Why Should You Outsource Your Payroll?

At present’s business climate outsourcing domains of your business to specialists who can provide a reliable and cost-effective service is usually viewed as being a sensible decision. Payroll is one such realm that a proven track record and facts as to the advantages it could bring a business.

Outsourced payroll is at present within the reach of all sizes of business and organization from the biggest companies looking to organize their operations to petite and mid-sized organizations faced with problems of compliance & employing, training, and retaining employees.

How can payroll outsourcing support your business?

Lessen Overheads

For several companies, payroll outsourcing is primarily viewed as a cost saving exercise. This might be the case, but it will completely depend on how effectively you have been operating your payroll. What it will surely do is alleviate the burden of variable prices such as modernizing technology, staff recruitment & training.

Free-up Time To Emphasize On Core Activities

Even though costs might be the first driver, the initial reason businesses select to outsource is that it frees up time as well as resources to focus on more strategic fields such as employment, staff retention & performance that have a straight effect on profitability.

Peace Of Mind Gained From Expertise

With the continuous stream of latest and difficult legislation affecting payroll, keeping up with modifications and making sure your payroll is compliant is an actual headache. By outsourcing to payroll specialists this is the one less thing to worry about.  

Increased Payroll Efficiency

Although often being observed as a ‘back office’ activity, payroll is basic to the life of the organization. If people do not get paid, the company will not survive in the very short term. If people are not paid precisely, it will have a bad effect on employees’ morale as well as motivation.

Reduce The Risk Of Relying On One Person

Organizations that rely on a single member of employees to manage the payroll are placing themselves in a highly susceptible position if that person leaves or is absent.

Enhance Management Information

One advantage of payroll outsourcing that might not come first to mind is the effect it can have on the quality of management information. By selecting a provider that provides customized management information as well as reporting, your payroll could bring rich and on-time information into your business.

Diminish Risk

Payroll data is very sensitive and in light of this payroll outsourcers have developed very high levels of data security comprising of online payroll approval & sturdy disaster recovery and business continuity methods.

At present business environment, the business advantages of payroll outsourcing to an expert provider such as Megasoft Solutions are hard to ignore.

If you may seek any further information, please log on to www.megasoftsol.com or Call 011-46067710

Disclaimer: This Blog/Information/News Item/Press Release has been Posted/Reposted by Megasoft Solutions India.

26 FAQs On Withdrawal Of ₹ 500 & ₹ 1000 Banknotes

1. Why is this scheme introduced?

The incidence of fake Indian currency notes in higher denomination has increased. For ordinary persons, the fake notes look similar to genuine notes, even though no security feature has been copied. The fake notes are used for anti-national and illegal activities. High denomination notes have been misused by terrorists and for hoarding black money.

India remains a cash based economy hence the circulation of Fake Indian Currency Notes continues to be a menace. In order to contain the rising incidence of fake notes and black money, the scheme to withdraw has been introduced.

2. What is this scheme?

The legal tender character of the existing bank notes in denominations of ₹ 500 and ₹ 1000 issued by the Reserve bank of India till November 8, 2016 (hereinafter referred to as Specified Bank Notes) stands withdrawn. In consequence thereof these Bank Notes cannot be used for transacting business and/or store of value for future usage. These Bank Notes can be exchanged for value at any of the 19 offices of the Reserve Bank of India or at any of the bank branches or at any Head Post Office or Sub-Post Office.

3. How much value will I get?

You will get value for the entire volume of notes tendered at the bank branches / RBI offices.
4. Can I get all in cash?

No. You will get upto ₹ 4000 per person in cash irrespective of the size of tender and anything over and above that will be receivable by way of credit to bank account.

5. Why I cannot get the entire amount in cash when I have surrendered everything in cash?

The Scheme does not provide for it, given its objectives.

6. ₹ 4000 cash is insufficient for my need. What to do?

You can use balances in bank accounts to pay for other requirements by cheque or through electronic means of payments such as Internet banking, mobile wallets, IMPS, credit/debit cards etc.

7. What if I don’t have any bank account?

You can always open a bank account by approaching a bank branch with necessary documents required for fulfilling the KYC requirements.

