The Benefits Of Using Online Payroll Solutions

Several businesses are making the lever from manual payroll management to organised, online solutions. There are manifolds advantages to using an online provider to handle your company’s payroll. Here are few things to think:

Staying Updated On Government Regulations

Many business owners don’t have enough time to stay up-to-date on ever-evolving government employment regulations. Online payroll software takes the conjecture out of such stuff by maintaining systems to reflect latest government needs while notifying employers instantaneously as these modifications are made.      

Financial Planning

Business owners require the means to pull their financial numbers at any specific time to examine their income versus investing and make realistic budgets. Mainly payroll software systems offer accounting abilities, permitting a business to compare their payroll numbers with their income as well as expenditure, straight down to their price per employee. This kind of financial examination could really help when a company wants to stay within a defined budget or trim prices.

Streamlined Process

Online payroll management could be much smoother as well as simpler than manual processing – not to reveal, there is a much lesser risk of making costly mistakes. Online payroll software also offers built-in calculators and computerised tax deductions, which organises processes and takes the presumption out of tax planning.

Convenience

Have you ever had an employee ask you for old pay stubs or W2? It could be a sluggish, arduous process for your payroll division to find through old files. Several online payroll systems permit employees to search and print these forms themselves at their own ease.

Security

Central and state compliant payroll software is encrypted as well as supported on secured cloud storage sites; provide you peace of mind that your employees’ private information and your company’s tax records are secure. Nothing is shoddier than having your company’s computer system collide or become compromised, realising that you have lost significant financial records – or bad, had them stolen.   

Businesses require running smoothly as well as efficiently to keep competitiveness and significance. What might have worked in the previous might not necessarily work today, with how speedily technology alters and how businesses are changing to take benefit of latest, effective processing. Payroll is one of the most time-taking and error-prone business processes. It might be time to leave your in-house payroll processing and move to an outsourcing online payroll solution.

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.

10 Benefits Of Outsourcing Payroll Processing

Every single business owner is faced with the choice of doing payroll in-house or outsourcing to a known payroll service provider. Although each has its benefits as well as drawbacks, outsourcing payroll looks to be a general option for both petite and big businesses. If you are endeavouring to decide if payroll outsourcing is perfect for you, think the subsequent advantages.

Less Compliance Issues

Payroll tax regulations could be complex as well as perplexing. It might be thorny to stay up with all the tax rules as well as modifications when trying to operate a business, yet you are legally accountable for imprecise payroll reporting that could result in penalties from the government. Outsourcing payroll services can facilitate you foil compliances issues. Companies dedicated to operating payroll stay up-to-date with all tax rules and thus are much less likely to create a costly mistake. Along with this, outsourced payroll services will frequently manage filings, taxes as well as payments, and take responsibility for the price of errors.

Fewer Costs

Apart from lessening the probability of expensive penalties, employing a company to handle your payroll could save you money in other ways. Payroll outsourcing generally costs less than handling payroll internally. Predominantly for petite to mid businesses, the cost to pay for training and the labour hours invest processing payroll in-house usually add up to more than the cost of outsourcing.

Saved Time

Not having anyone process payroll within the office could not merely save you money, but time too. When one of your employees has to work on payroll each couple of weeks/ once a month, she is investing less time outsourcing to a professional company can augment efficiency.

No Days Off

When you rely on an employee to handle your payroll, you might have to deal with sickness, holidays or resignations. If your employee gets ill or requests PTO when payroll is due, it might not get done timely, which could lead to penalties. Employing a payroll company means no asking for days off. This makes sure constant as well as reliable payroll processing every pay period.

Better Security

By processing payroll within the office, you might be putting yourself at higher security jeopardy. Even though you might trust your employees, there is always a possibility personal information can fortuitously get shared or be seen in the office. This can lead to potential identity theft, muddling with the company records, persuading payments or embezzling money in extreme cases.

