Payroll Outsourcing is making the use of external service providers for services of which typically are handled internally, on a regular basis. Payroll outsourcing allows you to hand over the responsibility for managing payroll maintenance and taxation risks to specialists with enough resources to monitor the situation and respond accordingly. Payroll outsourcing consulting services help increase the quality of your product or profitability or your business.
Payroll Outsourcing Services really can save you valuable time when it comes to working out your payroll data. Payroll outsourcing includes receipt and analysis of payroll data, reporting the payment of payroll taxes, issuing payment and reports to employees and reporting data to end user. Payroll outsourcing is an affordable way to take away these burdens, because it is a time-saving and cost-effective alternative to internal payroll processing.
We provide following services regarding Payroll
- New company payroll set up, pension set up & RTI implementation.
- Generating Payslips and sending to employees (fixed or variable, weekly or monthly).
- Provide gross to net summary of wages for employer & employee.
- Process and provide P45 & P60.
- Process statutory sick pay, statutory maternity pay, student loan deduction, tax credits, insurances, etc
- Playing with revenue website for payroll reconciliations using certs.
Why outsourcing of Payroll is a must for a Startup?
Payroll management is a mandatory but non-billable activity, which takes time and resources but does not add up to your main goal achievements. In the initial year, a startup or a company should try to put more focus on core areas, so that they can achieve it within time period projected. Further having a full-fledged In house HR set up will be a costly and non-required luxury for a startup. It makes more sense to outsource it to any professional firm which can undertake all the activities at a fraction of in-house cost, Plus it frees up the founders and other members of the team to focus on revenue area.
Assesses has to meet the following compliance as per the respective governing laws
Profession Tax (PT)
It differs State to State. Every employer has to deduct the PT from employees salary as per slab and deposit the same with the government.
Provident Fund (PF)
- An employer is required to deduct PF (If applicable) from the Basic Salary @12%.
- Also, the same amount is contributed by the employer for an employee.
As per IT Act, an employer has to deduct TDS from the salary of employee and deposit with the government within due dates.
- ESI is to be deducted @1.75% from the Gross salary of an employee if the gross salary is Rs. 15000/- or less.
- The employer also contributes to the same @ 4.75% for employee tax Saving Documents submission at the year-end.
- Calculation of CTC - At the time of joining of new employees, a CTC projection is must understand cost and benefit for that new employee.
- Issue of an offer and appointment letter Out team can draft you one time Offer an appointment letter format, which can be used by the enterprise during hiring processes.
- Full & Final calculation - We can also provide formats to be used at the time of exit of Employees.