HR Transaction Services By Megasoft

Employee Lifecycle Management

Megasoft has been executing HR shared services that standardize as well as centralize the employee life cycle procedures like Onboarding, Employee Relocate/Transfer, Confirmation, Partition/Separation Management, and HR Helpdesk. Along with this, Megasoft handles end-to-end travel and expense claim processing therefore ensuring that we are there to assist each HR related transaction needs and requirements.

Onboarding Management

The initial days and weeks on the work for new employees are complex to their capability to fit in and become as fruitful as possible, as soon as possible. Onboarding Management makes sure that Megasoft takes care of all pre as well as post joining activities of new employees and offers the best initial some days experience to the new employees joining your organisation. The service comprises of induction management, document management, employee profile making on client system or Megasoft systems, and synchronization for all administration activities such as asset distribution, etc.

Employee Database Management

As a slice of Human Resource outsourcing offering, Megasoft also provides the centralized employee database management. A panel of professionals well-trained on diverse HR systems facilitate in keeping all your employee records up-to-date. All our HR Outsourcing offerings are well supported by weekly & monthly HR Dashboard as well as analytics that offer meaningful insights to the esteemed clients for taking informed decisions.

Employee Movements

Megasoft can also handle Employee Promotions and Transfers within any client organisation. This shall be contain supervising such transfers, keep posted the pertinent data in the system and keeping a trail of the compensation details. Megasoft shall also offer an online platform for trailing these movements where need.

Separation Management

Exit or Separation/ Partition management in itself is a mixture of difficult sub procedures, like final & final settlement, no dues clearance, etc. Our crew asst you handle all these processes in a timely & stress-free way, eliminating the pain of managing manifold transactions.

HR Helpdesk

Megasoft proffers a stout HR Helpdesk to handle your employee inquiry / query offering manifold methods to interact with the employees – phone, email and web, our crew of HR process expert professionals offer the best possible solution to all employee doubts/ questions.

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.

Is A Cloud or On-Premise Deployment Right For You?

Most of the businesses are often faced with the dilemma, whether they should go for an on-premise or a hosted solution. Organizations need to assess their business requirements as well as infrastructure before taking a decision. The essential point is that not all the solutions work best in the Cloud or on-premise and the choice frequently needs a trade between costs and security to optimize returns. There are several pros and cons with both the platforms and these are subject to the type of software / service under consideration. The below stated points highlight the advantages and disadvantages of the SaaS (Software-as-a-service) and on-premise delivery model.

Cloud (SaaS)

• No software licensing costs
• No new infrastructure requirements eg server, etc
• Less cost for services
• Third parties are doing hard work

On-Premise

• Control over all systems / data
• Corporate data is stored  / managed internally
• Committed IT staff for maintenance / support
• Starting investment is high but pays off over time

Taking The Plunge: Pain Points

What makes the decision far from simple to take is that there are contradictory arguments as well as pressures. Costs are a chief concern but organizations cannot close the eyes on issues related to security and compliance. The plunge into the Cloud is frequently based on the following 4 pain points : -

• Lack of resources, especially in IT
• Lack of resources to make an infrastructure
• Lack of tech know-how to maximize the advantages of IT systems
• Software licensing costs are too costly for a start-up

Furthermore, it is not shocking that small-mid sizes businesses, especially start-ups, see the hosted and Cloud services as a very attractive option. Though, more experienced SMBs should be seeking faraway beyond costs as a sole consideration. Big organizations, mainly those running

in industries with strict legislation as well as compliance regulations should factor in : -

• Customization and integration with custom systems cloud be an issue
• Third-parties are managing company’s confidential data and information
• A subscription service could be costly over time and as business grows
• Lack of complete control over data as well as processes

Moreover, going back to the question, ‘Which one is best On-Premise or Hosted’? the answer is neither and both. The main is to search a balance between both adapt and delivery models as per the business’s needs as well as requirements. Just put: pick what makes business, security, and technical sense.

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. 

Tired Of Managing Your Back-End Accounting Function: Adopt Megasoft’s Bookkeeping & Accounting Services

Outsourcing of comprehensive bookkeeping and accounting operations is a perfect pick for most small to middle sized businesses as well as recently setup companies. Such businesses do not have the much time and complete resources as well as the critical mass accessible to keep them updated with the dynamic & difficult Taxation as well as Corporate Laws. Thus, to lessen the above stated issues, Megasoft proffers complete Accounting Services that includes a wide sort of transactional and controllership functions for F&A services all over diverse industry verticals in a fully scalable model.