More Reliable Backup

Whereas payroll software is accessible to help companies operate payroll in-house, if the software goes down, all of your data might be lost. When you outsource payroll to a service provider, they usually have backup systems in place and various server places to protect your information – without an extra price to you.

Peace of Mind

One of the biggest advantages of outsourcing payroll is the peace of mind, which comes with it. When you don’t have to worry about either your payroll is getting done perfectly as well as timely, you can focus on mounting your business. Since payroll providers generally take responsibility for mistakes, you could feel confident errors will even be taken care of. If the payroll service company could not glue the issue, it is rapid and simple to employ a new one, as opposed to having to take weeks to employ and teach new members of your workforce.

Alternative Payment Modes

Several payroll companies proffer different choices for how you pay your employees. Many times, doing payroll internally means sending paper checks to your employees every pay period. By outsourcing payroll, you frequently have the capability to do direct deposit or even proffer pay cards to those particular employees without bank accounts. Having these choices means it is simpler to stop payments and reissue if required.

Quicker Processing

Payroll service providers hire professionals in payroll rules as well as regulations. Because payroll is all they do and they have hi-tech technical resources as support, they could complete intricate payrolls rapidly and precisely. This comprises adding new employees to the system and eliminating former employees as easy as they leave the company.

Access for Employees

Outsourced payroll frequently comes with an employee access system that permits your employees to see their personal payroll information. This makes a faster and more effective way to get information to employees and makes it simpler for them to update their information. Since this features frequently comes with outsourced payroll services, employers do not have to worry about keeping it.

Whereas each payroll company is faintly different, the advantages of outsourcing payroll frequently outweigh the negatives. If any of these aspects are leading to inefficiencies of restricting profitability in your company, it may be time to think payroll outsourcing.

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.

Five Reasons Your Employees Will Love Paperless Payroll

For several years after the dawn of the computer age, there was the assurance of a “paperless” workplace. But till presently, this has been fewer of a reality and more of a wish. Though, it was the beginning of cloud-based computing as well as storage that really triggered the option of a truly paperless office. And, we are actually seeing more businesses reduce their use of paper as they take benefit of web-based business solutions.

And whereas it might have seemed impossible not too long back, payroll management services could now proffer payroll processing systems that permit a business to establish as well as implement paperless payroll processes that are precise, steady, and reliable.

A Paperless Payroll Process Is a Good Thing

It is definitely in the best interests of everyone on the planet to think paperless selections. And, while “going green” is venerable and could even improve your company’s image, ecological altruism is not the merely reason paperless payroll creates a sense for today’s business owners.

Handling your company payroll is a job, which has to be taken on from the opening day you employ your first employee. And, it simply becomes more multifaceted as well as demanding as you grown and your workforce size increases. A paperless payroll system could proffer several advantages in addition to creating your payroll management simpler.

Saving More Than Just Trees

In simple words, paper for everything right from packaging to payroll is pricing more and will continue to do so.

Consequently, going with a paperless payroll system advantages your business in price savings. If your business could eradicate the bulk of it is paper use that comes from processing payroll, cutting as well as mailing checks, filing government forms and the countless of related jobs that use paper, the impact would be important.

Five Significant Benefits of Paperless Payroll for Employees

Already, you can see few of the advantages of this approach for you and your HR workforce. But the truth is, a paperless payroll system will create your esteemed employees pleased, as well. Here are few of the benefits: -

• Their pay would be accessible on their payday
• Paystubs and pay information will be accessible anytime online
• Losing or misplacing their paychecks will no longer be an apprehension
• They would not have to go the bank and wait in queue to deposit their paycheck
•  They would not have to wait to receive their checks at work or come in on their day off

Along with this, they will have the peace of mind that the payroll will always be precise, timely, consistent, and dependable. No more processing mistakes or missed paydays by overworked as well as shorthanded payroll divisions.

Save Time, Save Money, and Save Trees

When viewed from the outlook of a strategic business owner seeking to optimize resources whereas diminishing costs, going paperless is a no-brainer. When seen from the perspective of a meticulous business head with a vigil eye towards social responsibility, it is again, a no-brainer. And, when you seek at it with the eyes of a normal employee, it is a smart step on the boss’s part!

