How better payroll management lead to happier employees? – Finsmart

Managing payroll information isn’t just about sending off cheques, releasing salaries, and keeping records. It is highly concerned with the organization’s relationship with its employees, handling their grievances, and standing answerable to their concerns and queries. 

If an organization aces its payroll management, employees are always going to be smiling… and working.

How do you ensure that your payroll management is on point and your employees are always happy? We’ll tell you. Though it’s not a small task, it’s quite simple. Your internal team should be aligned, trained, and to save resources, you can even outsource your entire payroll process to experts. If not that, you can hire a consultant to guide and advise you. 

Stay updated with state tax laws

The state tax laws and the government regulations can change and your organization may take time to get up to date. Send your staff for training keep them updated with the changes and always ensure that changes in your organization are aligned with that of the government.

Automate your operations

Automated operations mean that everything will be aligned, from your employee’s attendance records, leave records, extended work hours, and their requests. You won’t have to have 10 different software or multiple employees working on managing a single leg of the organization. 

Be transparent with your employees

Employee objections can be challenging to manage as well as, if not handled correctly, can have a negative impact on the employees and the company. It’s best to stay transparent with your employees. Stay on track, and if you miss, let your employees know. Set proper expectations and keep your employees updated.

Standardize your payroll management

Though, every organization’s payroll operations lead to the same results, the means to end can be different. If you hire a new employee in place of a present one, the new employee may take time to adjust to the new environment even with his/her past experience. It’s best to facilitate internal promotions or standardize your operational structure. 

Keep internal deadlines aligned with external

You may have to file forms and give out cheques at the right time of the year and month for the timely release of payments. For that to happen on time, start your internal processes at the right time. Keep your employees and your staff aligned so your payroll is processed without a glitch.

Outsource to a consultancy

Keeping up with taxes, state laws, and keeping a track of your employee records can be a task for your internal team. You can drastically reduce the cost as well as increase efficiency if you simply hire an external agency. It’s always better to hire professionals if things are getting a bit too serious and heavy for your internal team.

Conclusion

Payroll management isn’t a small task, and it’s a sensitive factor of a company too. Your employees’ happiness, productivity, loyalty, and longevity depend on it. That in turn affects your company’s public recommendation and image. Keep things aligned, use automation software, and listen to your employees… always.

5 Simple Ways to Streamline your Payroll Management – Finsmart

Managing payroll systems isn’t an easy job. Whether your company is just starting or whether you have grown is a mid-sized company that’s humming with business; we could all use some help with payroll management.

But the question is… where to start from?

Considering that automating tools help considerably in streamlining your payroll management systems, how exactly are they to be managed? We all could use some expert advice. Once we have got the basics right – everything else falls into place.

Here are the key things to keep in mind to streamline payroll management system:      

  • Complete your payroll management records

 Keep the basics clear. Centralize and store your employees’ details, official deductions, bonuses, benefits and overtime in a single sheet. You can even use payroll automation software where everything is stored against proper names.

If your employees expect any changes in those details, let them know that they will have to report in advance. After all, if the records are right, then only will the payroll move smoothly.

  • Use an electronic payroll system

Are you still recording the time your employees put in, manually? That way you are not only using up more time but also rendering human errors that may just increase TAT. Adopt an electronic system that stores everything at one place, as well as send you automatic alerts, warnings and notifications when something doesn’t add up.

You could also customise the software as per the policies of your company.

  • Open a separate payroll account

 Opening a separate payroll account helps you manage your operating cash and your taxes & payroll cash differentiated, helping you manage both with ease. Your bank can become invaluable in this case. The representative will guide you on managing your expenses and operating cash, helping you manage cash on hand whenever it comes to payroll management.

  • Create an integrated network

If your employees are punching in on time, if certain updates are given or not, all of this can be tracked to one centralized system. Going electronic not just for the payrolls, but also to manage other systems of records is integral in defining a smooth-running system.

