WHAT IS PAYROLL OUTSOURCING?

One of the most significant breakthroughs in the field of management, according to the Harvard Business School, is outsourcing. The strategy to outsourcing is to, firstly identify the core activities which are the essence of the company and turn the payroll management services focus on these, while concurrently transferring the other activities on a recurring basis, to a service provider who specializes in them.

Payroll outsourcing, which involves employing an outside agency to do the routine work of managing salary, its calculation and payment, along with any other related functions, has transformed into an extremely successful industry. India is today one of the major destinations for payroll outsourcing.

Some of the reasons for this are:

• Team is headed by group of Chartered Accountants which means all the statutory laws are taken care.
• Cost savings for the company on outsourcing payroll processing are extremely significant and can go upto 50% at times.
• 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.
• These service providers are fluent in English and extremely competent and efficient.
• Where India and the USA are concerned, the time difference is also favourable, thus work completion is faster.

Payroll outsourcing has been highly productive for companies and has been functioning since 1997. In the past five years this industry has recorded a CAGR of 15 per cent. In short, it is a win-win situation.

5 Most Important HR Terms for Small Business Owners to Know, Understand, and Use in Their Business

Ask any business owner what one among the highest challenges they need in running their business and, by far, HR or people are going to be within the top of responses you get. Business owners say that doing the work of their business is that the easy part but people, and handling all the items that surround people as employees, is difficult. That being said, if you'll master the subsequent five HR terms, understand and utilize them, you would possibly find the challenges a touch less stressful.

You don’t need to have an HR department to know and use meaningful HR concepts.By no means are these terms inclusive of everything you would like to understand and lookout of as an employer. However, if you master these five, your business will reap some great benefits.

Employee vs. Contractor
Classification of workers is one among the most important errors an employer can make. An audit by the IRS or Dept. of Labor can uncover misclassification which will be very costly for businesses of all sizes. So know the difference and abide by the regulations for every type.

An employee is someone who performs services for a corporation following guidelines for when, where, and the way to try to to the work. the corporate is liable for withholding income taxes, withhold, report, and make deposits for Social Security and Medicare taxes, also as pay unemployment taxes on the wages paid to an employee. There are strict reporting and deposit requirements.

A contractor may be a person or organization that gives services or goods to a business under a contractual agreement. None of the withholding, reporting, or deposit requirements apply to a contractor.

There could also be financial and reporting benefits to working with contractors, but it really depends on the type of labor and therefore the way you would like it done whether or not an employee or a contractor is that the right kind of arrangement for your company. Misclassifying workers, especially for gain , is very frowned upon and therefore the penalties and fines are substantial.

Exempt and Non-exempt Employees
The difference between the 2 sorts of employees is critical for little business owners.

Exempt employees are excluded from wage , overtime regulations, and other protections under the Fair Labor Standards Act.

A non-exempt employee is required to be paid wage and overtime buy any time worked in more than 40 hours per week. There are other guidelines in accordance with the Fair Labor Standards Act also .

A claim against your business for non-payment of overtime are often a big disruption. In some cases, it'd cause the necessity for representation and court appearances, and, may result in costs which will become a financial burden. you'd be handling legal ramifications in these cases, so knowing the difference between the 2 sorts of employees, and paying them according, including overtime, is suggested .

Background Check
Some, especially beginning small business owners, might think a background check may be a silly thing to undertake when hiring people. But consider that you simply are putting your business – your livelihood – in danger whenever you include someone new into your organization. And you don’t need to have an HR department to form it a practice of running a background check.

While not 100% effective (nothing is that effective) you'll probably be ready to identify problem areas or past behavior which may not be aligned together with your business values. The old adage, you can’t tell a book by its cover, involves mind. nobody hires an individual believing they might embezzle funds, steal from the warehouse, drive company vehicles recklessly, or assault co-workers or clients. A background check may need delivered to light red flags which may prevent you from inviting problems into your business.

At-will Employment
 At-will employment means an employee are often fired at any time for any reason. Likewise, employees can leave at any time for any reason. Generally, all states recognize at-will employment (except Montana, at this writing), but some states put limitations or qualifications thereon .

For instance, Indiana doesn't consider employment an implied contract. This comes into play in wrongful termination claims. In a piece of writing from the Bureau of Labor Statistics (BLS), the subsequent explains the essential of implied accept regards to employment:

“Another widely known exception prohibits terminations after an implied contract for employment has been established; such a contract are often created through employer representations of continued employment, within the sort of either oral assurances or expectations created by employer handbooks, policies, or other written assurances.”