8. What if, if I have only JDY account?

A JDY account holder can avail the exchange facility subject to the caps and other laid down limits in accord with norms and procedures.

9. Where can I go to exchange the notes?

The exchange facility is available at all Issue Offices of RBI and branches of commercial banks/RRBS/UCBs/State Co-op banks or at any Head Post Office or Sub-Post Office.

10. Need I go to my bank branch only?

For exchange upto 4000 in cash you may go to any bank branch with valid identity proof.

For exchange over 4000, which will be accorded through credit to Bank account only, you may go to the branch where you have an account or to any other branch of the same bank.

In case you want to go to a branch of any other bank where you are not maintaining an account, you will have to furnish valid identity proof and bank account details required for electronic fund transfer to your account.

11. Can I go to any branch of my bank?

Yes you can go to any branch of your bank.
12. Can I go to any branch of any other bank?

Yes, you can go to any branch of any other bank. In that case you have to furnish valid identity proof for exchange in cash; both valid identity proof and bank account details will be required for electronic fund transfer in case the amount to be exchanged exceeds ₹ 4000.
13. I have no account but my relative / friend has an account, can I get my notes exchanged into that account?

Yes, you can do that if the account holder relative/friend etc. gives you permission in writing. While exchanging, you should provide to the bank, evidence of permission given by the account holder and your valid identity proof.

14. Should I go to bank personally or can I send the notes through my representative?

Personal visit to the branch is preferable. In case it is not possible for you to visit the branch you may send your representative with an express mandate i.e. a written authorisation. The representative should produce authority letter and his / her valid identity proof while tendering the notes.

15. Can I withdraw from ATM?

It may take a while for the banks to recalibrate their ATMs. Once the ATMs are functional, you can withdraw from ATMs upto a maximum of ₹ 2,000/- per card per day upto 18th November, 2016. The limit will be raised to ₹ 4000/- per day per card from 19th November 2016 onwards.

16. Can I withdraw cash against cheque?

Yes, you can withdraw cash against withdrawal slip or cheque subject to ceiling of ₹ 10,000/- in a day within an overall limit of ₹ 20,000/- in a week (including withdrawals from ATMs) upto 24th November 2016, after which these limits shall be reviewed.

17. Can I deposit Specified Bank Notes through ATMs, Cash Deposit Machine or cash Recycler?

Yes, Specified Bank Notes can be deposited in Cash Deposits machines / Cash Recyclers.

18. Can I make use of electronic (NEFT/RTGS /IMPS/ Internet Banking / Mobile banking etc.) mode?
You can use NEFT/RTGS/IMPS/Internet Banking/Mobile Banking or any other electronic/ non-cash mode of payment.

19. How much time do I have to exchange the notes?

The scheme closes on 30th December 2016. The Specified banknotes can be exchanged at branches of commercial banks, Regional Rural Banks, Urban Cooperative banks, State Cooperative Banks and RBI till 30th December 2016.

For those who are unable to exchange their Specified Bank Notes on or before December 30, 2016, an opportunity will be given to them to do so at specified offices of the RBI, along with necessary documentation as may be specified by the Reserve Bank of India.

20. I am right now not in India, what should I do?

If you have Specified banknotes in India, you may authorise in writing enabling another person in India to deposit the notes into your bank account. The person so authorised has to come to the bank branch with the Specified banknotes, the authority letter given by you and a valid identity proof (Valid Identity proof is any of the following: Aadhaar Card, Driving License, Voter ID Card, PassPort, NREGA Card, PAN Card, Identity Card Issued by Government Department, Public Sector Unit to its Staff)
21. I am an NRI and hold NRO account, can the exchange value be deposited in my account?

Yes, you can deposit the Specified banknotes to your NRO account.

22. I am a foreign tourist, I have these notes. What should I do?

You can purchase foreign exchange equivalent to ₹ 5000 using these Specified Bank Notes at airport exchange counters within 72 hours after the notification, provided you present proof of purchasing the Specified Bank Notes.

