Paysquare

Every business activity must include payroll. It is the procedure through which workers are compensated for their services and is crucial in guaranteeing worker satisfaction and retention. But managing payroll can take a lot of time and be challenging, especially for small and medium-sized enterprises with little resources. Here, payroll outsourcing may help organizations save time, cut costs, and increase compliance by providing a range of advantages.How Does Outsourcing Payroll Operate? The outsourcing company is in charge of determining and allocating employee compensation, deducting taxes and benefits, and guaranteeing adherence to labor rules. You will consent to the conditions and sign a contract with the payroll outsourcing business that details charges and obligations. After that, the outsourcing company checks to see if they have the required authorizations and registrations for handling payroll. The outsourcing company will require access to all necessary employee data in order to execute payroll. The service provider will then ensure that your employees are paid on time by processing your payroll on a regular basis (typically every two weeks). You will be given a copy of every report each paycheck period. As the law requires, they will deliver payments and supporting documents to tax authorities and other partiesFor businesses of all sizes, managing payroll can be challenging and time-consuming. It involves precisely calculating wages, taxes, and deductions, as well as keeping up with the constantly evolving rules and legislation governing payroll. Legal repercussions and heavy punishments could follow noncompliance with these commitments. For this reason, a lot of businesses are using payroll outsourcing as a tactical way to reduce risks and guarantee legal compliance. In this post, we'll look at the benefits of outsourcing payroll and how it can help companies stay in compliance with the law. 

Every business or company regardless of size needs to have a payroll system in place. Among other things, it entails managing employee salaries, benefits, and taxes. Payroll management, however, may be a time-consuming and challenging chore for organizations that diverts attention from other crucial business operations...Read more

Payroll is a difficult process that is made more difficult by the particular procedures used by each organization, compliance concerns, a wide range of allowances and deductions, and continually evolving legal requirements. This frequently puts firms at risk because there is so much at stake in terms of fines, extra inspection, and brand reputation. Many businesses handle this procedure internally, while others seek out qualified service providers. Avoiding compliance risks and adjusting to the laws’ ever-changing.....Read more

The management of payroll in the hospitality industry presents distinct and intricate challenges that necessitate meticulous attention and tailored solutions. From coping with seasonal workforce fluctuations to adhering to labor regulations and addressing tip-related concerns, hospitality businesses must navigate a multifaceted payroll landscape.This article delves into the specific payroll challenges hospitality establishments encounter and offers actionable solutions and best practices to surmount them. By implementing these strategies, hospitality businesses can streamline payroll operations, guarantee compliance with relevant laws, and augment overall operational efficiency.Payroll Challenges and their Solutions in the Hospitality BusinessesThe hospitality industry encompasses a dynamic and fast-paced sector that includes various businesses, such as hotels, restaurants, resorts, and event venues. Managing the intricate payroll processes within this industry can be a formidable task, as it entails addressing unique challenges specific to the nature of hospitality operations. Let’s look at some of the industry’s challenges and possible solutions.Challenge 1: Seasonal Staffing and Fluctuating Workforce Hospitality businesses encounter significant challenges in managing staffing needs that fluctuate seasonally. Labor demand can vary considerably based on factors like holidays, tourism seasons, and special events. Successfully handling payroll for a constantly changing workforce requires meticulous planning and tracking of employee hours. To achieve this, implementing a robust time and attendance system is crucial. Such a system captures accurate data, streamlines scheduling, and ensures employees receive proper compensation based on their actual hours worked...Read more

In today’s competitive business world, managing employee benefits and taxes can be overwhelming for any organisation. The complexity of administering employee benefits, ensuring compliance with labour laws, and managing payroll can quickly become a burden, especially for small and medium-sized businesses without dedicated HR staff. An Employer of Record (EOR) can step in to fill this role. An EOR can take on the employer responsibilities for a company, managing all aspects of migration, joining and on-boarding, benefits administration, payroll management, compliance and risk management, employee query resolution, and exit management. In this blog, let’s explore the role of an EOR in managing employee benefits and taxes, highlighting the benefits and tax solutions offered by EOR providers to businesses of all sizes. So, let’s dive in!

Payroll management can be defined as the management of employee's financial records, wages, salaries, bonuses, deductions and net pay in accordance with the labor laws of the nation. While payroll management is not easy but it is significant that it be managed correctly because the consequences of deviation in payroll management may lead to financial and reputation loss of a company.Untimely filing of taxes, not getting accounts audited, non-compliance with TDS regulations, and wilfully evading tax can lead to penalties and imprisonment. For example: If a business or an organization fails to file tax deducted at source (TDS) or tax collected at source (TCS) in the provided timeline or on and before the deadline, they will be fined with a penalty of Rs 200 per day for the delay. Along with this, the tax authorities may also charge the company with a penalty for incorrect information or non-filing of TDS or TCS returns before the due date. The penalty be anywhere between Rs 10,000 and Rs 1,00,000.

