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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. India is definitely one of the most lucrative markets in the world today and shall remain so in the future too. But setting up operations, hiring a team, and then complying with all the relevant  payroll processing outsourcing  rules and regulations of the land can prove too much for any company wanting to establish its presence in the country. Over the years, there have emerged many different models of starting business activity in India. While some have fared really well, some have collapsed no sooner than they started. However, in the past few years, many organizations have realised that th...

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. 1. Centralized Payroll Control Along with operational and strategic ones, payroll management system is yet another area of concern with which business leaders have to deal. With a decentralized system, global leaders wouldn't have any control over payroll in multiple countries. 2. Enhanced Payroll Quality Data A global payroll system can help gather data from various connected sources, process it, and present it to the management team in a format that allows them to make informed decisions. 3. Minimized Payroll Errors A global payroll system can help you automate many payroll tasks. It can save time and minimize manual payroll errors arising. 4. Lowered Comp...

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:   Having a dedicated team for payroll within the company is a good-to-go option for smaller companies with not more than 20 employees. While the advantages like cost-effectiveness, better data security, and increased control over payroll make in-house a feasible solution, a competent team excels at payroll record maintenance.  2. Outsourcing to Professional Payroll Service Providers: With more and more companies transcending local borders and amplifying their global reach,   the need f...

  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 If you continue making mistakes, then your financial health deteriorates – it starts impacting your business, revenue, and employees. So, stop before it’s too late. Check some common errors in accounting and bookkeeping. 1. Inability to Scale – When you have an in-house accounting team, then this professional is wearing a dozen hats. This professional may not have the experience to manage the load, which may lead to issues as your business grows. 2. Expensive – Outsource accounting and bookkeeping to save on this front. Hand over the management to the accounting and bookkeeping outsourcing company in India and enjoy accurate and reliable services. 3. Low Quality – Even when...