Payroll processing outsourcing has become a popular option for companies seeking payroll solutions. In payroll processing outsourcing, a group of expert payroll accounting professionals offer exceptional services for proper management of the payroll according to company demands. Reliable and timely delivery of payroll helps the companies to concentrate more on the growth of other departments like research and development of the product and marketing. It relieves the company staff from the hassles of in house processing and processing software.
Payroll processing outsourcing ensures on time payment schedule even with last minute alterations. The payroll processing includes management of starters, leavers, PF Contributions, ESI Contributions, with accurate payroll reports for accounting. ADS HR Consultancy (A Division of Acutiva Consulting Pvt Ltd) will handle the forms and figures, remind of the deadlines, and take care of even the minor details of payroll processing.
Payroll processing outsourcing tackles each step in the processing of employee payroll. Proper planning and scheduling avoids confusion and guarantees expert service. Our services are usually flexible by nature and integrate themselves into the business smoothly and work to the advantage of the business establishment. Payroll process outsourcing also reduces workload in areas such as new hire reporting and certification of the payroll.
Why Outsourcing ?
The benefits of process outsourcing are enormous, including "Just In Time" information at the right time every time. Being our core business, you could leverage upon the same and devote your internal resources and capital funds to profit-driven activities - accelerating re-engineering processes and responding with greater flexibility to today's rapidly changing markets.
ADS Consultancy has a well established and robust payroll system in place that is combinations of the best of software tools, expert knowhow, IT infrastructure and a strong payroll team. Designed to manage payroll of your on-roll employees, our payroll processing services are configured to cater to your specific requirements. ADS Consultancy caters to MNC's, large organizations and SME's alike with a delivery model suiting individual requirements.
THE PROS AND THE CONS
The CON Side of Internal Process
Cost of retaining and maintaining of skilled manpower thus affecting cost of transaction
Non core activities affecting core business
Loss of time for operations, which could be otherwise utilized, for other core process.
Coordination between various divisions and their cascade effect on time and money.
Accuracy and timeliness of reports.
Relatively higher turn-around time for implementation of new processes.
The CON Side of Internal Process
Helps in reducing the cost of operation.
High availability a technology partner for the process and also improvements of technology and developing future solutions like development of a customized web based employee portal to update employee information including payslips, investment details, projection etc. This can be implemented over a period of time thus adding value to the employees for a low cost additional investment.
Implement new policies quickly.
Availability of internal resources for better deployment on core business activities thus increasing bottom-line.
One point contact for the management for all aspects of the process and future roadmap.
General Scope of Services
The brief scope of activities involves initial setup of the master details of all employees and the configuration of the company re-imbursement policies and documentation of the same for reference and future updates.
The monthly activities would involve coordinating with the client time office department for attendance registers and update of the same into our system for generation of various reports including Payslip, salary sheets, deductions statements and Income Tax, Professional Tax. Etc.
Other deductions statements and reports like projection sheet for employees, quarterly/half yearly reports to be printed.
Annual Reports like Income tax statements to be printed and submitted to the client
- Salary register
- Tax Calculation
- Deduction statement for the month for the various statutory heads
- Income tax deduction statement (including e-TDS )
- PF Statement (monthly/yearly)
- ESI statements
- Salary JV for the month
- Bonus and other annual statements
- Monthly reimbursements and track of perquisites
- Income tax reports like Form -16/24
- Projection of tax liability