Should Payroll Management be Outsourced or Kept In-House?

Payroll management services In India cover a spectrum of activities including salary and wages calculation, withholding of taxes, distribution of withheld funds to respective government agencies and direct deposit of in-hand salaries into the bank accounts of employees. These tedious and routine functions can keep any business owner or his key employees occupied while they could better have worked on more important revenue-generating or sales-enhancing activities. While saving time, payroll outsourcing in India can help cut cost and ensure accurate tax calculations. Payroll companies can offer HR payroll solutions that help to improve a company’s human capital management and benefits.

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Choosing a Payroll Service: A Buying Guide for Businesses

When you're running a business, you have two main choices for paying your employees: You can do it yourself, or you can hire a payroll service to do it for you. If you don't have an accounting background and aren't well versed in payroll tax laws, then Top management services in India is likely your best option. Before you choose a payroll service, it's critical to understand the tasks a payroll provider can handle, how much these services cost, the benefits they offer and what to look for when choosing one. Some small businesses choose to use local payroll services that operate in their region, while others elect to use online payroll services in India accessible from anywhere. This guide focuses on online payroll services only. Brooks consulting private limited payroll is an online based payroll provider trusted by individuals, employees can access pay their pay slips online 24 X 7 through any part of the world and same HR can access HR records of all employees online. Our team of 40 staff is experts in providing payroll solutions Known for confidently and processing payroll with accuracy and staff decade.

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Choosing Right Payroll Service Provider

If you are going to choose a payroll service provider, it’s time to decide which one might be right for your company. The small business owners we spoke with said some of the most important factors to consider include the cost, ease of use and customer service support.

One way to help determine the right payroll service for you is to make sure you are asking the right questions.Payroll experts that we interviewed told us that before making a decision,you should ask potential payroll service providers a number of questions, such as:

·          How long have you been in business?

·         How often are your tax tables updated for compliance?

·         Do you have other clients in my industry?

·         How important will my business be to your company?

·         If I have a question or concern, whom do I go to?

·         What's the structure of your customer service department?

·         Can you integrate with my employee benefits offerings?

·         How can I monitor and track all of my payroll transactions with you?

·         How will you handle my business as my company grows?

·         What are your fees and contract policies?

Since payroll is such a critical aspect of running a business, it is also critical you find a service provider that offers top-notch customer service.

Do not sacrifice service or functionality to save a few coins. "In the long run, having a more functional system with a top-notch service team will more than pay for itself."

Brooks Consulting Private Limited Payroll is an online based payroll provider trusted by corporate and Individuals, employees can access their pay slips online 24 X 7 through any part of the world and same HR can access HR records of all employees online.

 Brooks provide best payroll services in India.

India signed US tax compliance law FATCA

 India signed a new Act with US Government which is known as FATCA. It is Foreign Account Tax Compliance Law. It will definitely help to fight Tax evasion.

In US, it is aimed at preventing tax evasion by Americans by sharing financial details with other countries. There will be greater transparency between India and US on tax matters.

The agreement was signed by Revenue Secretary Shaktikanta Das and US ambassador Richard Verma. It is a bold step taken by Indian government in response to black money.

The exchange of information on regular basis regarding offshore accounts under FATCA would deter tax offenders, would enhance tax transparency and eventually bring in higher equity into the direct tax regime," Das said.

Indian financial institutions need to provide revenue information of US Tax payers to US tax authorities. Similarly, US Government follow same protocol.

"The signing of the inter-governmental agreement on FATCA is a landmark event in furthering the Indo-US relationship," said international accounting firm KPMG in India Partner Himanish Chaudhuri.  

Indian government is committed to the confidentiality of data and is taking required measures to ensure it.

"A security committee has been set up within CBDT (Central Board of Direct Taxes) headed by the chief information security officer for security of documents and information," he said.

FATCA will cover all accounts opened from July 1, 2014 onwards, in Indian Financial Institutions.

India starts receiving information through Automatic Exchange of Information (AEOI) under FATCA from US later in the year.

Ruchi Anand and Associates, the internal auditor inIndia was looking in the depth of this matter and comes up this information. We have one of the best Chartered Accountants in India who provides all tax related solutions. They can advise you in tax issues and in starting a new company as well.

Why do you need payroll service provider?

Multi State compliance is a common issue with payroll service providers. Processing the benefits and payroll services at a same time becomes critical because each employee has its own record. Compliance is the rules, regulations or standards a company need to follow defined by Ministry of Labor and Employment and state. Companies face multi-state compliance issues when their employees cross state lines for their jobs or have multi state operations.

There is also an issue of minimum wage difference. Wage varies widely from one state to another. Ministry laws do not preempt state laws so that in many cases employees need to pay tax in both states on the same income. During payroll processing, they cannot apply same strategy for all employees.