Managing payroll efficiently and ensuring compliance with ever-changing regulations are crucial aspects of running a successful business. However, the complexities and intricacies of payroll processing can be overwhelming, leading to increased risks and potential compliance issues. As a solution, many companies are turning to outsourcing their payroll functions to specialised payroll providers. Organisations can experience improved compliance and reduced risks by entrusting payroll management to payroll providers...Read more : https://paysquare.com/how-outsourcing-payroll-can-keep-a-business-compliant-and-reduces-risks/

Payroll compliance is essential for manufacturing companies due to their distinct operational structure and diverse workforce. It encompasses the adherence to legal and regulatory mandates governing employee compensation, tax obligations, benefits administration, and meticulous record-keeping...Read more

Outsourcing payroll services is a potential solution to tackling payroll complexities. But before we talk about it, let's look at statutory compliance in HR and payroll in India with this quick guide. What is Payroll in the Indian Context? In India, payroll involves a broad array of activities that include but are not limited to the following. The functions may vary or increase with the type of organization and its compliance requirements...Read more

As a HR professional, one of your core responsibilities is the leave management process. Your role is to manage and motivate employees to give their best productivity levels to the company. Giving employees leaves is one factor that helps them recharge their batteries. You are wondering where you will start. Well, you have come to the right place to guide you about the leave management process. We will try to give you a glimpse of the activities that an HR must perform for hassle-free leave function.Type of LeavesYour first task is to classify all the types of leaves the employees are entitled to. Thus, you will have a clear view of the steps to take ahead. These leaves are state-ordained, which means they have statutory compliance behind them. Therefore, you must keep a tab on them to avoid penalties. #1. Earned Leave (EL) or Privileged Leave (PL)An earned leave or privileged leave is basically the same thing. Your employees are rewarded a certain amount of leaves for a defined period of continuous labour. Are you confused? Let us give you a brief explanation.The Factories Act applies to earned leaves. Your employees are entitled to one leave after 20 consecutive business days of work.On the other side, for four months of attendance, five privileged leaves are allowed under the Shops and Establishment Act.Employees can also cash in their ELs or PLs. However, it is subject to your company's policies. Unused PLs can also be carried over to the next year.#2. Casual Leave (CL)In an emergency, an employee may choose to take casual leaves. It can involve parent-teacher conferences, family medical emergencies, or anything else. CL can last anywhere between a half-day to almost seven days. Unlike a PL, a CL cannot be cashed and has a one-year expiration date.#3. Sick Leave (SL)An employee can take a sick leave if they have medical problems. They get twelve paid sick leaves per year. You have to ask for a medical certificate if the leaves extend for more than two days. Similar to casual leaves, sick leaves also expire in the current year and are not carried forward. #4. Leave Without Pay (LWP)If the employee has used all their leaves but still needs more, they are given leave without pay or LWP. These are unpaid leaves that heavily depend on a company's policies and management's approval.#5. Compensatory Off or Comp OffSome employees are required to work during holidays, for example, people in sales and security systems. These employees are entitled to additional leave on working days to compensate for their efforts. These leaves are known as comp offs or paid leaves. You must account for these comp-offs for the respective employees.#6. Maternity Leave As the name suggests, maternity leaves are awarded to pregnant women and new mothers. It comes under the Maternity Benefit Act.Women employees in India are entitled to 24 weeks (6 months) of paid leave for pregnancy if they worked for at least 80 days in the 12 months before the delivery date. However, after the first two children are born, the eligibility period is reduced to 12 weeks.#7. Paternity LeavePaternity leaves are endowed to new fathers. It depends on the company's policies and can range from two days to fifteen days. Government employees can take a maximum fifteen-day leave, but the rules in the private sector are not defined.#8. Bereavement LeaveBereavement leaves are granted when there is a death in the employee's family. The employee can perform last rites, grieve and attend legal obligations during this period. Although there is no fixed law to specify bereavement leave, many companies allow employees a week off.#9. Marriage LeaveEmployees may be allowed between one and fifteen days of leave, with most employers providing three days. Furthermore, this leave can only be used once (first marriage at most companies) during an employee's whole job time.Routine HR duties in Leave Management ProcessNow that you have the different types of leaves, let's move ahead to the admin work for managing these leaves. These tasks must be done following your company's leave policies. Make a Holiday ListYour first task is to separate mandatory holidays from leaves. This is possible by making a holiday list of the year. Here is how you should proceed: List out the holidays that are related to festivals and state events. Check for the inclusion of holidays listed under the Industrial Establishment (N&FH) Act.  The next step is to count the holidays from weekends. If any festival comes on a weekend, you must take note of it.  Inform the employees through a notice board or personal mail.  Create Leave Lists for EmployeesAfter setting the holiday list, it is time to create leave lists. Leave lists can differ for employees based on their position and job role. Besides, if you are working in a large -sized company, you need to designate bulk leaves. Here is how you can go about making leave lists: Assign similar leave types to employees in the same job roles. Construct prorated leave policies using days, months, and other round-offs. Communicate the frequency of leave approvals, for example, weekly, monthly, and yearly. Confer comp offs to eligible employees.  Set out policies regarding half-days and overtime. Set a Leave Approval SystemThe most significant task is the application, approval and rejection of leaves. You can either take assistance from a cloud-based service or use Excel Timesheets. In our opinion, cloud-based systems are better. For a smooth process heed the following steps: Designate leave approvals to the concerned manager or senior HR. Check for eligibility. Take note of when and who takes the leaves. Store the necessary documents in place. These documents may be medical certificates, leave applications, and maternity leave forms. Assemble Leave and Attendance ReportsReporting and analysis are critical parts of HR duties. Reports aid in performance management, turnover analysis, configuring leave years, etc. Here is what your attendance reports tell you: Statutory compliance is observed. Employee well-being is maintained. Productivity levels are judged. Accuracy for payroll processing. Company policies are up to the mark. Plans and execution for the next year.  We wish you all the best as an HR to undertake the leave management process. Efficient leave management increases employee satisfaction. Consequently, you reach the ultimate goal of your HR role.Paysquare's Leave Management SystemPaysquare has a formal, cloud-based leave management system which is integrated with payroll engine. Our automated system records and lists all eligible leaves for your employees. Leave approvals are also easier, giving you enough time to focus on other core HR responsibilities. The entire leave accounting would also be part of paysquare’s deliverables. Consult Paysquare to get assistance in managing integrated leave and payroll systems.