An integrated system allows manual efforts to be drastically reduced, and human errors are largely eliminated.

  • Consider an outsourcing agency

 At the start, any business has a minimum number of partners and a small staff size. As the company grows, so does everything associated with it. Payroll management requires multiple changes and redefinitions. Consider outsourcing your payroll management services.

 A professional team helps your company’s system align with that of the state rules & regulations. With a whole team dedicated to looking after your payroll tasks & milestones, your company will have a smooth humming system.

  • Your key to success

To summarise quickly, use an integrated network to eliminate human errors, open a separate payroll accounts and keep your systems up to date with the current trends in the industry. Encourage your employees to be proactive in updating their details.

Last but not the least, having a dedicated payroll management services agency, can be a boon for today, and years to come.

Benefits of payroll management software

  • Payroll management software is useful for compliance purposes- staying up to date with employee records on attendance, work performance, income and deductions etc.
  • Automation of payroll helps speed up payroll processing and makes it easy to generate reports e.g. for tax filing purposes. 
  • When you outsource payroll to third party providers, privacy of employee and company financial data will be maintained.
  • Payroll softwares can offer employees access to their payroll data and for self-service processing

How to Maintain Confidentiality of Payroll Information in Business?

Your employees give you the most personal and important information, like their bank account number, PAN number, AADHAR number, and other information. If you can’t keep this information safe and secure, which is a critical task in a world that’s barraged with electronic information like that, then your company is going to lose quite a lot of talented employees. 

If you think with all the cybersecurity in place, that your employee information is safe and impenetrable, then think again. In a world where identity theft and cybercrimes are at an all-time high, and probably the norm, you have a lot to lose than just talented employees; you have their trust and your image to lose. 

How do you ensure that your company’s employee information is in safe hands? You either follow safety norms now and then, or you outsource to a credible data handler.

Either way, you have to ensure from your end that you have chosen the right methods because security starts with you. Nevertheless, we’ll help you establish some basic principles of electronic data safety to get you started on the right foot. 

Awareness campaigns

Electronic data safety is a big thing, and once you know the laws pertaining to it, you are obliged to make your staff aware as well. You need to conduct internal training, as well campaigns to keep your staff tuned in with a data safety attitude. 

Trustworthy staff

Your staff needs to be trustworthy. Are you sure that your HRMS(Human resource management system) is not leaking information? Are you sure there are no moles in the organization? Is your data security structure free of loopholes?

You should be very careful with who you impress upon the responsibility of data protection.

Additional Layer of security

Any department that deals with information can lead to a disaster even if a small mistake occurs. It’s advisable to have an additional layer of security for any information that’s being handled. For example, always double-check the methods of digital information disposal.

Learn about state cybersecurity laws & measures

You can never be better than knowing state cybersecurity laws. Keep your staff updated on cybersecurity laws, and it’s better to always run an email circular containing all the information that your staff needs to know. You can never be too sure of how well your employees’ vital info is being stored.

Hire an expert team

A credible team of experts can always take the load off your internal team and help you stay streamlined. Look at the bright side, you have more free-minded human resources, you have saved money, and you have security experts to take care of your data. 

In conclusion

Payroll management is not a small task, and data protection catering to payroll confidentiality is even more crucial. Keep your staff on track with cyber laws, keep them trained, run campaigns, and always know that no amount of security is enough for vital information. 

How E-Payroll Management Boosts the Organization performance?

What is Payroll Management?

The payroll management refers to the process of managing the administration of a company’s employee’s financial records. This would include details of the employee’s salaries, incentives, bonuses, allowance, deductions, gross pay and net pay. An employer must maintain and keep these records as dictated by the rules and regulations.

Are you sure your payroll is on track? And that you are making the most of your organization’s skills?
Payroll management can drain your organization’s internal team, but if you ace it then there’s nothing better for building your employees’ happiness as well as loyalty towards your company. 

After all, trust is the lifeblood of any work force. 