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.

7 Reasons You Should Consider Outsourcing Your Finance And Accounting

Fruitful businesses, no matter how petite or big, are capable of emphasizing, like a laser beam, on what’s significant: innovation, client service, development, company culture and winning against their competition.

Finance and accounting, while decisive to business operations, is frequent urgent, but not essential. Yet several executives like you permit themselves to get distracted from these decisive success aspects by responding to inquiries, trailing down missing checks, ensuring the books get closed precisely as well as reconciling accounts.

If you are seeking for better ways to emphasize on mounting your business you must think to outsource your finance and accounting operations. Here are 7 chief advantages of outsourcing accounting and finance.

Be More Efficient : - Only for one week, keep track of how you use your valuable day? How much time do you devote every week on finance and accounting? If it is over one-two hours a week then it is too much. You must be devoting your time enhancing operations, better catering clients and mounting your business. Eliminating the daily disruptions of accounting will facilitate you do this.

Lessen Costs : - Outsourcing your accounting eradicates all of the costly taxes and fringe advantages linked with full and part time employees. You give one fixed monthly fee for everything. Research has shown that outsourcing accounting could save up to 40% in monthly prices when you think the salary plus taxes, health insurance, vacation, and supervision.

Eradicate Fraud : - Several petite businesses have one accounting person, which does everything… sends out the bills, gathers & deposit checks and reconciled the bank account.

When these responsibilities are not separated, you augment your risk of swindle. Furthermore, outsourced accounting offers you with the checks as well as balances, and the oversight that you require to prevent hoax.

Highly Qualified and Experienced Staff : - By having a proficient crew of accountants and CPAs (Certified Public Accountant) work together to take care of your books, you could take benefit of their important accounting, tax and compliance expertise that is all comprised in the monthly price. By outsourcing, you will automatically stay forward of and obey the myriad alterations in income and sales tax as well as reporting laws.

Capability to Scale : - By outsourcing finance and accounting, balancing your business becomes simpler. Rather than divert yourself by employing extra

finance employees, outsourcing grows automatically with your business. You can emphasize on employing the best staff to sell your products as well as services your customers.... which completely goes right to the bottom line.

Enhance Cash Flow : - Outsourcing offers you with access to cloud-based tools as well as technologies that will facilitate you get paid quicker and handle payments more efficiently. At the easy click of a mouse, you can make out an up to minute analysis of your cash.

Better Handle Your Business : - What kind of information are you getting today from your finance system? Most significantly, how on time is it? When you receive previous month’s financial on the 20th of the subsequent month, how do you support decisions in the starting of the month? Outsourcing offers you with real-time information on all factors of your business, not merely financials, with the click of a mouse.

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.

Why One Click Payroll Process Is A Business Need??

In this advanced era, where decisive business functions are moving away from paper procedures of the past, it is the time to shift for the Paperless Payroll & One Click on shot processing that is both cost lucrative as well as time discounting. A competent online payroll solution could help organize processes and diminish payroll costs. From the management point of view, it lessens the price with utmost productivity (as manpower price dwindles).

Now, What Are The Pain Areas That HR Manager Faces?

If you are not using web-based complete payroll solution only then it works something like this:-

• At the finish of the month or whenever the company’s monthly payroll series ends, the HR crew will gather attendance data.
• This crucial data might be in the form of a soft copy / physical register that employees’ sign each day upon come in the office, or it might be a Biometric kind of device.
• After the attendance data is gathered, the HR crew will go through every single employee’s whole month’s attendance and make a catalog of all dates or miss attendance logs.
•  This catalog will then be sent to the employee looking clarification/ answers.
• Afterward, the HR crew will also verify their Leave Tracker sheet merely to confirm about approved, pending/ unapproved or unpaid leaves for that particular month.
• After all this decisive data is examined, a final attendance report will be created that offers a synopsis of the number of Present days, Leaves, and Unpaid/ LOP days (Loss of Pay).