Employee Handbook
It might seem ridiculous to possess an employee handbook if you've got just one or two employees and no real HR department. There are not any laws or regulations requiring employee handbooks but it'd be one among the simplest belongings you can do for your business and your employees.

An employee handbook should outline all benefits and policies for workers . There are many rules and regulations regarding benefits offered to employees, issues about discrimination, and harassment. you'll lay out all the policies and the way they're handled in your business to stop claims of preferential treatment or discrimination. additionally , written policies in handbooks document what's , and isn't , acceptable in your workplace also because the repercussions for non-compliance.

In other words, a handbook lays down the principles . Be aware, however, that your compliance with the document is required also , so confirm you'll accept the results of a key employee breaking the principles .

These five HR terms are quite just words. they're important to the health of your business during a sort of ways as mentioned above. People are always getting to surprise, disappoint, enrage, and touch us. That’s the humanity of it. But armed with knowledge you'll deal with it all.

Many of those terms need to do with payroll, which is one among the foremost important elements of your business if you've got employees. Have a drag together with your payroll and you've got upset employees and that we all know upset employees cause problems in performance and therefore the work environment.

Because payroll is such a crucial task, the clients atThe payroll tell us, payroll is best left to professionals and experts. For quite 20 years we've processed payroll for little businesses in several states. It’s our job to supply accuracy, help our clients to remain in compliance with laws and regulations, and keep employees paid on time pay period after pay period.

PAYROLL SERVICES | PAYROLL OUTSOURCING

Handling the Limitations of Payroll Software

If your small business employs workers, you want to have a reliable payroll system. If your company only features a few employees, you'll be ready to get by with a manual payroll process. However, once your business starts to grow, you'll plan to use payroll software to handle your payroll tasks.

Payroll software may be a tool, not a technique , to form payroll easier, but it comes with its own set of issues.Payroll software can provide your business with many benefits, like greater efficiency, a discount within the likelihood of errors, and fewer stress associated with your employee reporting obligations. But, employing a payroll software isn’t all rosy either. If you’re considering purchasing payroll software for your business, you would like realize the well-documented shortcomings of payroll software, too.

Payroll Software are often Expensive
 you want to purchase and maintain your software, which may be costly. the quantity you pay depends on the sort of plan you buy – monthly subscription, per-user-pricing, quote-based pricing where you simply buy the features you would like , one-time licensing, or a software bundle. Plus, you’ll likely got to purchase regular upgrades to your system. Not purchasing these upgrades could end in incorrect payroll reporting when new tax laws are implemented.

You May got to Hire Staff to Process Your Payroll
When you purchase payroll software, you'll got to hire and train someone to require on the responsibilities of using it. another employee comes with the extra cost of salary and benefits. Additionally, if you ever have any software glitches, you'll incur technical support costs, too.

You Must Constantly Backup Your Payroll Data
Payroll processing creates mountains of knowledge with each payroll cycle. Per federal law, this data must be retained for all current and former employees for a particular length of your time counting on the statute the knowledge pertains. Therefore, you want to have a system in situ to constantly archive this data. You or an employee must put aside the time every day to perform this backup.

Access to Payroll Software could also be Limited
In most cases, once you buy payroll software, it’s loaded on to at least one computer. this suggests the software can only be accessed using that one machine. If that computer goes on the fritz, you won’t be ready to process your payroll using your software. this will cause tons of stress for you, your payroll administrator, and your employees.

Your Payroll Software May cause Withholding Errors
 consistent with the interior Revenue Service, some payroll software systems can’t tell the difference between additional voluntary withholding amounts and regular withholding amounts when it calculates catch-up withholding for a current tax year. Not all payroll software programs have this problem. Therefore, you would like to spot if your program has this glitch and account for it in your payroll processing. Otherwise, your business might be fined for under-withholding.

You Are Still liable for Handling Your Payroll Taxes
You or your payroll employee must compute payroll taxes and confirm all forms are completed accurately and payments are made on time. Paperwork mistakes and forgotten payroll tax payments can cause hefty fines.

Instead of Buying Payroll Software, Consider Outsourcing Your Payroll
While technology can make your payroll easier, payroll software limitations can create other issues for your business. Therefore, a far better option could also be outsourcing your payroll to a payroll services provider just like the payroll .

