"In a race to excel; payroll outsourcing is the act of delegating payroll administration to third party having expertise skill set in payroll process"
At “Global Outsourcing to India”, we provide proficient high quality payroll services. Our services span end-to-end payroll accounting, tax administration and reporting services. Take advantage of our expertise and lighten routine administrative tasks by partnering with us. Reduce costs and increase profits – outsourcing payroll services to O2I will reduce operating costs by up to 50%.
Our comprehensive service gives you access to a convenient and reliable payroll process.
There are several activities in a business which are not an integral part of it and these processes can be successfully managed through outsourcing. Offshore companies can handle several financial and banking services skillfully. India is an extremely popular outsourcing destination and has proved as a capable manager to a range of processes of varying complexity. Indian service providers are competent, professional, experienced and skilled. Payroll Management, in modern Business Scenario is related to not only calculation and payment of salary/wages, along with any other related functions but also various statutory compliances and obligations like PF, ESI, TDS (Withholding Tax) in India; Payroll Tax in USA etc.
“By Payroll outsourcing we mean employing an outside agency to do the routine work of managing payroll and ensuring compliance of various payroll related statutory requirements.”
INDIA AS AN EMERGING MARKET IS ONE OF THE FAVORED DESTINATIONS FOR OUTSOURCING:
- Cost savings for a company on a outsource payroll process are extremely significant and can go up to 50%: Cost reductions and cost effectiveness can be achieved.
- Productivity is improved, as service quality provided is excellent and this frees the company from non-income generating tasks.
- Latest technology and software for payroll processing are used,
- Indian payroll processing service providers have a very highly specialized and expansive knowledge base in finance and accounting which would be of help to businesses globally.
- Where India and the USA are concerned, the time difference is favorable, thus work completion is faster.
- Payroll outsourcing to India has been highly productive for companies and has been functioning since 1997. In the past five years this industry has recorded a Compounded Annual Growth Rate of 15 per cent. In short, it is a win-win situation.
We avail you the Convenience by :
- Preparation of the monthly payroll based on the inputs received from organization. The same would include all statutory and other relevant deductions as required.(G)
- Checking Form 16 for the Employees and file Qtly. Returns for e-TDS with Income Tax authorities.(I)
- Deposit TDS & provide proof of deposit (I).
- Ensure redressal of any issues.(G)
- Reconciliation of payments/statutory deductions etc. with books of accounts on quarterly basis(G).
- Calculation of Federal Dues (Taxes) and Check creation(US)
- Calculation of State Dues (Taxes) and Check creation(G)
- Preparation of Federal Returns(US)
- Form 940 – Quarterly(US)
- Form 941 – Annually(US)
- Preparation of State Returns(G)
- Monthly / Quarterly / Annually Returns – Based upon State involved(G)
- Direct Deposit of Taxes to Federal & State Agencies(US)
Benefits of outsourcing payroll processing
- Helps you focus on your core business.
- Direct deposit for the employees
- No more IRS penalties
- Get specialized service from your vendor
- Be assured that the latest tax tables are being used
- Calculating paychecks and tax obligations for each employee based on variable employee rosters and time
- Tax filing – for the company and for each employee
- Check stuffing/signing, printing and delivering checks
- Providing management reports
- Business Intelligence
- Employee Self-service Features
- Payroll Processing and Reporting
- Payroll Tax Reporting
- Time Off Tracking
- Online Benefits Enrolment
- Pay Master
- Pay Register
- Tax Liability
- Department Summary
- Labor Allocation
- Job Costing
- Accrual Balances
- Workers Comp
- Garnishment Administration
- Year-end Processes