Payroll plays a central function in every business — so, no matter if you’re a large global corporation or you only have a handful of employees, it’s crucial to get it right.
There’s no margin for error when it comes to payroll. Employees expect to be paid on time, and when that doesn’t happen, they’ll undoubtedly have something to say about it. But ‘payroll’ is also about so much more than paying employees’ salaries: it’s an entire process that covers aspects such as employee benefits, insurance and accounting tasks like tax withholding.
Mistakes will quickly deteriorate your employee’s trust, which could result in a high staff turnover and irreparable reputational damage. And when it comes to miscalculations or incorrect classifications, the taxman will be even less forgiving.
Why outsource payroll in India?
Payroll varies drastically from country to country. For example, did you know that in India, employees with a salary above 1,000 INR (India rupee) per month should be paid on or before the seventh of the following month? For all other workers, the 10th day of the month is the statutory norm. However, the tax deducted at source from the salary must be paid on the seventh of the next month — otherwise, you’ll incur a penalty.
To further complicate payroll in this captivating and colourful country, the usual minimum wage can change depending on what state the work is taking place in and what skill level the employee has. It’s also worth noting that overtime is usually paid at 200% of the employee’s usual rate. Struggling to keep up?
Many companies choose to outsource payroll through a local provider to make things easier and help them stay on top of the varied and constantly changing regulations in India. From HR functions such as keeping track of attendance, overtime and paid time off to statutory filing and accountancy functions, India payroll services can help you keep track of all the different payroll elements.
Enlisting the help of a local payroll provider is a simple way to guarantee your employees will be paid on time every single time while ensuring compliance across the board. Payroll providers can also help distinguish between regular employees and contract workers — an essential distinction when it comes to payroll.
Plus, by taking advantage of outsourced payroll services in India, you can benefit from cutting-edge payroll technology that centralises all relevant payroll information, allowing employees to access the data they need from one managed platform and giving your HR team better visibility over all your employees’ payroll data.
Total employer services — in India and around the global
When you’re thinking of outsourcing your payroll, you want to be confident that your provider’s system, process and technology platform will work effectively — and that they have unmatched knowledge of all the procedures and rules in your target location.
As part of our global employer services, TopSource Worldwide has a firm footing in and understanding of payroll in India, fully supported by our local support centres across India’s major cities of Mumbai, Bengaluru, Hyderabad, Noida and Pune.
Our India payroll services cover everything from attendance to payment (it can even link to your biometric systems!) and include a huge range of reporting and system options. These options can even be expanded into leave and attendance tracking, performance management, expense and HR systems.
We know how important it is for your staff to have access to up-to-date and correct information at all times, which is why our secure payroll system is available 24/7 via the web.
Compliance should also be a top priority for payroll. Our India payroll services are completely compliant with all legal reporting requirements and managed by chartered accountants and payroll specialists. So, you can rest assured that your employees will be paid correctly and on time — every time.
From accountancy outsourcing, statutory filing and HR to employee self-service, we’ve got your payroll covered and will remove all the associated stress that comes with it.
If you’re looking to outsource your payroll in India, we’re here to support you where you need it most with our comprehensive payroll services. Get in touch with our team today to find out more.