The year was 2016 when India saw its first transaction through a QR code. Additionally, the recent innovations are the blockchain and NFT. Transaction technology has visibly changed over the years leading to new IT job roles in BFSI industries. Banking HRs are rolling up their sleeves to recruit and train this new wave of Fintech talent. The next mission is to cut costs, boost efficiency, and provide challenging roles to the workforce. HRs are focussing on these core activities while delegating the non-core ones to payroll outsourcing firms.  But before we jump into the HR outsourcing services and their advantages, let us look at the latest challenges faced by BFSI HRs.Challenge no.1- Recruiting Top TalentAs a highly competitive industry, banking recruitment is not an easy job. HRs have to screen hundreds of applications ( even thousands in the case of large nationalized banks ). They have to perform background checks to check for previous financial frauds and terminations.  Customers trust banks based on their experience with bank employees. And the biggest asset of a bank is trust. Approaching top talent for specific cadres and positions is a grave HR responsibility that requires thorough research.Challenge no.2- Filling the Skills GapA PwC survey in 2016 revealed that more than 70% of IT professionals in BFSI are not well-versed in the basics of finance. More data scientists and AI engineers are needed in the industry who are knowledgeable in finance and accounting.  HRs are principally concentrating to fill this skill gap by training data professionals. They are developing training modules so that IT professionals can give the best consumer experience to account holders. Challenge no.3- Employee Engagement"No company, small or large, can win over the long run without energized employees who believe in the mission and understand how to achieve it."- Jack Welch, CEO of General Electric. The top priority of HR is to provide a good work-life balance to an employee. Giving sufficient breaks, learning tools, and space for innovation are a few elements that increase employee satisfaction. BFSI industries face a big problem in this regard, as data scientists consider finance roles to be redundant. It is the job of banking HRs to let employees take on challenging tasks and incentivize them to feel fulfilled and appreciated. Challenge no.4- Work CultureEngaged employees are confident, give better service and increase the productivity levels of an organization by 21%! They also help in evolving a happy work culture for their colleagues, thus making the job of an HR easier.  According to Workplace Culture, 86% of millennials will leave a job if it has a toxic work culture. The banking and financial sectors today are composed of a mixed pool of employees from all backgrounds. They have data engineers, accounting specialists, and finance lawyers all based in one place.  There are high chances of clashes in a diverse workforce. HRs in BFSI dissolve conflicts between the employees and provide a smooth dialogue between all parties involved.  An individual HR department is unable to overcome all these challenges at once. Payroll outsourcing services and expertise from a third party help HRs to perform core activities more efficiently. Payroll and HR Outsourcing for Banking and Finance Industry-Paysquare.How do payroll and HR outsourcing services benefit the banking and financing industry?HR duties encompass a wide range of responsibilities. On close inspection, you will realize that most of these duties do depend on each other. Strategically outsourcing a few of these activities from a reputed vendor will overcome the four challenges mentioned above. Choose payroll outsourcing firms that provide the following services to your company- Payroll Processing Statutory Compliance Leave and Attendance Management Help desks and self-service portals Temporary Staffing Solution Preparing monthly reports from the direct data provided by them will assist you in these processes-1. Turnover AnalysisAn organization must regularly check its turnover rate to find out more about employee expectations, work culture, and costs incurred. inFeedo data says that BFSI industries show the lowest employee engagement rate of 33% while a high turnover rate of 24%. HRs are working towards improving these statistics by using employee engagement tactics of efficient leave management systems, punctual payrolls, and better benefits. Outsourcing payroll services from a reputed vendor will also give you enough data to devise methods of cutting costs due to turnovers. The saved time and energy can be put into the training and development of employees.2. Payroll Outsourcing for Distributed Staff Banking and financial service companies can have between 100 to 3000 branch offices in India. These branches are distributed in a large geographical area and cover rural as well as urban centers. Individual HR departments of all these branches collaborate to process the payrolls of their employees.  