Payroll Outsourcing is a very common and growing practice these days. Payroll is an important business function that deals with the process of paying employees for services rendered. Payroll Outsourcing can be defined as the accomplishment of a payroll task by some external agency. There are many reasons why companies outsource payroll, but the most prominent benefit lies in the fact that it often saves money. Basic payroll outsourcing services include calculating paycheck and tax obligations for each employee, printing and delivering checks, and providing management reports.
Every business owner knows that handling payroll can be a headache. Preparing payroll internally can cost valuable hours of employee time every pay period, and require expensive accounting software and training.
Besides, the person handling payroll of an organization internally needs to keep up-to-date with changes in personnel, deadlines, and tax requirements on an ongoing basis. Payroll outsourcing is an affordable way to take away these burdens, because it is a time-saving and cost-effective alternative to internal payroll processing.
Payroll actually commences with the worker signing up with a company. A typical payroll report contains items such as gross hourly wages and gross salaries, bonus payments including stock given as a bonus, overtime pay, severance pay, per diem and travel allowance, and contributions to deferred compensation by employees.
Management Consulting has become essential for the companies which are serious about the concept of branding. Management Consulting is one broad term which encompasses all areas of business management.
Whether you are starting from scratch or already are an established corporate organization, seeking the services of the Management Consulting firm helps in improving your performance. Management consultants bail you out from existing business problems due to their relationships with various business organizations and also they are aware of the business practices existing in such places.
Management Consulting firms also assist in ‘change management’. “Change management is a structured approach to the change in individuals, teams, organizations and societies that enables the transition from a current state to a desired future state.” Change Management is one of the tedious jobs for Management Consulting firms. Businesses need to revamp themselves from time-to-time in order to sustain their identity.
This change management is mostly dependent on the people involved in it. Most of the times, it is found that organizations fear to incorporate the change management because of the fear of upsetting the scheduled work routine. So the need for change management arises if people wish the forward progression of the company and feel that change is necessary to keep the things going.
HR Consulting and Project Management are two of the most important various specializations of Management consulting. The HR consulting defines the employment philosophy, and business goals that are prevalent within the business organization.
Project management is one of the major tasks companies are involved in when they take new contracts and take major projects.
Institutional Training
Career Institute Training is a better fit than a traditional degree for some people. It is an education program that usually results in a certificate of completion or a certificate of mastery instead of a traditional BA, BS or graduate degree. Career Training focuses on teaching students things like basic office skills as well as skills for specific industries. Students in career oriented programs learn more about the day-to-day work that comes with that industry instead of focusing on getting an understanding of a wider topic like History or Math.
Career institute is very useful for:
Employed professional – An employed professional trying to move ahead.
Change Careers – An employed person who wants to switch careers.
BPO and KPO are becoming very easy solution for many business firms. It serves as one of the best solution for them as it reduces the overall cost of many operations.
We provide to Overseas CPAs, CAs and accounting firms. Hence with this reduced responsibility and work they can focus more on the high end services like Audit and TAX consulting.
At Arhaum Enterprises(Indian Wealth Management), we provide consultancy services to the foreign companies that are interested to invest and commence business in India.
Entry Options for Foreign Investors
A foreign company planning to commence business operations in India has the option of setting-up the following type of companies:
- Branch Office
- Liaison / Representative Office
- Project Office
- By forming a Company in India
Branch Office
Government has allowed foreign companies engaged in manufacturing and trading activities abroad to set up Branch Offices in India for the following purposes:
- To represent the parent company
- To conduct research work
- To undertake export and import trading activities
- To promote possible technical and financial collaborations
- Rendering professional or consultancy services.
- Rendering services in Information technology and development of software in India.
- Rendering technical support to the products supplied by the parent/ Group companies.
- Foreign airline/ shipping company
Liaison Office
One of the practices for foreign companies to enter the Indian markets is the setting up of a Liaison/Representative office. A Liaison office is not allowed to undertake any business activity in India and cannot therefore, earn any income in India. The role of such offices is, therefore, limited to collecting information about possible market opportunities and providing information about the company and its products to the prospective Indian Customers.
Project Office
Foreign Companies planning to execute specific projects in India can set up temporary project/site offices in India. For this a general approval has been given by RBI subject to fulfilment of certain conditions. Such approval is generally accorded in respect of projects approved by appropriate authorities or where the projects are financed by Indian bank/Financial Institution or a multilateral/ bilateral international financial institution.
By Incorporating a Company in India through
- Joint Ventures
- Wholly Owned Subsidiaries
Foreign equity in such Indian companies can be up to 100% depending on the sectoral cap under the Foreign Direct Investment (FDI) policy.
The business world has evolved from a high capital need and family business age to a new age of innovation and ideas. Today, with the help of many venture capitalists and the enthusiasm of the generation many people are moving towards establishing their own business. Many start-ups has been a great success stories and become an inspiration for many new business.
Arhaum Enterprises(Indian Wealth Management) appreciates your courage to start your own business and provides you with many services that are very essential for a new business. This will be a value addition, at the same time also help in cost savings.
Following are some of the services that can be beneficial for new start-ups
- Book keeping
- Accounting
- Financial planning
- BPO/KPO
This will enable the start-ups to focus more on their major business needs and goals. By getting this services they can have an experienced and well organized involvement, which will be beneficial to their business setup.
Arhaum Enterprises(Indian Wealth Management) has a team of experienced professionals. We provide you all the outsourcing services for starting and setting up business in India.
We offer a wide range of outsourcing services like Management consultancy, Training & Development, Accounting, BPO/KPO etc. This will ease the process of setting up the new business for you. At the same time Indian Wealth Management’s experienced team can also help you through their well organised business network and experience in various industries.