Solutions offered by Indian Payroll Outsourcing Companies

One of the most popular solutions offered is by Indian payroll outsourcing companies, where the complex work of payroll processing is taken care of by third party companies. With that said let’s see the solutions offered by Indian Payroll Outsourcing companies:

Payroll Processing
Needless to say, the most important function performed by third party companies is to process the monthly payment to the employees. The third party employees latest software that is backed by robust infrastructure to enable quick and accurate payroll processing.  These software not only calculate monthly salary, but also take care of specific reimbursements, customized earnings and special benefits to select employees, all with a single mouse click. The payroll processing also takes care of arrears, advance against salary, loans, loan reimbursements etc. Plus, the lengthy and time consuming calculations involved in full and final settlements are also taken care by the software.  Thus, the company clearly saves massive man hours by outsourcing.

Complicated TDS, Investment
This is where it gets even better...The software used by the third party takes care of all the tax deductions, adds customized tax components as per employees- for example housing loan deductions, medical and more. The software takes into consideration the latest tax laws as applicable and even considers investments made by the employees vis-à-vis their tax liability and calculates the final tax deductions to be made.

Maintains Employee Data Sheets
The third party company maintains employee data sheets which is the crux of the HR department and forms the basis of all the calculations. Since all the information is tabulated in a systematic way, one can easily glance employee information such as joining date, current position, reporting person and more. This information can come in handy for performance appraisal and performance management.

Vital Reports
One can get all the vital reports and information at one place. There’s also a feature that enables companies to create tailor made reports to help in decision making, evaluate employee performance, determine cost per department and more.

Leave Management and Record
With third party outsourcing, managing leave and maintaining records is a breeze. The leave record and the payroll processing is integrated, leaving no space for employee grievances and ensuring that exact amount of money is calculated in case of leave encashment or leave without pay. This also helps the organization and employees plan their leave in advance in a way that company functioning is not jeopardized.

Time Sheet/Attendance Sheet
Depending on organization’s policy, time sheet or attendance sheet of each employee is recorded and integrated with payroll processing. This also allows flexi timing, overtime in line with the company’s policy.

In addition to keep a record, this also gives a bird’s eye view on employee’s attendance track record.