Today, the whole world is inclined towards digitizing operations and benefiting from electronic processes and freer manpower. Why not automate your operations and train your employees to handle the same digitally.

You may be wondering about the advantages before you take the big leap, right? We’ll tell you all about employee payroll management in a second. The number of hours that can be saved just by digitizing one leg of your organization’s management will put a smile on your face. Below given are the ways in which outsourcing your payroll management to the experts, can make your HR’s life easier and make your records error free to almost nil.

5 essential ways in which outsourcing your employee payroll management can boost your company’s performance!
 

  1. Automated attendance and Payroll together
    EPayroll software will link your employee attendance and payroll records automatically. You won’t have to find separate resources for the two; saving time, money, manpower, as well as human errors. 
  2. Future payment and costs ideas
    E-payroll provides a comprehensive data of costs & expenses, helping you to plan future costs and get an idea of where excess money is going. You also get an idea of which employee segment is better performing, which isn’t, and which is.
  3. Personnel records and other official summaries
    If your E-payroll software records personnel records like leaves, unplanned leaves, sandwich week offs etc, you will have your payroll calculations done pretty easily.  The data will be overarching and everything will be aligned for you to just check and approve.
  4. One software for multiple records
    The reports developed & captured by payroll software concerned with basic data as well as attendance reports, entry & exit timings, work submissions etc can help you mount the best tallied reports. Free of human errors, these save precious human resources.
  5. Cut down on operational costs and TAT
    As mentioned earlier, the world is moving towards digitization. Every organization’s operations leg is becoming electronic, and with that it’s time you take the plunge as well. The operational errors, turnaround time (TAT), as well as costs of maintenance become almost nil. The other side of the coin is, your employee trust increases and everything that they need, is almost at the touch of a button. 


Conclusion
Why stay behind when the world is moving ahead?  Your HRMS systems’ can be completely electronic, and the amount of work that will get done in the shortest span of time by outsourcing to experts will impress you to no limits. But once you take the plunge, you will be able to maximise your internal resources and take expert advice with hints of learning for yourself.

Payroll Management Process, Payroll Methods & Solutions – Finsmart Blog

Payroll is one of the significant elements of whether you will join a company or not. But while negotiating your salary, we focus on increasing that CTC.

While CTC is important for your salary structure, you also pay attention to how much your take-home salary increases.

To know your salary in and out, read on. We will get you started on your journey to understanding your payroll management and the factors that affect it.

You need to ensure that you are up to date with the changes in the salary structure as per your company’s policy and the state taxation laws.

During any new batch of employees, you will have to educate them on these taxes. Still, before you do that, you need to make sure that your salary structure benefits both non-taxable and the taxable bracket of employees.

Generally, CTC has four sides; basic, allowance, prerequisites, and retirement benefits/contributions. In addition, some perquisites can be exempted, helping you save money in taxes.

5 Payroll Methods to Improve Your Payroll Management Process

  1. Basic salary and its components

Remember, it is always a better trade-off between a higher in-hand salary and a higher taxable salary.

People with lower pay should opt for a higher basic salary like home rent allowance, conveyance, medical reimbursement, etc.

These salary elements may get taxed to a certain extent. But they make a higher portion of the entire salary. Employees higher up in the hierarchy get higher packages, so their taxable elements are more. However, due to this, they get more tax benefits.

2. Importance of Allowance

Specific individuals get fixed allowance from the income tax department, helping them bring down their taxations to a great extent.

Although tax benefits are reasonable, you need to remember that a lower in-hand salary is better without tax deduction.

3. Facilities and Advantages

Additional facilities and amenities provided by the employer to the employee aren’t included in the salary. If the Income Tax Department had this prerequisite as a part of the salary structure, they would be taxed. That’s the reason you need to pay close attention to the number of prerequisites your employer is providing you.

4. Benefits of Retirement

This is the fourth and the essential factor in your pay structure. These savings aren’t short-term; these are long-term savings that help an individual live a dignified life post-retirement.