Payroll outsourcing will give centralized payroll processing to banking and finance employees. Outsourcing firms provide a self-service portal to employees so that they analyze the details of their payrolls. They will not approach HR to discuss these details. That is one problem solved by technology.3. Performance ManagementAnother crucial HR duty is increasing the productivity levels of the employees. Outsourcing payrolls and compliance will give you information regarding employee absences, overtime, and compensatory offs.  You can use this data to examine the monthly performance of an employee. You can then derive suitable solutions to enhance employee experience and productivity in your organization. 4. HR Outsourcing for Temporary StaffSmall-term projects are carried out in every organization. Temporary staff in BFSI industries take on roles of auditing, surveying, and coding all the time.  Keeping this temporary staff on an outsourced payroll releases you from the headache of compliance and accuracy. According to GEP, outsourcing temporary staff solutions is the best cost-cutting measure.5. Benefits and CompensationDealing with various employee benefits plans is a highly tedious affair. These benefits cover medical, accident, and term life insurance. As an HR you also have the task of registering new employees for EPF and ESIC schemes.  On top of this, another issue is worker's compensation. Employees are entitled to compensatory offs if they work on holidays. They also have overtime compensation to be fulfilled. Payroll outsourcing companies take care of all these responsibilities and give detailed reports to you. You use this data to analyze performance and award promotions to the employees.  The banking and finance sector is seeing a constant current of revolution. It will be wiser if they have better human capital management to deliver the best consumer experience. Outsourcing some of those HR duties will surely assist the sector to focus on core activities and increase the growth curve.  Paysquare is a team of payroll experts. Regardless of the company size, we provide services to all banking and financial companies. Outsource your payroll processing in India to us as you focus on better employee retention.

According to a survey conducted by Harvard Business Review Analytic services, 92% of companies have already entered the global market, and only 8% are yet to do so. Among companies that have already entered the global market, 87% have a global workforce, and only 13% do not.In terms of future plans, 63% of companies with a global workforce plan to expand their global presence, while 37% plan to maintain their current global operations. While expanding business beyond international borders might prove to be a fruitful and strategic move in the long run, drawbacks are equally important to consider, failing which may result in operational disruptions resulting in massive business losses.

The trend of adopting payroll outsourcing has gained significant momentum across companies of various sizes. However, it is crucial to note that the industry is subject to rigorous regulations, encompassing a multitude of rules and prerequisites that differ depending on the business type and location.....Read more

The word statutory translates to "of or related to statutes"- rules and regulations, so statutory compliance stands for adhering to rules and regulations. These rules and regulations are a legal framework the government (central and/or state) put in place for all businesses to follow – we are trying to comprehend payroll statutory compliance services.Read more

Employer of Record service providing companies offer a complete solution to global companies that the companies need to enter a new market. These service-providing companies address all the needs of the expanding company as well as the distributed workforce of that company. Employer of Record makes the process of global expansion easier for international companies by allowing them to hire remote international employees while staying compliant with the law....Read more