Monday, October 26, 2015

Payroll Outsourcing Management Companies and Payroll Management

5 Questions to Ask Yourselves Before Choosing the Payroll Management System
Why is payroll management so important? How to prepare an accurate payroll? Should I use payroll outsourcing management services or should I go choose payroll processing management system? Every day, we ask ourselves such questions wherever payroll processing is concerned.

Before choosing a payroll outsourcing services or a payroll processing management system ask yourselves these questions. These questions will help you in understanding your requirement and will enable you take the right decision.

Q.1 What is it that you want a payroll processing management system to do?
A payroll management system should be able to calculate payroll as per the frequency set as per the payment methods set. It should calculate tax and make automatic deductions based on entries filed. Filing of taxation is of great importance because in case of default the organization can face severe penalties. It should also be able to generate reports associated with payroll processing.

Q. 2 What to expect from payroll outsourcing services?
Payroll services from a professional gives you a chance to take your mind off from non-core and labor intensive activities such as payroll management and channelize your energy on more important matters. Payroll outsourcing service providers offer dedicated and real time solutions for all your queries.

Q. 3 Benefits of payroll outsourcing services?
Outsourcing service providers offer a great deal of benefits such as dedicated work force, streamlined processes, accurate documents pertaining to TDS and other compliances, better turnaround time and quick resolution of queries and issues.

                 Payroll  management

Q. 4 Cost Benefit of both?
One has to compare the cost involved in purchasing a payroll processing system or for incurring payroll outsourcing management companies. Cost involved in payroll processing system will be in terms of Infrastructure set up cost, cost of maintaining a team and cost of purchasing the software.
However, the outsourcing service provider already has an existing infrastructure setup, with manpower and required software's etc.
The management has to decide which cost is less and which has more benefits attached to it at the given cost.

Q. 5 What suits your requirements more closely?
Based on the requirements, management has to decide which options offers more benefits as both options has its own merits and demerits.
Answers to these five questions will enable you to decide what is closely related to your requirements and what will be beneficial for your organizations.

Forget worrying about payroll management and focus only on the productive activities of your business. Now, prepare a payroll that is error free and 100% accurate with best payroll processing management system.  Mynd Solutions is a leading payroll outsourcing services provider for effective and accurate payroll management

To know more about our services, please feel free to contact us through http://www.myndsolution.com/.


Monday, October 19, 2015

Select the Best Finance and Accounting Outsourcing Services

Finance and accounting management is one of the most time consuming tasks in any organization. Managing finance and accounting management successfully takes a lot of time which can be utilized at the same time other productive activities in the business.  

Hire the best finance and accounting outsourcing services or outsourcing accounting services and grow your business leaps and bounds with focused attention to your core operations. But hiring outsourcing accounting services involves a lot of planning and understanding before finalizing outsourcing accounting services.

However, there are some quick tips as to how you can select the best finance and accounting outsourcing services

1.       Quality of Resource
An organization should hire outsourcing accounting services for finance and accounting management if they feel that by hiring the will get the work completed at a better pace and more efficiently. Additionally, outsourcing accounting services should be hired after considering whether or not the outsourcing company will bring on board better technology and the right talent pool for getting the task completed.

2.       Capability
The capability in terms of finance and accounting outsourcing services of the provider must be thoroughly checked that is whether or not the service provider can fully cater to your needs and has the right expertise to handle your business requirements. 

finance and accounting outsourcing services

3.     Cost Benefit

Benefit in terms of cost is one of the biggest drivers for an organization to seek finance and accounting outsourcing services. Therefore, the business must calculate the cost of hiring its own team for finance and accounting management or to hire outsourcing accounting services.

4.       Scale of Operations
The scale of operations of the finance and accounting outsourcing service provider does not matter. However, there is a possibility that a bigger organization will have higher overheads thus resulting in higher cost for the business hiring it. But, it is not necessarily true for all big outsourcing accounting services provider.

5.       SLA of Operations
Hiring outsourcing accounting services for finance and accounting management is beneficial if the tasks are being carried out at shorter SLAs. Maintaining shorter SLAs is not everything accuracy in tasks carried out is of equal importance.

6.       Credentials
The credentials of the outsourcing accounting services provider must be looked into, this will give a fair idea as to what type of clients has been handled by the service provider in the past.

Mynd Solutions is India’s leading finance and accounting outsourcing services for finance and accounting management. We provide customized and industry specific solutions with both on-site and off-site solutions. Additionally, we offer our clients several unique differentiators under F&A services that set us apart from the rest.
To know more about our services, please feel free to contact us through http://www.myndsolution.com/.



Friday, October 16, 2015

Compliance News @Mynd: Telangana minimum wages w.e.f 1st October 2015 to 31st March 2016




Please find enclosed Telangana minimum wages for the period 01.10.2015  to March 31, 2016. 

 http://www.myndsolution.com/statutory-compliances.html


PFB the revised Minimum Wages
                                 

Category
Previous Wages
Revised Wages (1.10.2015 to 31.3.2016)

DA  Points 1169


DA  Points 1185

Basic
VDA
Total
Basic
VDA
Total







Peon/Attender/ Watchman/ Water Boy/ Helper/ Messenger
3700
4122
7822
3700
4224
7924
Un-Skilled






Weighman/ Kolgari/ Computer Operator
3886
4122
8008
3886
4224
8110
Semi Skilled






Clerk/ Typist/Clerk-cum-Typist/ Godown Incharge/Lineman/ Assistant Salesman/ Asst.Accountant/ Xerox Machine Operator
4102
4122
8224
4102
4224
8326
Skilled






Salesman, Stenographer,Receptionist,Auction Bider, Type Writer Instructor, Electrician, Radio Mechanic, Optical Mechanic, Surfacer, Grinder, Photographer, Photo Artist, Typewriter, Mechanic, T.V.Mechanic, Fitter, Turner, Welder and Plumber, Mason etc.
4520
4122
8642
4520
4224
8744
Highly Skilled






Accountant/ Asst.Manager/ Sales Executive/ Supervisor/ Purchaser/ Store Keeper/ Agent/ Sales Promotion Employees
4722
4122
8844
4722
4224
8946







Manager/ Field Officer/ Development Officer/ Office Incharge/ Computer Programmer

5557
4122
9679
5557

4224
9781

Wednesday, October 7, 2015

Compliance News @ Mynd: Haryana Government increases minimum wages





This is to bring to your notice that the Haryana Government on September 25, 2015, revised the legal minimum wage in the state by 29% wage for unskilled and 48% for highly skilled workers. The rise will be effective from November 1, 2015.        

Please find below the revised Minimum wages

Category of Workers
Current Wages (Rs.)
Revised wages per month (Rs.)
Revised wages per day (Rs.)
Unskilled
5,886.67
7,600.00
292.31
Semi-skilled A
6,016.67
7,980.00
306.92
Semi-skilled B
6,146.67
8,379.00
322.27
Skilled A
6,276.67
8,797.95
338.38
Skilled B
6,406.67
9,237.85
355.3
Highly skilled
6,536.67
9,699.74
373.07


http://www.myndsolution.com/statutory-compliances.html