osource-global1

[osource-global1]

Onex Flow Document Management System | Osource Global

Onex Flow Document Management System is proof that the digitalization of business processes is dynamic and lucrative. One of the key elements of Onex Flow is efficiency achieved with streamlined, standard operating procedures in place. The Onex Flow observes a highly secured, short turnaround time. You can now contact us at: info@osourceglobal.com or +91 98331 20440

[osource-global1]

Onex Spend Management System Software | Osource Global

Onex is a comprehensive ERP solution and Spend management Software.

The Spend Management software framework encompasses multiple activities like PO process, Vendor Payments, Employee Claims Reimbursements, Petty Cash Expenses, Travel Requests. etc. It is a collaborative work-flow based system, which ensures that all requests and approvals can be seamlessly executed on this web platform.

When initiating a request, the user enters the details of that particular request and the pre-set workflow engine automatically takes that request to all required reviewers and approvers. The system is also having a notification engine configured to send suitable email-based notifications to the users, reviewers, and approvers.

[osource-global1]

7 Tips for Successfully Managing Your PayrollAre you worried about

Are you worried about month-on-month payroll management that consumes more resources and time? Leave the worry to Osource. We will manage your payroll, removing the stress on resources.

Timely management of payroll is an essential part of human resource management—payroll management systems process employee earnings salaries, bonuses, deductions, and paychecks.

Whether an organization is small or big in terms of employee count, inefficient & unmanaged or even manually managed laborious payroll processes leads to the possibility of financial loss.

Here are the seven universally acknowledged practices that will make your payroll management process more accurate and efficient to avoid such common mistakes.

Align your Pay Schedules :

According to the owner/founder of Washington Accounting Services, "Minimizing pay cycles can help prevent duplication of multiple processes so that the payroll department can operate more efficiently."

Companies require unique pay schedules such as monthly, weekly, or bi-weekly for employees based on the nature of the industry involving a different type of calculating the earnings of the employees. Using an unaligned structure may not suit the requirement of an organization.

A predefined pay schedule is critical to handle the inputs required for timely payment of compensation month on month after applying deduction towards the cost. It allows the payroll department to focus on a regular calendar to analyze dates that might require a lag. OnexPoint offers an automated payroll calendar with inbuilt due notifications. It will also lessen the chance of delay during the payroll process.

Streamline your System :

Streamlining existing methods periodically is required to ensure an efficient payroll process. Reviewing and regularly revising the stages involved in the payroll process is an efficient way to optimize the payroll process. Instead of analyzing the process at every step, Osource's Onex Points intelligent design reduces the time required to analyze payroll data.

Automate your Payroll Process:

Manual processing of payroll is time and resource-consuming. It is easily susceptible to human error that can result in severe financial impact, and often gets unnoticed. With limited Human Resources, payroll processing can become a challenge, and the dependence on the team will be more.

Automating your payroll process is the easiest way to keep up with time-consuming tasks. A complete automated upload is best to calculate CTC Expense Reimbursement & Investment Verification Processing error-free as manually making provisions for considering these month-on-month changes will be difficult.

Osource Onex PIP, an advanced payroll management software, allows automated management of employee payroll, yearly bonuses, and retirement benefits calculations.

Turn to Paperless Payroll Processing:

Paperless payroll is the result of improved data storage and analytics technology. It serves to expedite payroll operations. 'Going green' is not only a step towards environmental preservation but also a leap towards cutting costs of erroneous manual processes and breach of data confidentiality. Also, a user-friendly human resource system has become the requirement to survive in the industry. The working force expects technology advantage for handling their obligations and is opposed to manual operations.

An online portal system should replace cards or timesheets, physical paychecks, and paper pay stubs. This eliminates paper-use as most employees prefer to receive their check stubs and pay information electronically.

Upload Documents and Make Revisions:

Documentation of payroll methods is an important management responsibility. Proper recorded documentation of payroll schedules helps analyze and audit payroll systems. It splits down each stage and makes it easier to identify weak points.

Once the desired payroll process is developed, it becomes necessary to document these procedures and share them with the payroll team.

Maintaining the confidentiality of the payroll records is also equally important. The Onex payroll process guarantees precise and encrypted handling of all the payroll information, allowing access to information on a need-to-know basis.

Documentations of the steps, filing payroll registers, and tax reports, along with the names of the individuals, can be fed to the software, after which multiple configuration settings align payroll management as per the convenience of the business.

Audit Your Payroll Process:

A periodic audit of the payroll process of every organization is a must to ensure that the system meets the requirements of the audit. Today, most auditing tools & techniques can simulate failures and quickly engage in the correction process. As such, a fail-safe gate generates when actual discrepancies occur, which are still minimal when the data is stored under a protected environment in the cloud.

The time saved in managing the payroll process over the cloud makes it cost-effective as there is no need for investment of hardware and software, and the focus could be more on core business operations. Besides, an efficient technology-based payroll system with inbuilt features for safety, confidentiality which uses data management under a cloud system, is more reliable than relying on a specific team of individuals on their manual operations.

Verifying, accounting, and reconciling payroll and cash documentation is also equally important, which has become more accessible in the software-driven process than the manual process.

Audit Your Payroll Process:

Outsource Your Payroll Process:

Many organizations have already understood the need for outsourcing payroll management to use technology to process payouts accurately and generate required reports for compliance.

