Payroll Outsourcing Services
INTRODUCTION
Managing The Payroll Is A Critical Task For Any Company Since It Manages Two Important Assets Of Any Company – Human Resources And Money.
However, it is time-consuming and complicated due to the involvement of multiple factors and phases. We, at BEETA ONE, bring industry expertise and a deep understanding of payroll outsourcing services to ensure high standards of payroll management. The best part about our payroll processing services is that your employees enjoy all-round accessibility to salary statements, payslips, available benefits, Form 16, and other essential reports.
We manage and maintain a centrally located payroll software that ensures error-free data records for each employee, accessible to the founding management for review purposes. Our clients can rely on our ethical business practices and professional support in handling outsourced payroll services. BEETA ONE’s expert professionals prioritize compliance with payroll regulations, delivering dependable and efficient payroll management services.
With our payroll services, you can save both time and costs while ensuring accurate payroll processing. Our payroll outsourcing services allow you to focus on your core business activities, while we expertly manage your payroll with precision and confidence.
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OUR OUTSOURCED PAYROLL SERVICES
BEETA ONE provides the following key services related to payroll:
Processing Monthly Pays, Compensations, And Any Outstanding Amounts
Our payroll consultants handle the calculations and payments of monthly salaries of all the staff members, considering the latest legislative updates related to the same. We develop an HR and Payroll system customized for each client and update it with relevant details whenever a new joiner joins the organization along with the investment declarations. Based on the HR and Payroll system, we develop reports and presentations that provide analysis and insights to clients on their employees, their salaries, taxation, and investments. Our payroll outsourcing services ensure that the integrated Payroll system generates salary slips that can be distributed to the employees, and we maintain salary statements of past years for internal use of the clients.
Handling Investment Declarations And Returns Filing
BEETA ONE assists clients with its expertise and knowledge in navigating the complex process of selecting the most suitable investment strategy from various available options for their employees. We develop a user-friendly interface for employees, enabling them to submit their investment declarations directly into the HR and Payroll software for seamless tax calculations. Additionally, as part of our payroll outsourcing services, we provide employees with planning assistance to maximize tax savings through potential investment opportunities. We also manage the year-end process of generating Form 16 and offer support in filing IT returns to minimize errors effectively.
Filing And Submission Of Form 24Q
Form 24Q is an online TDS return form, filed quarterly, which is used for the amount deducted on salary under section 192 of the Income Tax Act. We, at BEETA ONE, help our clients comply with accurate processing and calculations of the quarterly TDS returns from the salaries and ensure that these are filed every quarter without fail. We provide the most accurate and comprehensive reconciliation process in regard to the deduction of taxes as a part of our payroll outsourcing services. We check for any variances, get these clarified from the client’s internal team, upload the base file into the eTDS and then generate the Form 27A, which is shared with the clients for future use.
Ensuring Payroll Compliance
BEETA ONE’s strong team of payroll advisors and consultants consists of industry experts with extensive knowledge of the intricacies involved in the full and final settlement process for employees. Through our payroll outsourcing services, we ensure that our clients achieve compliance in all payroll-related matters, such as:
- Calculation of payable days
- Calculation of leaves and leave encashment and notice period recovery
- Managing the investment proofs submitted by employees and any reimbursement claims received during the final settlement of employees
- Ensuring all the payments and deductions are considered in the calculation of salaries and annual package
- Managing the compliance with Provident Fund (PF), Professional Tax (PT), Labour Welfare Fund (LWF), and Employee State Insurance (ESI)
- Handling the generation and preparation of consolidated reports on tax calculations and deductions, journal vouchers, the net payable and recoverable and many more
Resolving Employees’ Queries
Our team of payroll professionals serves as an accessible resource for employees in our client companies, addressing queries and concerns about salaries, annual packages, leave policies, tax calculations, leave encashment, bonuses, available benefits, reimbursements, and tax declarations. Our outsourced payroll processing team ensures prompt and accurate responses, providing swift resolution to employees’ concerns.
Our Outsourced Payroll Processing Methodology:
KEY DIFFERANCE OF BEETA ONE
Why would you choose BEETA ONE as your payroll outsourcing services provider? Here are some compelling reasons why we are the preferred payroll processing partner.
BEETA ONE’s payroll professionals excel in ensuring that our client companies stay compliant with the latest laws and regulations concerning employees, labor, pay, wages, and more.
At BEETA ONE, our payroll outsourcing services are enhanced by our in-depth industry knowledge, extensive experience in payroll activities, and expertise in managing these processes. We ensure accurate and timely end-to-end support for clients, handling all aspects of their employees’ payroll efficiently.
Our dedicated, meticulous, and committed payroll advisors assist clients in gaining a comprehensive understanding of payroll, taxation, and investment scenarios. They create consolidated, error-free reports and dashboards with insightful analysis and sharp analytics to guide informed decision-making.
At BEETA ONE, we offer domain expertise to provide customized accounting services and solutions tailored to your specific business needs, industry sector, and evolving regulatory landscape. This allows you to concentrate on growing your business, while we deliver payroll outsourcing services that meet global standards.
Frequently Asked Questions(FAQ,s)
What is payroll outsourcing?
Payroll outsourcing means to outsource all payroll-related activities of a business to an external services provider. Such payroll-related activities include keeping employee records, calculating employee salary and wages, distributing payroll, managing the taxes, considering the bonus structuring and adding bonuses, generating payroll related reports, and complying with the taxation laws of the government.
Why do businesses decide to outsource payroll?
Businesses choose to outsource their payroll-related activities because of the following reasons:
- To avoid the requirement to hire in-house resources for handling payroll services, thereby saving costs
- To ensure that payroll is administered easily and smoothly
- To avoid mistakes and resulting penalties and ensure compliance with all the statutory requirements of the government and related departments
What are the benefits of outsourcing payroll services?
The benefits of outsourcing payroll services to an external provider are as follows:
- Payroll outsourcing services help employers focus on their core business activities and hence improve their productivity.
- In the case of small business owners, the number of employees is less, and it becomes costly to hire an in-house payroll-related member, so outsourcing payroll processing is more advantageous.
- There are increased chances of an in-house staff member making more errors as compared to an external services provider in payroll activities, so to avoid that outsourcing payroll services is better.
- An external payroll outsourcing services provider can engage experts who constantly keep themselves updated to remain abreast of the latest changes and trends.
- External outsourced payroll services providers can ensure higher security for payroll-related activities of each client separately and advanced technology for payroll-related software.
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