In order to expand your business, it is important to focus extensively on your company’s core competencies. During this process, it is difficult to keep up with business development and delivery activities as operational and compliance processes
require a lot of your attention. One of the crucial and highly time-consuming tasks is managing payrolls for your company. A robust payroll processing system motivates employees resulting in an increase in productivity and profitability. To help
you handle your salary disbursement, tax filing processes, statutory payments, etc., Versutus offers suitable, tailor-made payroll process management solutions. With our years of experience and expertise in managing payroll portfolios for different
segments of organizations and of different sizes, you do not have to worry about anything other than taking your business to new heights.
What does Payroll Processing Management Include?
Simply put, payroll process management includes everything from disbursing your employees’ salaries to managing tax deductions on their behalf. This includes extensive data gathering from the Human Resource department and computing tax returns for
all the employees that work with your company. When you hire an expert payroll processing service provider like Versutus, you do not need to worry about all the processes being conducted in compliance with government regulations and individual
employment terms as declared by your team.
Some of the essential processes included in payroll management are:
1. Processing salary for all employees on a monthly or contractual basis as per their salary structure
2. Computing and assessing their salary payable, TDS, insurance, Provident
Fund ESIC, profession Tax, Worker Welfare Fund/Labour Welfare Fund etc.
3. Filing tax returns for the staff is also done; considering their specified income tax declarations
4. Filing of (online) statutory deductions like PF, Profession
Tax, EPF, and ESI etc.
5. Collecting data pertaining to leave and attendance systems, advance loans taken by the employees, and incorporating it in salary processing
6. Generating pay slips and tax reports, and sharing them with individual
All of these activities are done through Cloud.
How does it help your business?
While many businesses believe that handling payroll processes in-house is more efficient, it is better outsourced. Not only do you not have to spend a hefty amount of money on acquiring the right resources and infrastructure, but you can also secure
your data and processes from any unforeseen mishaps. Here are three reasons that make outsourcing payroll process management smarter over doing it yourself.
Outsourcing your company’s payroll processing can help reduce a number of additional overhead costs easily. Hiring an in-house resource team for payroll processing is an expensive affair. Also, this in-house team requires technical infrastructure
in terms of hardware and software alike, which adds to the cost of the company. By outsourcing such activities, not only do you save the cost on resources and infrastructure, but you can also eliminate or limit the loss caused due to errors and
Professional Expertise and Technology
Payroll processing is highly technical and system oriented. This is why it is important to ensure precision and extreme professionalism in the process. By outsourcing your payroll management requirement, you employ a highly professional and experienced
team to handle your employees’ salary management. You can rest assured that your payroll processes comply with the necessary regulations, and are reported with utmost precision.
Enhanced Data Security
The problem with in-house payroll processing is that it can often lead to system or data redundancy and losing documentation due to an accident or human error. The professional experts working with payroll management agencies employ the best practices
and latest technology to ensure that your data is safe, systematically recorded, and is readily available whenever required.
Why Choose Versutus?
As one of the leading human resource management companies in India, we have been redefining payroll solutions for companies from all industries. With a team of highly qualified and experienced consultants and HR professionals, we know exactly how
to make processes smooth and error free.