Overtime is paid 1.5 times more than the standard pay for hours worked beyond 40 hours in a single week. Some states do overtime calculations on daily basis setting 8 hour as benchmark. Overtime compensations are pre-empted by laws of employees who have salaries greater than certain threshold. All the deductions, state income tax withholding or application of income tax to residents or non residents are also vary by state

Special payroll tax issues may apply to non resident employees who work in one state and live in another. Some states may have reciprocal agreements with certain states, simplifying withholding tax guidelines as income will be taxed in only one state.

State laws vary when it comes to defining liability for withholding taxes. These are some conditions need to be met for a company becomes liable for state withholding:

* The company is doing business in the state.

* The employer pays wages to at least one person in this location for services rendered.

* The company derives some form of income from this state.

* The business maintains a physical address in the state.

Payroll Outsourcing

Outsourcing payroll services to a third party that specializes in this function simplifies the procedure for employers while ensuring compliance with state and ministry laws.

Preferably, the payroll management companies must have local and global expertise aside from providing a comprehensive suite of services to cover payroll services in India, payroll tax payments and overall payroll processing. Compliance with ministry, state and local tax jurisdictions should be integrated into the service package. Delhi based Brooks Consultancy Private Limited process according to your needs and streamlines administration of these services to ensure compliance in every state where your business operates.

Simple ways to improve efficiency of your Business

Efficiency is the most important thing while running a business. You should build efficiency into your day to day operations to run the things smoothly and make your time available for key operations. It is also important that you have right resources and technology to boost efficiency. It’s time to avoid traditional to-do list which can degrade your efficiency and your own productivity.

Your list should have tasks which are important for the growth of your business. You need to set list according to priority. Think in terms of priorities. These are the three symbols which you should include in your list.

·         $ Sign, which should be assigned to any task that generates revenue in the next coming days.

·         A smiley face, which can be assigned to any task that make current client happy.

·         ∞ Symbol for any task that creates a system.

Tasks with symbols should be completed first and you can drop tasks without symbols.

You can also categorize your tasks as most Urgent, Not urgent but important, not important.

Use your list to set priority to the tasks which you need to perform on daily basis. It is a most efficient way to run your business smoothly. In every field whether it is medical science, engineering, tax advisor in India or payroll services in India, aerospace among others, you always have efficiency using these lists.

Payroll outsourcing services

Brooks Consulting Private Limited, the top payroll outsourcing companies in India endeavors to assist customers in their Payroll problems, trusted by number of corporate and Individuals all around the world, pay slips can be accessible online 24 X 7 be employees through any part of the world and same HR can access HR records of all employees online. We are experts in providing payroll solutions, known for confidentially and processing payroll with accuracy for past decade.

Further our expert team would take care of social security, leave management, superannuation, gratuity, withholding tax related to payroll and all other compliance online hassle fee while as a Director or HR is operating from any corner of the world. You would get timely hassle free all online reports and receipts. Payroll users use Brooks consulting for many reasons like Quick, security, Accuracy, confidentially, cost effective and most important we are up to date of India tax laws and compliance for all cities and states in India as Brooks team is managed by payroll experts and Chartered Accountants. Brooks payroll is designed for all types of companies & We have experience in Managing payroll of one singe employee or expatriate moving to India to some of the biggest client size of  1000 + employees across India.

Payroll Outsourcing is very crucial and most important aspect now days. There are so many tasks an organization to perform in such a competitive and dynamic world. It is not right to use your precious time in doing mini calculations and resolving salary conflicts leaving aside important tasks. Here comes payroll outsourcing services into action.

Payroll outsourcing is crucial and hence is becoming one of the finest and most compatible substitutes in the hands of management to curtail the cost of the company. Streamlined and error free payroll outsourcing solutions can do more for you.

Advantages of Online Check Stubs

Many businesses are supporting online check stubs as they reduce paperwork and increase flexibility in work process. Switching from paperwork to online payroll services has drastically improves administering payroll and benefits. It is necessary that all the employees have access to check stubs at anytime and anywhere. Check stubs is payroll documentation. 

Benefits of using Check Stubs

Check stubs are the evidence of employment status and pay scale. A rolling three years of history is available to employees that include check stubs. They also include number of hour’s worked, applicable rate and the bonuses earned. When they need it, Employees can print copies when they need for loans and taxes from their home, offices and from anywhere they have access to the Internet. You never need to track history information for your employees in future. The information can be accessed using mobile devices or personal computers. With the help of electronic check stubs, you won’t have to create payroll documentation for employees requiring the paperwork to support a loan application for instance. With fewer requests of this nature, HR can focus on important tasks. This system is very efficient for employees. Employees can download what they need whenever they need it.

