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.
Payroll
- 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.
- 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.
Leave Management
The software HiTech helps you with Leave management system. It gives the ultimate solution to employees in applying their leaves online. HiTech gives the employees access to all the leave related information. They can check for themselves their balance leaves, holidays, week offs, paid leaves and unpaid ones. The software helps the employees in keeping a track of the leaves to be carried forward. Employees can see whether their requests are accepted or declined.
Attendance Management
Attendance management is no more an annoyance for management staffs. The excellent software HiTech has decreased the job load of the management people. With the online existence, this attendance management software can be installed in any small or big organizations. The useful features of HiTech software have made a place in many organizations.Attendance report can be received in paper effortlessly with the HiTech attendance management software.
Statutory Management
Looking after the benefits that the employees get from the organization is a complicated process. This has to be managed by the management people. With other job loads it becomes a real tough job for them to cope up with every detail. This is the reason why the companies are opting for software which could decrease their job load. HiTech has made a place in many companies big and small.
Payroll Management
Maintaining the payroll of any organization is one of the major duties of HR personnel. HiTech payroll management software aids the concerned officials to maintain the payroll in a systematic and error free manner. It is very user friendly and affordable. Also it helps to generate any report instantly.
Recruitment Management
Recruitment is not as easy as it looks like. The hardest part of the job is to preserve data. It’s not only personal information, but track records of each employee have to be maintained too. The software HiTech is designed to make recruitment process and data preservation easy.This software is created to manage data by allowing storage of different aspect and particulars.
Training Management
HiTech Training Management Software provides complete support to the entire gamut of training management system in a company. From deciding the budget of the training to maintaining the attendance report of participants, this software keeps track of the whole process.
Appraisal Management
Manual tracking can be wrong most of the times. Due to this reason, companies across the world are relying on software to track performance. HiTech comes with various features which make performance tracking easy. This software stores data regarding employee performance. Because it is easy to use, human resource department can derive ample benefits by using it.
Travel Expense Management
HiTech travel expense management software aids the user to maintain the employee expense of an organization in a smooth manner. By using this software, a user can easily keep a track on entire expense management system starting from requesting to approval of the expense.
Employee Schedule Calendar
Maintaining a proper balance in the working schedule of any company is necessary. The management team is appointed to look after the proper working of the company. With their expertise, they try to handle every little thing. But it becomes difficult for them to maintain. HiTech is such software which helps the management team to ease the job load.
Bonus, Gratuity, And Loan
Proper payment is required to keep the employees happy. With the happy employees productivity of a company also increases. So the monthly salary should be paid on time. Bonus is given to employees on different occasions. It is calculated on basis of the salary drawn by every candidate. Calculation of the bonus is a very difficult job. So doing it with the help of the software is preferred. HiTech is one such software which helps in the calculation.
Loan Sheet
Automates whole loan management process from start to finish, HiTech handles everything you need to get your loans info. Its provide multiple calculations at fixed or variable interest rates including easy and complex interest between two dates, repayment including complex payment situations, present etc.
Human Resource Management
Behind any successful business stand its encouraged and motivated workers. With so many benefits and essential features, Human resource software has become an integral part of every businesses, and its helps an organization in the selection of suitable employee. The prime benefit that any organization can enjoy is the automation of core functions. It helps in escorting your business in the right direction for seamless and efficient growth.
Payroll encompasses a good share of a total company’s expenses, so to ensure a decisive share of a company’s total expenditures, transactions must be meticulous and definite, balances must be properly recorded and also the ledger should remains up-to-date. One of the crucial methods to ensure accuracy is to bolster the use of periodic audits of the internal payroll system.
Oftentimes, it has been seen that employer contributions are not black and white. We ensure that employers are remitting the appropriate amount of contributions towards the employees. Our auditors also evaluate that whether there are other employees on the company’s payroll that the employer fails to include in its compensation program. While, this service must be diligently performed in order to ensure compliance, conducting thorough payroll audits can really make a difference of dollars.
Our company offers an extensive internal payroll audit that primarily paves focus on different spheres. We concentrate on compliance with other internal payroll regulations, collective agreements and their accordance with labor law regulations. The objective of a payroll audit is to detect discrepancies and specify concrete remedial measures which will help in removing insufficiency and also cut down sanctions from other external bodies, like back payments, fines, penalties, etc.
- Computation of wages, including impediments to work
- Compliance to duties relating to sickness insurance
- Deduction and transfer of medical insurance
- Holding pay slips
- Adequate provision of travel expenditures
In some instances, an employee who is no longer part of the company may still be getting paychecks if the proper internal procedures are overlooked. Or, one of the most obvious indicators of an accounting error occurs when an employee is paid at a higher or lower than normal rate of pay. To catch such errors, it is pertinent to audit the payroll records periodically to remove any such hindrances.