Let’s face it, payroll processing may be a time-consuming process. The staff at The payroll are experts in payroll. once you outsource your payroll, it enables you and your employees to specialise in your core business and more important strategic tasks affecting your bottom line. Additionally, The payroll stays on top of continually changing regulations, withholding rates, and government forms. Therefore, we’re far less likely to form a costly error than you or your staff. By maintaining so far on payroll changes, we will ensure your business stays compliant.

PAYROLL OUTSOURCING SERVICES

5 Most Important HR Terms for Small Business Owners to Know, Understand, and Use in Their Business

Ask any business owner what one in all the highest challenges they need in running their business and, by far, unit of time or folks are going to be within the high of responses you get. Business homeowners say that doing the work of their business is that the simple half however folks, and managing all the items that surround folks as workers, is tough. That being aforesaid, if you'll be able to master the subsequent 5 unit of time terms, perceive and utilize them, you may realize the challenges a touch less nerve-wracking.

You don’t got to have AN unit of time department to grasp and use important unit of time ideas.By no suggests that area unit these terms inclusive  of everything you wish to grasp ANd lookout of as an leader. However, if you master these 5, your business can reap some nice edges.

Employee vs. Contractor
Classification of employees is one in all the largest errors AN leader will create. AN audit by the federal agency or Dept. of Labor will uncover misclassification which will be terribly expensive for businesses of all sizes. therefore grasp the distinction and abide by the laws for every sort.

An worker is somebody World Health Organization performs services for a corporation following pointers for once, where, and the way to try and do the work. the corporate is liable for withholding financial gain taxes, withhold, report, and create deposits for social insurance and Medicare taxes, further as pay state taxes on the wages paid to AN worker. There area unit strict reportage and deposit needs.

A contractor could be a person or organization that has services or product to a business below a written agreement agreement. None of the withholding, reporting, or deposit needs apply to a contractor.

There could also be money and reportage edges to operating with contractors, however it extremely depends on the sort of labor and therefore the approach you wish it done whether or not or not AN worker or a contractor is that the right type of arrangement for your company. Misclassifying employees, particularly for gain, is very frowned upon and therefore the penalties and fines area unit substantial.

Exempt and Non-exempt workers
The distinction between the 2 styles of workers is essential for tiny business homeowners.

Exempt workers area unit excluded from salary, overtime laws, and alternative protections below the truthful Labor Standards Act.

A non-exempt worker is needed to be paid salary and overtime obtain any time worked in more than forty hours per week. There area unit alternative pointers in accordance with the truthful Labor Standards Act further.

A claim against your business for non-payment of overtime will be a big disruption. In some cases, it'd result in the requirement for agency and court appearances, and, may result in prices which will become a money burden. you'd be managing legal ramifications in these cases, therefore knowing the distinction between the 2 styles of workers, and paying them according, together with overtime, is usually recommended.

Background Check
Some, particularly starting tiny business homeowners, would possibly assume a background check could be a silly factor to undertake once hiring folks. however think about that you simply area unit swing your business – your resource – in danger every time you embrace somebody new into your organization. And you don’t got to have AN unit of time department to form it a observe of running a background check.

While not 100 percent effective (nothing is that effective) you'll in all probability be able to establish downside areas or past behavior that may not be aligned along with your business values. The recent expression, you can’t tell a book by its cowl, involves mind. nobody hires someone basic cognitive process they might defalcate funds, steal from the warehouse, drive company vehicles recklessly, or assault co-workers or purchasers. A background check might need delivered to light-weight red flags that may forestall you from invitatory issues into your business.

At-will Employment
 At-will employment implies that AN worker will be pink-slipped at any time for any reason. Likewise, workers will leave at any time for any reason. Generally, all states acknowledge at-will employment (except American state, at this writing), however some states place limitations or qualifications thereon.

For instance, Hoosier State doesn't think about employment AN implicit  contract. This comes into play in wrongful termination claims. In a piece from the Bureau of Labor Statistics (BLS), the subsequent explains the fundamental of implicit  consent regards to employment:

“Another well known exception prohibits terminations once AN implicit  contract for employment has been established; such a contract will be created through leader representations of continued  employment, within the sort of either oral assurances or expectations created by leader handbooks, policies, or alternative written assurances.”

Employee reference
It might appear ridiculous to own AN worker reference if you have got only 1 or 2 workers and no real unit of time department. There are not any laws or laws requiring worker handbooks however it'd be one in all the simplest stuff you will do for your business and your workers.