Secure registration and access

Each employee gets a registration instructions worksheet that includes everything they need to register including your secure company code.

Reduce cost

It also reduces cost as no paper checks, check stuffing or mailing fees and no payroll delivery fees. Additionally, reducing the amount of paperwork generated for back office operations means saving on office supplies, postage and handling expenses while reducing paper waste, which is sound environmental practice for all businesses regardless of size.

Electronic records of check stubs and other employment-related documents are easier to store, track, archive and retrieve.

It improves productivity, delivery of services and reduces operational costs. If you are tied with any online payroll services then you can also add an additional feature of email. You can deliver check stubs via emails to improve work system efficiency and enhance employee satisfaction.

Do you want to change payroll service provider

Every organization has inefficiencies. If you are a business owner, you always review your business processes and functions to check for inefficiencies. In this process you always check payroll process.

There are so many companies which outsource payroll services because it is cost effective and reduces compliance issues. It is also a possibility that you are not getting services for which you are paying. How you know that it is right time to switch payroll outsourcing services? All payroll providers that do not meet your expectations and giving you more frustration and stress are not the right party to work with. Before switching a company it is good to meet them and discuss all points you are unhappy with. Why they are not able to meet your requirements? Then give the payroll service provider a month or two to rectify the problem. If things don’t better, it is right time for looking other possible options.

In order to take right decisions, you need to take following steps.

Prepare a List

Note all the services and support you are not getting from your current payroll service provider. Also note other services you need from a payroll service provider.

How to cancel

It may be easier to switch at the beginning of the year or the end of the quarter, but if you don’t want to wait, make sure you can get set up in enough time to get the next set of checks delivered by payday.

Payroll service companies have process for cancellation. If you have a contract, it might cost you to break it. Some service providers require a certain amount of time because they need to send payroll details to other company. Gather all the cancellation requirements before picking up a new company so that it would be easy for you in the end.

Picking up a new Payroll Service Provider

First thing is to look for company reviews, services they are offering and price. It depends on you whether you are choosing a plan which offers you all services with high charges or other options may be a bit less expensive, yet require you to perform payroll operations yourself. Before selection, ask many questions about their service, security etc so that you get satisfied about your new payroll service provider.It is a process of changing a payroll provider. If you are not getting required services and have issues which cannot be resolved. It is the right time to change a payroll service provider.

There are so many payroll outsourcing services you can opt for.

 

All the things a business owner should know about Payroll Outsourcing

Generally employers outsource their payroll and tax responsibilities to third-party-payroll providers, such as Brooks Consulting Private Limited and for good reason.

An employer can work without tensions like calculating salaries of employees at the end of month or weekly. There are so many tasks which should be completed on time rather than calculations. Outsourcing provide flexibility to business operations, free up resources, ensures that all the employees get paid accurately on time and also ensures that filing deadlines are met.

Payroll Services include

1.  Payroll Services for Corporate
2.  Payroll Services for expatriate
3.  Compensation Consulting
4.  Paperless Services
5.  Corporate Tax Filing & Returns
6.  Internal Audit for Payroll
7.  Compliance Management Services
8.   Statutory Registrations
9.  Benefit Administration
10. Transaction support
11.   Remuneration planning
12.  Tax planning for international employees
13. Recruitment Services

       These outsourced services typically save on time and resources, employers should consider a couple  of things prior to signing up.

1.       Tax liability. The employer should be liable for the deposit and payment of federal tax responsibilities. While the third party payroll service providers can still make tax deposits forwarded from the employer, the employer is still responsible.

2.       Payment system. Make sure the payroll service provider is using the Electronic Federal Tax Payment System (EFTPS).This system ensures employers that their payments are being made properly. Employer can register on the EFTPS site and get their own PIN to verify payments.

Brooks Consulting Private Limited offers nationwide online payroll services, payroll outsourcing services.

How to improve Payroll Accounting

One of the most important process for a business is Payroll. Whether an organization is small or big, employees need to be paid and taxes need to be filled. One can hire an payroll expert in company who takes care of all details of employee and company also assist him while some people outsource payroll completely. Whichever way you do it, it’s important to make sure your payroll accounting is extremely efficient so you don’t make mistakes or lose money in the process.There are so many payroll service providers.To improve payroll we are providing these few tips below:

1. Do processing of payments at the Same Time

Generally companies do payroll accounting for different employees at different times. This technique is not very efficient and useful because it can cause duplication of your processes and gives you multiple schedules to maintain. It can cause problem because you do payroll processing by groups. It is good to minimize errors by doing everything at once.

2. Make payroll process automated.

Errors due to manual processes can lead to extra costs of 1 to 8 percent. Manual payroll processing is not only time-consuming, but it may lead to errors. . Doing payroll accounting without a payroll system can also potentially lead to inaccuracies or employee manipulation, which may result in penalties.