While these deductions are necessary, they cut down the take-home salary to some extent. So, it is essential to pay attention to such elements while structuring your salary.

5. Long Term & Short Term Goals

While an employee doesn’t have complete control over their salary structure, they still can opt for a personalized one. However, you need to be sure about your long-term and short-term financial goals before you go ahead and change your tax structure.

Here are the key things to keep in mind to streamline the payroll management system:

  • Complete your payroll management records

 Keep the basics clear. Centralize and store your employees’ details, official deductions, bonuses, benefits and overtime in a single sheet. You can even use payroll automation software where everything is stored against proper names.

If your employees expect any changes in those details, let them know that they will have to report in advance. After all, if the records are right, then only will the payroll move smoothly.

  • Use an electronic payroll system

Are you still recording the time your employees put in, manually? That way you are not only using up more time but also rendering human errors that may just increase TAT. Adopt an electronic system that stores everything at one place, as well as send you automatic alerts, warnings, and notifications when something doesn’t add up.

You could also customize the software as per the policies of your company.

  • Open a separate payroll account

 Opening a separate payroll account helps you manage your operating cash and your taxes & payroll cash differentiated, helping you manage both with ease. Your bank can become invaluable in this case. The representative will guide you on managing your expenses and operating cash, helping you manage cash on hand whenever it comes to payroll management.

  • Create an integrated network

If your employees are punching in on time, if certain updates are given or not, all of this can be tracked to one centralized system. Going electronic not just for the payrolls, but also to manage other systems of records is integral in defining a smooth-running system. An integrated system allows manual efforts to be drastically reduced, and human errors are largely eliminated.

  • Consider an outsourcing agency

 At the start, any business has a minimum number of partners and a small staff size. As the company grows, so does everything associated with it. Payroll management requires multiple changes and redefinitions. Consider outsourcing your payroll management services.

 A professional team helps your company’s system align with that of the state rules & regulations. With a whole team dedicated to looking after your payroll tasks & milestones, your company will have a smooth humming system.

  • Your key to success

To summarise quickly, use an integrated network to eliminate human errors, open separate payroll accounts and keep your systems up to date with the current trends in the industry. Encourage your employees to be proactive in updating their details.

Last but not the least, having a dedicated payroll management services agency, can be a boon for today, and years to come.

Benefits of payroll management software

  • Payroll management software is useful for compliance purposes- staying up to date with employee records on attendance, work performance, income, and deductions, etc.
  • Automation of payroll helps speed up payroll processing and makes it easy to generate reports e.g. for tax filing purposes. 
  • When you outsource payroll to third-party providers, the privacy of employee and company financial data will be maintained.
  • Payroll software can offer employees access to their payroll data and for self-service processing

Conclusion

While tax benefits are essential to your employees, as an employer, you need to be transparent and let them know your company’s salary structure. After that, your employees can take a call whether they want to opt for the tax benefits or not. 

After all, transparency is the key to a long-term relationship between the company and employees. It would be recommended to take advice from an expert payroll management services provider to implement it more efficiently.

Payroll Management: 6 Easy Ways to Manage Payroll Effectively

Managing payroll systems isn’t an easy job. Whether your company is just starting or whether you have grown is a mid-sized company that’s humming with business; we could all use some help with payroll management.

But the question is… from where to start?

Considering that automating tools help considerably in streamlining your payroll management systems, how exactly are they to be managed? We all could use some expert advice.

Once we have got the basics right – everything else falls into place.

Here are the key things to keep in mind.

1. Complete your payroll management records

Keep the basics clear. Centralize and store your employees’ details, official deductions, bonuses, benefits, and overtime in a single sheet.

You can even use payroll automation software where everything is stored against proper names.

If your employees expect any changes in those details, let them know that they will have to report in advance. After all, if the records are right, then only the payroll will move smoothly.

2. Use an electronic payroll system

Are you still recording the time your employees put in manually? 