An worker reference ought to define all edges and policies for workers. There area unit several rules and laws relating to edges offered to workers, problems regarding discrimination, and harassment. you'll be able to lay out all the policies and the way they're handled in your business to forestall claims of discriminatory treatment or discrimination. additionally, written policies in handbooks document what's, and is not, acceptable in your geographical point further because the repercussions for non-compliance.

In alternative words, a reference lays down the principles. Be aware, however, that your compliance with the document is needed further, therefore check that you'll be able to abide the implications of a key worker breaking the principles.

These 5 unit of time terms area unit over simply words. they're vital to the health of your business in an exceedingly form of ways in which as mentioned on top of. folks area unit forever aiming to surprise, disappoint, enrage, and bit America. That’s the humanity of it. however armed with information you'll be able to deal with it all.

Many of those terms got to do with payroll, that is one in all the foremost vital parts of your business if you have got workers. Have a tangle along with your payroll and you have got upset workers and that we all grasp upset workers cause issues in performance and therefore the work surroundings.

Because payroll is such a very important task, the purchasers atThe section tell America, payroll is best left to professionals and specialists. For over twenty years we've processed payroll for tiny businesses in many states. It’s our job to produce accuracy, facilitate our purchasers to remain in compliance with laws and laws, and keep workers paid on time pay amount once pay amount.

PAYROLL OUTSOURCING SERVICES

When Should You Give Your Employees a Raise?

The best asset of any company is the employees. While employees leave for a wide variety of reasons, pay is a major cause of employee turnover. Employees who feel that they aren’t valued by the company or paid enough for their positions tend to search for other jobs. It’s essential to recognize employees as the valued resource they are, and how better to do that than to give them a raise?

Giving raises isn’t always possible, however. So what do you do when your employees ask for a raise? How the request is handled, whether it’s accepted or denied, can determine an employee’s future satisfaction with your company.

Listen to Your Employees
If an employee is asking for a raise, they believe they deserve it, whether that’s because they expect an annual raise or because they have been working hard. It’s important to listen to what your employee has to say. Even if you ultimately deny the raise, hearing your employee out will show them that you take their requests seriously.

Think About the Request
Take some time to think about the request. Does the employee deserve it? One big project doesn’t necessarily equate to regular excellent performances. Does giving the employee a raise fall within your company’s guidelines about pay raises?

Even if you’re certain that you’ll decline the request at the moment the employee asks, it’s important to take the time to consider it. If you deny raises immediately, that could make your employees feel that their requests aren’t respected or taken seriously.

Consider Bonuses

If an employee has put in a lot of hard work on a project, but you don’t feel that they have earned an overall salary increase, consider offering a bonus for that project instead. It’s a compromise that would compensate your employees for a job well done and will leave them feeling valued. Then, you can reconsider giving out raises at a later time.

Research Salaries
It doesn’t matter what other perks your company offers if your employees are being paid less than they would make elsewhere. If your employees find out that they’re being underpaid by regional or national standards, then they may seek employment at another company that will compensate them more fairly.

If you are underpaying your employees and can’t immediately afford to pay them the standard for their positions, consider offering a salary increase and creating a plan for eventual raises to meet the industry standard.

Decline Respectfully
If you do have to decline an employee’s request for a raise, it’s important to do so with respect. You don’t want your employees to walk away from the rejection wanting to look for another job. Talk to them about their career path and plans for moving forward. If possible, offer other perks, such as a more flexible schedule or more PTO.

Your employees should know exactly where they stand and leave that meeting still feeling that they are valuable to the company.

What more can you know about Payroll service providers

HR Outsourcing firms offers Integrated Payroll management solutions. AN integrated providing that provides 100% machine-driven, on time and correct payroll management beside self-service access. Their consultants manage your end-to-end payroll. There area unit varied totally different forms of Payroll Service suppliers you’ll admit. 60 minutes Outsourcing firms will opt for the pressure off. they’ll give you the dependability that you simply ought to make sure that your workers area unit paid on time, every time. additionally to its payroll services, it offers time and attending solutions, human resources and compliance services, insurance and edges administration. an honest Payroll Service suppliers can manage all the tax laws so as to not be disturbed concerning any alarming penalties. If you’re fascinated by a lot of comprehensive payroll solutions, admit mistreatment AN knowledgeable leader organization, or PEO. Effective payroll administration are often a catalyst for this transformation. after you don’t need to manage all payroll processes in-house, you’ll think about payroll outsourcing to AN practiced supplier. As a vicinity of the services, they conjointly handle the payroll restructuring, payroll coming up with and remuneration restructuring of the staff, with a read to optimally arrange their tax payments.