• Then this report will be used by the Finance/ Accounts crew to make a précis of all employees’ salary break-up for such specific month, as per their salary structure.
• The Accounts crew will then ahead a final payroll sheet to the HR employees for management confirmations (if any). This sheet will have a listing of all basic particulars of every single employee such as gross salary amount, any deductions (comprising of Loss of Pay), and the final net amount.
• Once there’s a final go-forward from the HR employees, a bank format sheet will be arranged and organized by the Accounts workforce so that the company’s bank could be officially notified of moving the requisite net salary in individual employee’s bank account.

This above-stated steps typically takes anywhere between 5-6 days to finish, because neither the HR nor the Accounts employees want to have any mistakes or calculation errors in the salary figures. Our Human Resource Management Systems main dictum is to Simplify Human life, so from above multifarious process we abridge it to very simple as well as flexible process as  below : -

Go For Paperless Payroll & Save Time And Money

Setup Payroll : Completely based on how easy or intricate your payroll processes are, you can use HRMS to establish several options/ factors that the online application uses to computerize the processes. For example, you can list your employees by making unique employee code numbers, assemblage them based on their employee status. You can even make employee categories like Grade, Department, Cost Center, Location, etc., to assemblage them based on common aspects.

Inputs for HRMS : It helps auto-update of attendance, leave, and calculation of salary components. Properly handling employee information, disembark at payable days, leaves, one-time payments, etc., are few of the monthly transactional HR responsibilities. Having a crystal clear overview of this information is a decisive payroll job. With HRMS, you no need to worry about manually organizing these inputs as well as passing to the Payroll Processor. Thus, HR to Payroll end-to-end automation could be attained.

Flexible Payroll Process : HRMS has abridged the payroll procedure by an automatically driven process. Likewise, revising employee information, managing employee salary modification, paying arrears, subtracting LOP, revising employee PAN number, stop payment information, and afterward execute monthly actions like processing payroll, preparing payroll statements, cross-checking payroll differences, emailing payslips, etc. Payroll procedure is at your fingertips and the cloud technology made the geographical propinquity, a myth. You can easily access the software as well as process, anywhere – anytime.

MIS : Generating Payroll MIS is not a nightmare anymore. Statutory Reports and Statements are an essential slice of your payroll jobs. Be it reports & statements related to payout, profession tax, leaves & managements reports, ESI, reimbursements, PF, loan, payroll control, income tax, you can now simply manage them all with ease using HRMS.

Paperless Advantages to the Employer

• Safely backs up all of your employee payroll data
• Business prices related to hardware could be lessened
• All of your employee payroll information is at one place
• Diminishes the time your employees spend finding for documents
• You can process payroll from any device according to your own time
• Simple association with your accountant for tax generation purposes
• Paperless payroll facilitates cut down on paper as well as waste in the office

Paperless Advantages to the Employee

• Lesser payroll errors
• Funds are instantly accessible on the pay date
• No more worries about the loss or stolen paychecks
• No more waiting in line at the bank of drop their paychecks

These and several other user-friendly facets of HRMS that make sure speed, competence, and cost effectiveness of your payroll process. Moreover, Megasoft offers a simpler as well as more effective way to manage your company’s payroll and employment related taxes, and best of all- its Paperless & One-Click-Shot reports.

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.

Human Capital Management (HCM) Platform

Change HR to emphasise on strategic initiatives, force cost optimisation strategies, and lessen administration effort by leveraging technology-enabled business flow servicing solutions by using Megasoft’s Human Capital Management (HCM) platform.

The Platform

Megasoft’s HCM Platform is a managed as well as hosted solution that proffers complete functionalities to handle HR transactions throughout the hire-to-retire lifecycle of an employee. The platform is provided through Software-as-a-Service (SaaS) model. Uniting its abilities in technology, infrastructure management, and worldwide delivery, Megasoft proffers a single point of ownership solution as well as service level agreement (SLA) driven services.