23. I have emergency needs of cash (hospitalisation, travel, life saving medicines) then what I should do?

You can use the Specified Bank Notes for paying for your hospitalisation charges at government hospitals, for purchasing bus tickets at government bus stands for travel by state government or state PSU buses, train tickets at railway stations, and air tickets at airports, within 72 hours after the notification.
24. What is proof of identity?

Valid Identity proof is any of the following: Aadhaar Card, Driving License, Voter ID Card, Pass Port, NREGA Card, PAN Card, Identity Card Issued by Government Department, Public Sector Unit to its Staff.

25. Where can I get more information on this scheme?

Further information is available at our website (www.rbi.org.in) and Gol website

26. If I have a problem, whom should I approach?

You may approach the control room of RBI by email or on Telephone Nos 022 22602201/022 22602944

If you may seek any further information, please log on to www.megasoftsol.com or Call 011-46067710

Disclaimer: This Blog/Information/News Item/Press Release has been Posted/Reposted by Megasoft Solutions India.

How To Choose The Best Payroll Processing Outsourcing Company For Your Business?

Payroll is the money or funds which a company owns to its valuable employees for performing the operations allocated to them. It is a significant method because the payroll & payroll taxes have a huge impact on the net income of companies. Payroll mistakes and irregularities could direct to discontent among the employees that can impact their performance in a negative way. Petite business payroll processing must be handled in a timely and precisely way to make sure good employee morale.

For business organizations, which are searching it difficult to manage this method competently, payroll processing outsourcing is the best choice. But employing the best payroll outsourcing services is not as easy as it seems. Choosing incorrect services can direct to complications that can prove to be complex to manage for a business firm.

The subsequent strategy must be chased to make sure that the best payroll outsourcing services are opted : -

Vigilantly Study The 3^rd Party Provider Profile

The very first step must be to go through the profiles of service providers on the internet and pick out the ones which appear to be appropriate. Then, the next step must be to absolutely go through the information given on the websites of the outsourcing services providers. Furthermore, companies who have provided information in an impressive as well as professional way must be preferred.

Ask Them For Sample Work

In order to check the credibility of the outsourcing firms, you could ask them for the samples of prior work done for other clients. Along with this, you can question them regarding the earlier clients for which they have worked.

Give The First Choice To Firms With The Trial Choice

There are certain outsourcing firms, which give the free trial choice to their clients. This facilitates in getting a fair idea of the services provides the opportunity to examine whether the services are appropriate or not. The services of such firms must be favored over others who do not offer this choice.

Go Through The Client Reviews

By warily examining the client reviews of the 3^rd party firm; you can get a fair idea regarding the quality of the services provided. Additionally, you can collect information regarding the client service provided by the outsourcing company.

The Price Of The Services Must Be Within Your Budget

Employing outsourcing services is only justified if it prices less than the price of employing in-house employees. This is a significant aspect that should be kept in mind.

Interview The Firm Employees Via Telephone Or Video Conference

Through an outsourcing firm may be based in a foreign county but you have the chance to interview them via telephone or video conferencing. Each business organization has its own particular needs. So before concluding on the services, you should enquire about their capability to fulfill your precise requirements.

Megasoft Solutions is among the top payroll process outsourcing companies in the world. These services are meant for allowing the business firms to focus on their core activities, lessen costs and maximize profits.

If you may seek any further information, please log on to www.megasoftsol.com or Call 011-46067710

Disclaimer: This Blog/Information/News Item/Press Release has been Posted/Reposted by Megasoft Solutions India.

The Different Ways In Which HR Solution In India Can Help Your Business Grow

Usually, when businesses look to computerize their HR function, their main target is on enhancing payroll and other ways related to HR. What they don’t understand is that an HR solution in India can do more than make their HR division more effective. The HR solution offered by Megasoft Solutions incorporates a number of useful features as well as tools that can help drive your business towards growth and triumph. Here is a view of how the solution works : -

Projecting Future Requirements

The complete suite of tools facilitates you to project future staffing needs. Your business will predict anticipated sales and other main metrics for projecting the performance over the coming period. By using this information, the HR solution will offer you a complete synopsis of your staffing needs in the future, making sure you are not understaffed at any point.