3. Involve Employees

 It is good for you to write down the details of your pay policy and give it to your employees upon hire. They know about their pay from beginning to avoid any controversies in future. This can prevent issues in employee classification and payroll accounting and outline what will happen if there ever is a mistake. You need to maintain open communication with employees about rules. You will get more support if you change policies in future.  

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Compliance Management Services

In layman language, compliance means conforming to rules. Compliance strives to design the operative and administrative processes of a company in a manner that curbs the infringement of the company’s internal rules along with legal regulations as far as possible. In order to accomplish this objective, it is imperative that the company’s corporate structure and processes should be adequately designed and internal rules should be clearly established. Our legal and compliance team has a wealth of expertise and skills in the regulatory and legislative environments. We can impart immaculate support to our clients by offering advice and guidance on different compliance requirements.

Compliance is an ‘affordable must’ for business of every type, regardless of the size or purpose. Companies need to be extra cautious towards procurement, billing, sponsoring and lobbying, as well as in handling of other non-cash benefits, where corruption poses a dreadful risk. The adoption of varied appropriate measures should allow a company to systematically manage risks in a most subtle manner.

The effective management of compliance risk constitutes an imperative part of a company’s risk management policy and consequently of its entire internal control system. On the basis of this comprehensive approach, we offer interdisciplinary advice to our clients on varied organizational and legal questions, providing standardized and customized solutions.

Our compliance management Payroll Services include following points-

• Liaison with labor, ESI and PF authorities
• Continuous monitoring of legal compliance
• Easy remittance of statutory payments
  
   Building on the result driven approach, we formulate concurrent proposals for effectively optimizing the present system and then guiding our clients through the viable process of implementation. We not only offer comprehensive advice on the auditing of compliance management services but also support our clients in regard to compliant issues.
  

Why should you choose our legal compliance services?

•  Immaculate team having complete legal know-how knowledge
• Complete guidance in legal documentation
• Reasonable charges
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Compensation Consulting

Intriguing, driving and retaining the best talent is one of the greatest obstacles facing by many companies. For many, it clearly means creating programs that formulate a direct connection between a company’s goals and objectives and paves focus on an employee’s actions. Both small and big companies are divulging different ways to do this by maximizing rewards and investment in compensation.

Brooks Consulting helps clients ensure their pay strategy is designed and executed to meet divergent business requirements, while focusing employees on what they should do to help the company to meet its varied goals. We help companies in creating a subtle program that establishes a direct connection between an organization’s objectives and an employee’s focus. It’s a discerning approach that shifts compensation strategies to performance-based programs and paves more focus on the combined value of pay and benefits.

Backed by immaculate research and data, our consultants can help you make the right choice for your organization, offering a wide range of compensation and rewards services — varying from total rewards strategies to executive and broad-based design. We also help you tailor made your communication strategies for specific audiences, ensuring that your workforce truly comprehends how pay and benefits add up to total profits.

Brooks Consulting offers to its clients the expertise and resources to assure compensation committee and impacted executives that pay programs are :-

·         Aligned with the company’s compensation philosophy and strategic plans

·         Defensible to all stakeholders and interested parties

·         Competitive with valid external reference points

·         Fully documented

In amidst of shrinking margins and fierce economic times, human resource professionals must respond with concrete solutions that meet management’s operating goals: high productivity, impeccable quality, and improved margins. Developing persuasive broad-based employee strategic reward programs is the real challenge of this decade.

Why should you choose our compensation consulting?

§  Years of industrial knowledge- Our years of sublime industry knowledge and experience has allowed us to develop a unique understanding of the economic dynamics of the industry. Our extensive industrial relationships and skills to gather relevant information on board positions allow us to completely understand trends in compensation and their implications on our clients, beyond industry boundaries.

§  Expert compensation program- We understand that compensation programs profoundly influence organizational success and that performance is greatly shaped by how effectively reward systems are designed and managed. Through our viable compensation services, we offer effective reward programs that perfectly align with business strategies, financial resources and stakeholder interests to help clients in attracting, retaining and motivating top talent.

Deducing the right base salary is just the tip of the total pay iceberg. We know compensation is not only about computing pay by using off-the-shelf methods. Linking salary and incentive to performance, striking the balance of salary and benefits and implementing the perfect mix of compensation strategies-all are indispensable to motivate and retain employees at every level.

We listen to the discerning concerns of our clients and devise compensation plans that suit their sundry needs, using independent expertise. We work diligently towards making your HR investments visible by furnishing detailed reports of the value of each employees total reward package, including basic pay, health & welfare offering, retirement benefits and other incentives.