Maintaining in-house payroll management is not only laborious but also expensive. For calculating payroll, a company has to hire experienced staff and buy software in accordance to market legislation. Thus most industries and companies are nowadays preferring to outsource their payroll services. They thus hire an external firm to handle all payroll functions to save time and money. This, in turn, reduces the need for in-house trained payroll staff, purchasing and maintaining appropriate software packages, and staying compliant with updated PAYee legislation.
A large number of firms has thus developed over the time with this growing need. However, choosing the best payroll outsourcing company is important.
Here is a list of the most trusted payroll outsourcing companies in India:
MegathermErp: With its head office situated in Kolkata, MegathermErp, is the new leader of payroll outsourcing companies in India. Be it employee’s salary, allowances, deductions, gross and net pay, etc. Or the generation of pay-slips for a specific period, MegathermErp has a management software for all needs. It prepares extensive reports and saves all data in a common platform making it easy to access by the authority in charge.
Megatherm ERP comes up with an array of specialized and customizable payroll Services like
- Management and calculation of employee INCOME TAX & TDS, PROFESSIONAL TAX, PROVIDENT FUND
- Generation of EMPLOYEE STATE INSURANCE
- Generation of DIGITALLY SIGNED FORM 16
- Generation Pay-Slip and absentee statement including leave grant
- Management of READY BANK STATEMENTS
- Syncing BIOMETRIC DEVICES etc.
- ADP Experts: originally an American company, ADP Experts is a renowned name when it comes to human resource, payroll services, talent management, taxing and administration solutions.
- People Strong: this Gurgaon (Delhi NCR) based company is making its foothold strong with its RPO, Payroll management solutions etc. With a good database of satisfied clients, this company is taking long strides in recent time.
- NGA HR: with offices in more than 50 countries, NGA HR is based in Kochi and Hyderabad in India. They provide an array of regular and customized services of HR, ERP-based payroll engine, cloud-based payroll etc.
- Technowin– Technowin is the top leading HR & payroll outsourcing company in Mumbai India. You may Leverage their expertise and experience in payroll service for you business.
Thus MegathermErp is the dream for payroll outsourcing choice of most big as well as medium-sized companies.
Thus, the aforementioned is a list of best companies to choose from, for all your payroll outsourcing needs. Choose the best according to your need to calculate all finances at ease.
Question and Answer related Payroll System
How Much Does It Cost To Outsource Payroll In India?
Truth be told, it is difficult to determine a fixed cost for payroll outsourcing in India, especially since all businesses have diverse payroll requirements. Also, much of the cost depends on the features you want like Employee access, POS Integration, Multiple/Manual Payroll runs, Detailed Job Costing, Direct Deposit, ACA Reporting, Time & Attendance and many more.
The wise choice would be to focus on your specific requirements rather than search for the cheapest price around in India. This is because; the cheapest ones often come with the least features too
Is Outsourcing Payroll A Good Idea?
Most businesses decide to outsource payroll simply due to the following reasons.
- For productivity and time savings
- For reduced direct payroll processing costs
- To avoid any IRS penalties
- For top-quality security
- To take advantage of a team of experts
- For employee access and to gain HRIS or Human Resource Information Systems
- To avoid technology advancement expenses and keep the payroll running smoothly
- To offer direct deposit to employees, which is otherwise difficult for a company not using outside payroll services
- And lastly, for worry-free operations and their own peace of mind.
So, to answer the question, outsourcing payroll does seem like a good idea!
What Is HR Payroll System?
HR payroll system, also commonly known as HRIS or Human Resource Information Systems, is primarily an intersection of human resources with information technology via the HR software. Simply put, it allows all HR activities and crucial processes to carry out electronically.
An HR payroll system allows a company to plan their HR expenses more proficiently properly. It even allows firms to manage and regulate them without needing to allocate excess resources.