Solving Staffing Issues

The key to encouraging performance as well as productivity is making sure there are no staffing issues. This comprises of making sure there is enough personnel accessible at all times. Not only this, the HR solution in India also manages petty staffing problems, such as issues with the timesheet as well as attendance. You don’t have to be directly engaged for the problem to be solved. Additionally, you can use the solution for scheduling and make rosters, making sure all employees have a balanced workload and also, your overtime costs are remained to a less.

Boosting Employee Morale

Keeping your employees motivated is important to make sure they do optimally. A complete HR solution makes sure payrolls are created timely and the employees are paid quickly. Furthermore, the employees can look and adjust their profiles on the HR system, making sure that there are no discrepancies, which could frequently direct to a decline in employee morale. This way, your employees feel content with the functioning conditions and are motivated to do well.

Automating Menial Tasks

Mainly tasks linked with HR are tedious and repetitive. By using an HR solution in India, you can computerize virtually all of them. This frees up valuable labor hours that could be allotted elsewhere. Furthermore, you can also target on leading your business towards growth instead of continuously dealing with issues related to your employees or staffing. Along with this, the HR solution will help with recruitment and employee retention, consequently lessening the difficulty you face presently by a considerable part.

These are few methods Megasoft’s HR solution can help businesses in India move towards growth as well as success.

If you may seek any further information, please log on to www.megasoftsol.com or Call 011-46067710

Disclaimer: This Blog/Information/News Item/Press Release has been Posted/Reposted by Megasoft Solutions India.

The Time Is Running Out! Think About These 6 Ways To Change Your Tax Preparation Services

Tax preparation is a significant slice of any business. Each business enterprise has to give taxes according to the state laws. Are you discovering your taxation method stressful? You have the choice of employing tax preparation experts or filing your tax returns yourself. But the essential thing is that the method must be effortlessly manageable and not hectic. Tax preparation could prove to be a time taking and complex method if not handled well. Paying fewer could direct to penalties from the state tax department and also paying additional is not helpful for the business.

In order to make sure that your tax preparation services go along fine, the subsequent tips must be chased:-

Make Sure That You Have Full Information Regarding The Incomes As Well As Expenses

In order to make sure that your taxation method goes along slickly; you should keep proper financial records. In case employing an accountant for this purpose is needed, then it must be done.

Not keeping a record of income and expenditure can direct to last-minute hiccups while employing the tax returns. Handling the financial records well is the key to making the tax filing method simpler. Also, it is mandatory to maintain the personal as well as business expenses separate.

Maintain Records Of Last Year's Tax Filings

Going via the last tax return can make things much simpler as you could learn from the errors made last time. The domains which were overlooked last time could be enhanced this time.

Utilize Tax Outsourcing Services

Using the outsource tax return choice can prove to be helpful for a business. The 3^rd party firms track a fruitful methodology for making sure that the tax returns are made precisely and in the perfect timeline. The outsourcing firms have access to latest tax preparation software that could abridge the way. Along with this, outsourcing offers the cost benefit.

Keep In Touch With The Advanced Tax Laws

The tax laws and interpretations remain on altering. If you are not having access to an expert tax preparer then you must do the required research on your own. The internet can prove to be the best choice for this reason.

File The Returns On A Previous Date

Filing the returns on a much prior date can prevent the eleventh-hour confusion as well as tension. Additionally, this will facilitate in making sure that there are no fines for filing late returns.

Plan For The Next Year's Tax Filing

Still if you have bungled this year’s tax returns, you have the chance to make sure that next year’s tax returns are filed correctly. You can commence by starting to keep an appropriate account of your financial transactions, employing an accountant, etc.

Megasoft Solutions, one of the leading outsourcing companies, offers tax preparation services to esteemed clients spread across the globe including Singapore, Dubai, Ghana, Hong-Kong, and Germany. These services are meant for enabling the business organizations to focus on their core activities, lessen costs, and maximize profits.

