can help in implementing a world-class HR processes in the organization from day one in supporting the growth of the business.

Pre-Payroll Activities

There are a few pre-payroll activities that require to be followed:

1) Defining payroll policy

The first step is wherein the policies of the bank during the payroll processes required to be established. The policies need to be approved by management to turn these policies into standards. Policies like a Pay policy, Attendance policy, leave and benefits policy, and more.

2) Gathering inputs

At that stage, the inputs are gathered from various departments to ensure an accurate calculation of the payroll.

• Source of Data 
• Employees Details
• Income tax declaration 
• Salary structure
• Eligibility for benefits
• Deduction for recoveries
• Leave and attendance systems
• Data from attendance systems,
• current work shift
• General service providers
• Transport service provider

3) Input validation

• It is necessary to verify validity of the data once it is gathered, as only a minute mistake can ruin entire payroll process.
• It is mandatory to ensure that the list contains all the active employees and the records of inactive employees as well. Checking the data to whether it adheres to the company policy. Ensure the present is in the right format.

4) Payroll Calculation

• This step is when to validated input data is fed into a payroll system for actual payroll processing. However, the result is the Net pay after adjusting a necessary taxes and other deductions.
• Once a payroll process is over, it is always better to reconcile the values and verify an accuracy to avoid further errors.

Post-Payroll Activities

There are a few post-payroll activities that we need to comply with:

• Statutory compliance

The payroll administrator is required to religiously adhere to statutory compliance. Several statutory deductions like EPF, TDS, and ESI are deducted during the payroll processing. All these deductions are paid to the respective authorities or government bodies.

• Payroll accounting

Every organization is also required to maintain an accurate book of accounts, and the salary is paid for one of the significant entries in books of accounts.

• Payout

After complying with all the above steps, the salaries can be finally paid in form of cash or cheque or bank transfers. For hassle-free transfers, it better to have employees' salary accounts.

• Report

Preparing a report is the final stage, and it is necessary to prepare an accurate report containing information like the department or location-wise employee cost.

• Methods of Payroll Management

Broadly two methods are defined for payroll management that are as follows:

Excel-based payroll management

At the initial stage of operations, when a company has a handful of employees, they can opt for an excel based payroll management system. In this excel based payroll management, the calculation is made using the Excel sheets using the standard payroll calculation template. The already set mathematical formulas will help the payroll manager to do the computation. However, this type of method has many errors like

• High chances of clerical or mathematical errors as the data are entered manually
• Difficulty in adding or removing employees from the payroll list
• Chances of having duplicate data or omission of entries at times
• Need to monitor the tax updates and also other statutory changes such as the PF, PT, etc.

Outsourcing Payroll

• Payroll outsourcing is when an external agency takes care of the payroll function. The payroll service provider works on the monthly pay cycle, which maintains other data such as attendance, all types of leaves, and reimbursement details.
• The payroll service provider then computes the payroll and takes care of the statutory compliance. Since payroll is a crucial function, Whizseed can help you comply with all your needs.

Challenges in Handling Payroll Management Process

Because of the two reasons, payroll management processing becomes difficult which are as follows:

• Requirement of statutory compliance

If the statutory laws are not followed properly, it can lead to the penalty of fines, and it will even threaten the business's existence. However, when you register with Whizseed, you automatically process payroll in compliance with stated statutory laws.

• Dependence on multiple payroll input sources

Before the payroll is processed, it is important to receive all the data together from varied sources such as the attendance register, avail conveyance facility record, and other data from the HR team such as salary revision information, etc., making it a tedious process. The HR and payroll managers in the company managed the payroll on Excel sheets, but now Excel sheets have problems like dependency upon the excel formulas for calculation of salary, the complexity in adding or removing the employees, and also other limitations such as manual data entry and difficulty in extracting information. Hence, you can relax by having payroll management services from Whizseed as our professionals use upgraded software to manage the services.

Why Choose Whizseed Payroll Management?

At Whizseed, we understand businesses' challenges when managing their HR and payroll processes. Contact the experts today to learn how we can help in the business achieve greater efficiency and compliance. Our team of accounting experts work closely together to provide you with the following benefits:

• All-in-one Payroll Support: Our payroll management service is designed to provide comprehensive support for all payroll needs. With cutting-edge web and mobile applications, one can monitor the status of your payroll in real time.
• Virtual Legal Assistance: As a valued client, one will receive virtual any CA/CS/Law services for any of the legal assistance your company or employees also require.
• Compliance Management: The dedicated team of ours will keep you up-to-date with government regulations regarding labor laws, ensuring remain compliant at all times.
• Simplified Payroll Processing: We have the latest payroll software and employ dedicated accountants and also have tax specialists to simplify an employee payroll management, including employee compensation and the PF payments, as per the company's payroll cycle.
• Additional Services: Besides the payroll management, we also handle other labor compliances like EPF registrations, TDS return filing, and IT returns, all has been taken care of by the legal experts.