That way, you are not only using up more time but also rendering human errors that may just increase TAT.

Adopt an electronic system that stores everything in one place and send you automatic alerts, warnings, and notifications when something doesn’t add up.

You could also customize the software as per the policies of your company.

3. Open a separate payroll account

Opening a separate payroll account helps you manage your operating cash and your taxes & payroll cash differentiated, helping you manage both with ease.

Your bank can become invaluable in this case. The representative will guide you on managing your expenses and operating cash, helping you manage cash on hand whenever it comes to payroll management.

4. Create an integrated network

If your employees are punching in on time, if certain updates are given or not, all of this can be tracked to one centralized system.

Going electronic not just for the payrolls, but also to manage other systems of records is integral in defining a smooth-running system.

An integrated system allows manual efforts to be drastically reduced, and human errors are largely eliminated.

5. Keep an eye on changing payroll regulations

The tax regulations related to India payroll change frequently.

Hence it is imperative for any business to keep a close watch on these changing statutory compliance & payroll regulations and ensure that these are incorporated in the payroll cycle on a timely basis.

After all, everyone wants to be tax compliant all the time. 

6. Consider outsourcing payroll agency

At the start, any business has a minimum number of partners and a small staff size. As the company grows, so does everything associated with it.

Payroll management requires multiple changes and redefinitions. Consider outsourcing your payroll services. Remote payroll processing services help your company’s system align with that of the state rules & regulations.

With a whole team dedicated to looking after your payroll tasks & milestones, your company will have a smooth humming system.

Your key to success

To summarise quickly, use an integrated network to eliminate human errors, open separate payroll accounts, and keep your systems up to date with the industry’s current trends.

Encourage your employees to be proactive in updating their details.

Last but not least, having a dedicated payroll management services agency can be a boon for today and years to come.

Why payroll functions & procedures are important for organization?

Number crunching means activities or processes which are concerned with numbers or mathematical calculation; for example, calculations in finance, statistics, or computing. It is rightly said that payroll function is much more than the crunching of numbers, the value of the time which you invested in doing payroll is much greater than paying someone for processing your payroll. Payroll is a not profit-generating function in your business but is essential for your business. To ensure smoother working within an organization, it is important to hire the best payroll outsourcing company as there is a lot of work and responsibilities involved which need to be taken care of properly.

Payroll is an extended department and is not the core department in most of the companies therefore they prefer to outsource the work to get the best quality services at the lowest prices. By outsourcing payroll and by choosing from the list of payroll outsourcing companies, business owners can focus on core business values along with lowering the cost and risks involved. Some of the benefits offered by payroll service providers India include:

• Time – Payroll processing is time-consuming and in case you outsource the work to the professionals, you can utilize your time and efforts on other more important aspects within your business.

• Money – Payroll Outsourcing is one of the cost-effective ways and by outsourcing payroll work, you can make great savings each month. The same amount can be invested in expanding your business.

• Accuracy – Payroll job done by the professionals will deliver accurate results, you can expect the entire payroll process without errors by using payroll management services offered by the experts.

• HR automation services – With the help of HR automation, the HR department can easily manage their functions effectively. By appointing the professionals, common problems faced by the HR get resolved in a more productive and efficient.
For businesses, it is important that they must keep on changing with the latest norms and regulations and implement the same within their business as well. By using payroll management services, the business can stay updated with the latest range of services that help to deal with any payroll challenges.

Payroll is well known for being a non-profit generating essential function within an organization and it involves a lot of work, liabilities, and responsibilities that need to be taken care of properly and in a more professional way. For getting the best and accurate results, you can get in touch with Finsmart Solutions, which is one of the renowned payroll outsourcing companies. We help businesses to focus on the value-based aspects and core areas of their business so that they can save a lot of time, and effort while diverting it towards the growth and productivity of the business. Some of the services offered by the company include payroll processing, payroll taxes, creation and maintenance of payroll reports, creation of contracts, salary pay rules, pension and much more.