If you may seek any further information, please log on to www.megasoftsol.com or Call 011-46067710

Disclaimer: This Blog/Information/News Item/Press Release has been Posted/Reposted by Megasoft Solutions India.

3 Must-Have Features For Small Businesses Choosing Payroll Application In India

Matching up with the changing developments in software is never a simple job as it takes a substantial amount of time as well as effort. Though, this shortlist should merely about get you in the know on the three advanced must-have features your small business requires to be seeking for when selecting payroll application in India: -

Employee Self-Service Site

An employee self-service site is one of the most useful tools of a payroll application. Finally, it permits your employees to access all of their personal payroll data such as pay stubs, paid time-off balance, etc., via a secure & safe web portal from anyplace in the world. Without this aspect, your employees will continuously have to bother your HR managers to attain the information they are seeking for.

Accomplishing their requests means acquiring time away from all the significant features of your petite yet budding business. With an employee self-service site, though, employees can easily login and obtain the information they require without anyone’s support, eradicating disruptions!

Direct Deposit

If your payroll application in India does not have straight deposit, it could leave a dire impression on your employees as it shows that your business is not matching up with the advanced payroll expectations as well as standards. Without the direct deposit aspect, employees will have to take their paychecks to the bank on their own time.

From there onwards, a precise waiting period makes sure until the funds are lastly made accessible for their use. Signing as well as distributing paper checks is not only expensive, but also very challenging to harmonize, particularly if you have offices in manifolds places. With direct deposit, however, all of these difficulties could be avoided.

System Alerts or Notifications

One of the most overlooked aspects in payroll software, system alerts and notifications could have a considerable impact on both your HR as well as payroll efforts. Since they give reminders, you can stay on schedule or timetable when it comes to inserting your payroll data for the day into the system.

Furthermore, having modifications choices is helpful as well and you will have the capability to select the alerts you get. Your payroll application in India must also permit you to decide who would be getting these notifications.

If you may seek any further information, please log on to www.megasoftsol.com or Call 011-46067710

Disclaimer: This Blog/Information/News Item/Press Release has been Posted/Reposted by Megasoft Solutions India.

Improve Employee Retention With HRMS System In India

There is no way your business will desire to lose your best employees. Though, sometimes, it is merely a matter of a better proffer from a rival to lead your top employee moving ship and you are missing with a big gap to fill. This could not only distress productivity but also impair the progress of your business. Though, there is an effectual method to enhance employee retention; spending in Megasoft’s HRMS System in India. There are several features in the HR solution that could enable you to retain the excellent employees of your business for the best ever time possible.

Handling Workload

One of the most usual reasons why employees left is that they feel overworked and not being applauded enough by their employees. Using the HR systems, you can make sure that the workload of each employee is handled well and none of them have to work more hours than is needed. Research shows that working more than fifty hours a week can direct to a decline in productivity and ultimately sapping employee morale. Use the HRMS System in India to ensure your employees’ workload is handled and they don’t feel like leaving.

Rewarding Employees

As stated, employees who feel they are not sufficiently rewarded for their hard work are likely to left. Using the HR solution, you could make sure the performance of single employee is chased precisely. You can use the solution to implement a complete employee appraisal system, making sure that each best employee is rewarded without any oversight.

Training and Advancing

Offering on the job training and facilitating employees’ hone their skills is the main to fruitful retention. Proffer employees the option to upgrade their skills so that they can capitalize on promotion chances and have enough room for growth in their jobs. 

Communicating Efficiently

Using the HRMS system in India, you can converse efficiently with your employees. At times, employees feel the top management is not speaking with them and that all decisions are made without thinking their viewpoints. You can use the HR system as a stage for sharing messages and also permitting employees to share their feedback. This way, you can help two-way conversation and boost employee morale.

These are few of the methods, in which, the HR solution offered by Megasoft Solutions can help your business keep your best employees. After all, there is no point in dropping your employees for reasons that are fine within your control.

If you may seek any further information, please log on to www.megasoftsol.com or Call 011-46067710

Disclaimer: This Blog/Information/News Item/Press Release has been Posted/Reposted by Megasoft Solutions India.