Comprehensive payroll services with flexibility through restricted capabilities. we tend to area unit committed to supply every shopper Organization and its worker a comprehensive and every one encompassing service. a decent payroll service can get checks to your workers on time, taking most of the load off your shoulders — however not all of it. The paychecks themselves could also be out of your hands, however this can be still sensitive data that’s vastly necessary to your company, therefore it’s important that you simply choose the correct service for your little business.

Following area unit the advantages of Payroll Service Providers:

 
ACCURATE remuneration CALCULATION:
They do all the amount crunching and guarantee error free calculations and expense beside reimbursements, edges and retirement payouts etc and take the fear out of your payroll management.

EMPLOYEE LIFE CYCLE MANAGEMENT:
They conjointly manage the work right from the worker on boarding until the exit to make sure you have got a problem free time from body functions within the firm.

BEST PRACTICES IMPLEMENTATION:
With their years of experience in payroll management; they’ll assist you follow the most effective practices in compensation & compliance management with many Payroll service suppliers

PAY SLIPS & REPORTS:
The employees can love this idea of anytime and anyplace access to pay slips, remuneration statements, flexi edges reports, type sixteen and alternative helpful reports. knowledge of past years can also be created accessible for viewing by the staff.

COMPLETE worker DATA:
Employees area unit allowed to look at the small print of their profile as well as data of their managers, remuneration hikes, PF and ESI nominations etc and any data the corporate sometimes maintains like assets given, supply letter, expertise letters etc supported the rights created by the 60 minutes.

Payroll Outsourcing Services | Payroll Service Provider

What is Compensation Consulting

Intriguing, driving and retaining the best talent is one of the greatest obstacles facing by many companies. For many, it clearly means creating programs that formulate a direct connection between a company’s goals and objectives and paves focus on an employee’s actions. Both small and big companies are divulging different ways to do this by maximizing rewards and investment in compensation.

Brooks Consulting helps clients ensure their pay strategy is designed and executed to meet divergent business requirements, while focusing employees on what they should do to help the company to meet its varied goals. We help companies in creating a subtle program that establishes a direct connection between an organization’s objectives and an employee’s focus. It’s a discerning approach that shifts compensation strategies to performance-based programs and paves more focus on the combined value of pay and benefits.

Backed by immaculate research and data, our consultants can help you make the right choice for your organization, offering a wide range of compensation and rewards services — varying from total rewards strategies to executive and broad-based design. We also help you tailor made your communication strategies for specific audiences, ensuring that your workforce truly comprehends how pay and benefits add up to total profits.
Brooks Consulting offers to its clients the expertise and resources to assure compensation committee and impacted executives that pay programs are :-

• Aligned with the company’s compensation philosophy and strategic plans
• Defensible to all stakeholders and interested parties
• Competitive with valid external reference points
• Fully documented

In amidst of shrinking margins and fierce economic times, human resource professionals must respond with concrete solutions that meet management’s operating goals: high productivity, impeccable quality, and improved margins. Developing persuasive broad-based employee strategic reward programs is the real challenge of this decade.
Why should you choose our compensation consulting?

• Years of industrial knowledge - Our years of sublime industry knowledge and experience has allowed us to develop a unique understanding of the economic dynamics of the industry. Our extensive industrial relationships and skills to gather relevant information on board positions allow us to completely understand trends in compensation and their implications on our clients, beyond industry boundaries.
• Expert compensation program- We understand that compensation programs profoundly influence organizational success and that performance is greatly shaped by how effectively reward systems are designed and managed. Through our viable compensation services, we offer effective reward programs that perfectly align with business strategies, financial resources and stakeholder interests to help clients in attracting, retaining and motivating top talent.

Deducing the right base salary is just the tip of the total pay iceberg. We know compensation is not only about computing pay by using off-the-shelf methods. Linking salary and incentive to performance, striking the balance of salary and benefits and implementing the perfect mix of compensation strategies-all are indispensable to motivate and retain employees at every level.
We listen to the discerning concerns of our clients and devise compensation plans that suit their sundry needs, using independent expertise. We work diligently towards making your HR investments visible by furnishing detailed reports of the value of each employees total reward package, including basic pay, health & welfare offering, retirement benefits and other incentives.

COMPENSATION CONSULTING