Why Outsource ?
With global pressure to improve profits, increase market strength and gain sales, maximize the use of information technology, to improve cost efficiency and to add value and strategic advantage are the current on going challenges in today’s competitive marketplace.
Today companies in the global competitive arena have to restructure and to re-look their businesses, remove non-core activities by outsourcing and plough-back their revenues into growing their core business.
Advantages of Outsourcing the Payroll
- Opportunity Costs
HR / Finance Departments can spend more time on value-adding services, which directly translates into higher profitability.
- Cost Advantage of Freed Manpower
The savings on salaries, provident fund contributions and hidden costs such as those of absenteeism, attrition and training are quite substantial.
- Cost Advantage of Freed Space
Even under the assumption that a mere 200 sq ft is utilized for administering the Payroll function, freeing this space results in a very substantial cost saving.
- Comfort Advantage
This comes from knowing that a critical function has been outsourced to a professional and reliable firm having considerable experience and expertise in administering payrolls.
- Confidentiality
Once Paymaster Services starts handling your company’s payroll, only one person from the company is needed for liaison purposes. Consequently, the number of staff members that need to have access to sensitive payroll information is substantially reduced.
Why PAYMASTER SERVICES?
1. Because of its resources
Paymaster Services has highly qualified and experienced staff. Additionally, it retains the services of ‘D.N. Paymaster & Co.’ and ‘A.D. Paymaster & Co.’, two CA firms with a combined experience of over 70 years in finance and taxation.
2. Because of its reliability, experience and expertise
Paymaster Services and its professional associates have been pioneers in the field of Business Process Outsourcing (BPO) including Knowledge Process Outsourcing (KPO) for over 25 years and have successfully managed innumerable payrolls for multinational corporations as well as smaller firms and partnerships. The Firm manages over 90 different payrolls located both in India and overseas.
3. Because of its software
Paymaster Services has always maintained a strict policy of not using off-the-shelf payroll packages. A tailor-made software programme is designed to meet the specific MIS and payroll requirements of each client. Moreover, Paymaster Services has a stringent system of test-checks, audits and dry-runs to ensure that every software package is error-free prior to its implementation.
4. Because of its outputs
Paymaster Services provides state-of-the-art customised monthly reports that integrate into and add value to the client’s unique MIS system. A unique cumulative monthly pay slip and tax computation sheet is also generated for every employee. All the reports are also available in soft PDF copy.
5. Because of its confidentiality
Paymaster Services has a very effective system of checks and balances of responsibilities. The number of staff members who have access to sensitive payroll information is kept to a minimum, and only very select information is available to each member.
6. Because of its clients
Paymaster Services believes that the “acid test” of the quality of its services is its satisfied clientele.
7. Because of its compliance
Paymaster Services adheres to and exceeds the statutory compliance requirements. Thereby mitigating any associated compliance risk.
Main Areas of Payroll Management
- The Firm calculates, prepares and gives all necessary instructions with regard to employees’ salary payments and the respective withholding taxes.
- It prepares, holds, and finally, issues the all-important Tax Deducted at Source certificates for the employees of the company.
- It offers value added services such as structuring the components of an employee’s salary so as to have an efficient salary structure whereby minimizing the employees tax obligations.
- It designs and delivers customised packages to meet the specific needs of each company and its employees.