Our Bookkeeping & GL Accounting services are fully competent of helping companies of any scale to achieve their core business goals with least cost involvement while getting the advantages of specialists in a shared service model. The scope of services provided by Megasoft as slice of its GL Accounting & Bookkeeping offering is as below: -

• Bookkeeping & Accounting as per applicable GAAP/ IFRS
• Vendor Payment
• Fixed Asset Accounting
• Management Reporting
• Controllership Activities
• Audit Support
• Inventory and COGS Accounting
• Reconciliations
• Virtual CFO Services

• Cash Flow Statements & Forecasts
• Invoicing & Collection from Customer
• Consolidations of Financials Statement
• Employee Expense Reimbursement
• Month End / Period Closing

Megasoft Solutions provides accounting services through a perfect amalgamation of Onsite as well as Offsite Models. The onsite teams are placed at the client’s office to do the fronted accounting jobs; whereas the backend support & reporting functions are completely delivered by our Central located state-of-the-art facility in India. The other model is, in which, we are servicing the full accounting function of clients through the support of an Offsite model and all processing is done at Megasoft’s premises only.

Megasoft proposes several advantages to esteemed customers, who are looking to outsource their Accounting Functions, as per below stated details : -

• Scalability of operations
• Accessibility of colossal pool of well-trained and specialized workforce
• Clients get the benefit of Virtual CFO / Controller at reasonable prices
• Knowledge pool through specialized cells. For Example, Direct Tax/ Indirect Tax/ Company Law
• Adoption of industry best practices as well as automation of processes leading to standardization
• Handover of accounting processes to Megasoft Solutions, enables the clients to keep their focus on the core business functions

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. 

Compliance Latest News @ Megasoft: EPFO Releases New Form 19

We would like to inform that EPFO (Employees’ Provident Fund Organisation) has launched new Form 19. With immediate effect, EPFO has stopped accepting withdrawal claims in old form 19. Very shortly, Form 19 will be available on the EPFO website.

Attach new Form 19 for your reference and necessary action.

Note: The claims which are due for submission has to be filled in new Form 19. Also, according to the notification all withdrawal claims should be supported by either

• FORM-NO-15H (for Senior citizen) or
• FORM-NO-15G (for those below 58 years) and photocopy of Pan card of members

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 File Income Tax Return Online

To file an Income Tax Return in Form 26AS, first you need to register yourself on the Income Tax website.

Simple 7 Steps for filing online return are underneath:

Step 1 : - Open the IncomeTax portal, and just below the download menu at the right hand side, you will find the list of Income Tax Return (ITR)  for A.Y.2015-16. Click on the download button for taking ITR form applicable for you. (to know which ITR form is applicable for you, click here)

Step 2 : - Open the downloaded excel utility of ITR and fill the form by putting all the details.

Step 3 : - Verify all the information in the worksheet by clicking the ‘Validate’ tab and don’t forget to cross check the same from FORM 16/16A and FORM 26As.

Step 4 : - Determine the tax payable by clicking on the ‘Calculate Tax’ tab. Pay tax (if valid) and then fill the challan details in the tax return.

Step 5 : - Further, proceed to create an XML (Extensible Markup Language) file and carefully save it on your computer.

Step 6 : - Log on to the Income Tax Department’ portal especially meant for filing taxes online by using your PAN (Permanent Account Number) that will act as your user ID.

Step 7 : - Go to ‘Upload Return’ on the middle panel at top and upload the saved XML file after selecting ‘AY 2015-2016’ and the related form. Now, you will be asked whether you want to digitally sign the file. If you upload the return with digital signature, the entire procedure of e-filing of ITR gets done on generation of Acknowledgement whereas if you didn’t use digital signature then you can use EVC (Electronic Verification Code) system as an alternate way of verification rather than sending by post the manually signed ITR-V (acknowledgement) to CPS Bangalore.

EVC – a 10-digit alpha-numeric code, to be given by using any of the four ways, namely –

1.       Internet Banking

2.       AADHAR Authentication

3.       Bank ATM Card

4.       Blend of registered email as well as mobile number (where income is under Rs.5 lakh)

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

Which ITR (Income Tax Return) Form Is Applicable For You?

The form in which, ITR is to be filed is very important. If you file the return in wrong form, the return may get rejected. There are forms’ descriptions listed below. Choose your category, accordingly.

ITR 1 : - If you income is from Salary, Pension, Family Pension, and Interest

ITR 2 : - For Individuals and HUFs (Hindu Undivided Family) not having Income from Business or Profession
ITR 2A : - For Individuals / HUFs not having Income from Business or Profession and Capital Gains and who do not hold foreign assets

ITR 3 : - For Individual / HUFs who is a partner in a firm but does not have income from business or profession or under proprietorship. They will be taxable in respect of Interest/ Salary/ Bonus / Commission remuneration received from partnership firm

ITR 4 : - For Individuals / HUFs who has income from business or profession under proprietorship + salary + house property + lottery winnings + capital gains + speculative income + other sources

ITR 4S : - For Individuals / HUFs having income from presumptive business

ITR 5 : - For firms, AOPs, BOIs, and LLP

ITR 6 : - Company (Except Section 8 companies)

ITR 7 : - Trust/ Political Party/ Section 10 Exempt Institutions/ Section 35 college/ institutions

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