Paysquare's blog

Why is EOR the Best Model to Start Business in India?
India is emerging as the new land of opportunities. A rapidly growing economy, robust infrastructure, skilled manpower, and a huge market bustling with consumers are what attract organizations from across the world. Some are already here; some are setting up their shop while some are in the process of fine-tuning their entry strategy.

So, what is global payroll? Global payroll refers to consolidating all the payroll data streams worldwide into a single place. A unified global payroll system helps standardize data and calculate and process payments in the country's local currency while ensuring compliance with the country's payroll laws.

When you are running a small or medium business, you want to take the driver’s seat and overlook every operation personally. You need to take control of every activity and even execute some activities on your own, such as accounting and bookkeeping.

5 Issues in Outsourced Accounting and Bookkeeping 

A dynamic entrepreneur with a progressive mindset understands the true value of strategic international global payroll management and hence never comprises with it. Payroll management - be it domestic or international payroll process is an overarching concept that overlaps with HR, accounting, and bookkeeping.
let’s take a look at the key payroll management options that one can leverage for his/her business:
1. In-House Payroll Management:

Mid-size companies are in a buffer state of the market. They have high anticipation for growth and aim for rising turnovers. Mid-size companies also have an additional challenge of huge competition from a wide array of competitors. These companies use all their energy to deliver the best results possible because they do not wish to lose their station.

Payroll processing is one of the biggest challenges that most companies find difficult to cope with. Thankfully, there are some trusted payroll solution providers like Paysquare who offer highly reliable international payroll services that facilitate seamless workforce management.     

Outsourcing accounting functions has become a better and more cost-effective option than hiring accounting employees.

Advantages of Outsourcing Accounting Functions

The first thing that we should look after is the benefits of outsourcing accounting. It is necessary to make up your mind about outsourced
accounting services before moving on with other aspects.

A payroll management system is software that calculates the salary due to an employee and the tax to be deducted. All it needs is input of basic data like the salary or wages of the employee and leaves taken. The software keeps track of the hours worked, salary due, taxes to be deducted, and can even print cheques for employees and the government (for taxes).

MNCs usually prefer hiring in-house resources to manage their tasks. But the constantly evolving payroll landscape, technology investments, and employment costs are compelling many to alter their payroll strategy. Hiring payroll outsourcing services is part of it. Here are the three reasons why you should invest in outsourcing the payroll process.

Payroll companies, big and small must adhere to statutory laws and regulations to keep the businesses out of any legal trouble and avoid penalties. Keeping track of changing government norms and regulations at all times is not easy and is a challenge in most companies.