Our Solution

Megasoft’s HCM Platform offers a wide range of functionalities and services in the fields of workforce administration, learning administration, payroll, performance management, time management, recruitment, and compensation.  

HCM Platform

India Payroll Solution: Megasoft’s HCM Platform proffers on-time as well as precise payroll processing services. The solution offers complete functionalities to support make to gross, gross to net, and post payroll activities. The solution is acquiescent to India’s Income Tax laws. The solution comprises of a declaration of investments, statutory reporting, payroll inputs interface, payroll processing, salary JV interface, processing of claims, bank file generation, annual payroll processing, and full & final settlements.

Megasoft Benefits

• Enhance compliance and control
• Enhance capability to scale and escalate with other functions
• Better visibility into HR operations with improved reporting abilities
• Conversion within given timeframes with minimum disturbance to BAU
• Operational brilliance in HR administrative activities via a shares-service model
• Augmented automation of procedures with an improved self-service ability of end users

Megasoft Advantages

• Single point of responsibility
• Enhanced competence in business operations
• A worldwide as well as scalable solution for deploying standardised HR procedures, organization-wide
• Swift transformation as well as deployment onto pre-configured procedures based on industry best-practices

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.

Simplify Your HR Process Online!

Companies big, medium or petite use Megasoft’s HR Software Solutions to handle the end-to-end lifecycle of an employee. Completely pre-integrated modules such as Payroll, Recruitment, Leave, Claims, and Attendance make sure that your data is always precise as well as automatically kept in synch with no effect. With simple to use graphical reports from our HRMS Solution at your fingertips, taking decisions is now a sinch! Enhance competence with Megasoft’s All-In-One Human Resource Management System Software.

Features

• Completely Supported HRIS Software
• Over 20 HRIS System Modules to Choose From
• Pay Only for the Services of Your Choice
• Hi-tech and Advanced Human Resource Software
• Hassle-Free Implementation in 3-4 Days

How can YOU Benefit from Megasoft Solutions

• Modernize HR Workflows
• Improved Employee Involvement
• Enhanced Employee Productivity
• Integrate with Allied Applications
• Improved Data Storage as well as Security
• Empower Employees through Self-Service Functions

Why Choose Megasoft Solutions?

HR Solutions should address the requirements of your organization in these rapidly changing times. Megasoft has continuously innovated in analytics, governance, and compliance with lean HR practices in-built into the platform. Over 18 years of profound domain expertise combined with the tested technology makes Megasoft one of the best and leading providers of world-class HCM software.

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.

Outsource Human Resource Management Services

In this competitive business environment, about each type of business has to face the stress to cut the operating prices and provide more value. To attain this, your organisation will have to outsource non-core work and manage core business functions in-house. Human resource management system (HRMS) is one such business function that could be effortlessly outsourced to save on price, time, and effort. At Megasoft Solutions, we have been catering so many international organisations with our modernised HR solutions, experienced personnel, and completely research-based insights.

Our human resource management services are specifically developed and designed to help clients lessen the cost, improve employee satisfaction, and enhance the delivery of HR approaches. Over the years, we have been modernising HR management for various companies with our expertise in HR approach, process revamps, organisation modify, and employee relationship management. As our client, we will bring the unmatched talent into your organisation, handle it and make it nurture so that your company can accomplish better performance as well as profitability.

Megasoft Offers an Extensive Array of HR Solutions

Whether it is keeping records, evaluating employees, handling performance, conducting interviews, retaining employees, auditing policies, building employee morale, developing compensation plans or implementing procedures, you can get right of entry to all such human resource management services at Megasoft. Our HR services comprise of:

HR Shared Services

• Survey Management
• Benefits Management
• Labor Compliance
• HRMS Management
• Vendor Management
• Global HR Helpdesk
• Full & Final Settlement

HR Management Services

• Succession Planning
• Compensation Plan Review and Analysis
• Employee Incentive and Retention Services
• Due Diligence and Acquisition Planning

Payroll Management Services

• Statutory Compliances
• Employee Self-Service
• Time Off Tracking
• Reimbursement Processing
• Complete Reporting
• Payroll Tax Reporting
• Payroll Helpdesk
• Improved Data Security
• Online Advantages Enrollment
• Payroll Processing and Reporting

Get The Megasoft Advantage

• We hire the advanced methods of technology such as the SaaS Models to provide rapid and precise HR solutions.

• You could count on us for specialist HR services, as we chase sturdy policies as well as processes for migration, delivery, project management, client management, and reporting.
• As our client, you require having any worries about the security as well as the privacy of your data, as we have taken all the possible measures to make sure that privacy is sustained at each step.
• With our panel of HR specialists, research analysts, process expert, you could be sure of outstanding quality services provided within a short timeframe.

Get in touch with us for HR services today!

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.

7 Reasons To Bid Farewell To Paper Timesheets

Astoundingly, several businesses and recruitment agencies are still relying on paper timesheets for their employees and reliant workforce. Timesheets made by manually are dated in today’s fast-paced digital world – it is about time you connected the rest of us online.

Here are few of the common disparagements of paper times and reasons; why you must think to replace them.

Poor Illegible Handwriting, Can Lead To Errors

The dreaded job of reading everyone’s handwritten time entries could simply cause mistakes. The average business wastes around 4% of its payroll on clerical mistakes. “Is that a 1 or a 7?”, “I cannot examine the number”, “whose name is that”? all these questions can sometimes to be common with paper timesheets. With the time-taking job and sometimes not having the time to resolve it before payroll is due, payroll workforce is under increased pressures – resulting in ahead mistakes / errors or late payroll.

Total Sum Of Hours Does Not Add Up Or They Are Erroneous

Errors or inaccuracies could sometimes go unmissed by managers, following timesheets is a time-taking job and frequent is left to the last minute, creating more work as well as headaches for your Payroll Team.

Manual Interpretation Of Whole Hours Worked, Allowances Due As Well As Overtime, Oh And Do Not Forget The Manual Data Entry – More Mistakes Waiting To Happen!

This could be a lengthy work for companies and recruiters alike, going through each and every timesheet and setting up the above metrics, this is wasted time as well as resources – again plummeting productivity. Ok, so you have interpreted the data, now it is a time to enter what actually seems like a never-ending pile of papers onto your payroll system, a mistake in pay rates, and faults in interpretations can mean wages and invoices are erroneous – doesn’t reflect well on you at all.

Paper Timesheets Could Affect The Accurateness Of Margin And Business Reports

With the peril of increased human mistakes from paper timesheets, incorrect job costs make it more complex and precise projections especially challenging and could lead to a redundant financial loss.

Attaching Paper-Based Timesheets To Invoices- Speak About Old School, This Is More Redundant Work

Kindly tell me you are not posting out invoices to customers, even scanning timesheets to affix to invoices is a job.

Paper Timesheets Are Effortlessly Lost, Misplaced Or Damaged – This One Is Self-Explanatory

Always Keeping A Record Of Timesheets

Stockpiling paper timesheets (nightmare), not just means filing cabinet after filing cabinet of something but you are unlikely to ever search what you require rapidly. It is a time you went digital…

Congregate payroll deadlines could be tight at the best of times, and it is one of the most critical facets of operating a fruitful business. Why risk missing it or submit an incorrect payroll summary? Miserable, amateur employees = deprived business performance and overpaid employees = annoyed business owners/ shareholders.

Are You Ready To Better Your Payroll Function?

Make 2016 the year to enhance your business procedures, enhance customers, contractors and temps experience with you. Eradicate clerical mistakes and inaccuracies in your payroll by beckoning goodbye to paper timesheets and cuddle online timesheets.

Online timesheets automate and enhance competence when finishing your payroll, creating the procedure seamless as well as precise.

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.