Most business owners do not have the time or resources to build a new payroll system or update the existing one. In such cases, outsourcing to a licensed, full-service payroll management company can be a strategic and cost-effective option.

With increased cloud technology dependency, approximately 70%+ of mid-large size companies tend to be more likely to outsource payroll for optimizing security, integrity, and dependability.

An efficient payroll function should be cost-effective, user-friendly, time-saving, and data security besides meeting compliance requirements. The critical challenge for any Payroll administrator is to drive competence by integrating systems and data for precision and tracking.

With over 18 years of experience in delivering payroll services and currently processing five million payroll transactions across 300+ satisfied customers across the globe, Osource is one of the leaders in the payroll outsourcing industry.

Wish to outsource your payroll management processes and reduce the risk of inaccuracy?

 Osourceglobal is one of the leading providers of technology services and end-to-end business process outsourcing solutions.

 We empower you to unlock the true potential of your business. Call us on +91 22 61551600 today for more information.

[osource-global1]

How Outsourcing Your Finance and Accounting (FAO) Will Save Your Time and Money.

Sound financial planning is essential to any business, including timely recording of all transactions, collecting receivables from customers, and paying vendors on the due date.

When a finance department controls the accounting function in-house, issues of computational volume arise.

With the increase in volume and competition in the market, this function assumes great importance for the business's survival. Many business entities invest time and money on technology and people to suit their requirements.

Over time, managing people and technology became herculean tasks, leaving little time to focus on core issues.

Outsourcing to external agencies with technology and people delivers results as per the requirement of the business.

These outsourced agencies have invested their time and technology in bringing speed, accuracy, automation, and timely reporting of financial operations for decision making and running the business to achieve desired goals.

Besides, choosing the right technology has become essential for every business as everyone needs more analytical data to understand more about their business.

Since investment & maintenance on hardware in-house for handling the financial operation has become costly on account of the technology revolution, the need for cloud-based outsourcing services became an alternative that has helped reduce post-one-time and recurring costs.

The Challenges of In-House Accounting.

According to a survey conducted by Northwest Staffing Resources, an employee can cost approximately 57% more than the stated wage due to the cost of benefits and the amount of time they are focused and on task.

Businesses often go for in-house accounting departments to maintain the confidentiality of financial data. However, the increased investments in procuring technology, training employees, renting space, and managing inventory have become an impediment as the business grows.

Such a department can also cause scaling and transparency challenges. Much of the analytical information needed for running a business becomes impossible with in-house accounting. A small-scale company can collapse due to a lack of knowledge about its own business.

Though in-house operations are confidential, over time, some cases compromise confidentiality and nexus with the outside world and prove detrimental to the interest of the business.

Why Outsourcing Works?

Trusting an FAO service eliminates the need for hiring, training, and retaining talents for the organization, which involves money and human resources on infra and costs associated with utilities.

Outsourcing reduces the cost of utilities, healthcare benefits, unemployment taxes, and infrastructure considerably.

An outsourced Finance and Accounting department facilitates an adequate & robust account payable process.

Outsourcing helps its clients achieve cost optimization and focus more on core issues besides basing its decision more on analytical reports from the system.

Outsourcing has also helped the organizations have historical data to notice the trend and base its decision. Thus, outsourcing has helped many companies to plan their cash flow.

Another advantage of outsourcing is having an audit trail of each transaction required by internal and external auditors, which proved tricky in manual processes.

Apart from AR, AP & GL, outsourcing even fixed asset assessment & management will assist a business in meeting external and internal audit obligations and bring to light the active and dead inventories to plan its capital investment.

Reliability as a driving factor

Reliability is one of the driving factors of opting for an external service provider. Businesses require error-free accounting data to establish their financial health.

Inaccurate balance sheets lead to poor decision-making. Outsourcing finance and accounting enhance reliable financial analysis, following expert advice from executive-level team members. A farsighted model helps visualize and minimize risk by employing a mitigation mechanism as soon as inconsistencies are spotted.

The most competent FAO process combines intelligent processes, superior analytics, and lean-edge technology to run the business efficiently. The process ensures a single source for budgetary data and shortens the order to cash cycle. It unlocks working capital and effective operations across the enterprise.

Time is of the essence

Outsourcing Accounts Receivable & Payable Services directly reduces in-house process times by 25%. An automated billing method increases time allocation for vital responsibilities. Most outsourcing services employ the best talent pool from across the world to ensure the timely delivery of analytical reports.

Partnering with a general ledger accounting service organization helps in the efficient management of the business by setting up a timely reporting system.

Outsourcing facilitates timely revenue recognition and enhances productivity using global harmonization of processes and reconciliation frameworks. Partnering with a financial accounting service consolidates and harmonizes recording -to-reporting processes.

Each business may expect the system to be dynamic, addressing the unique nature as it evolves, which can be envisaged only by experts who have domain knowledge of various companies and their nuances.

Osource Global works as a trusted partner for many organizations that we have retained for many years, valuing our contribution to the business. Would you like to join them and avail of our expertise?

Please allow us to showcase our capability and work as a trusted partner in your growth.

Call us today on +91 8369995205 for outsourcing your finance and accounting processes to us. We have our presence in Mumbai and NCR.

[osource-global1]

Onex Software - Osourceglobal is one of the leading providers of technology services and end-to-end business process outsourcing solutions. We combine our operational experience along with technical expertise to deliver high impact outsourcing solutions to companies. source provides a wide range of business processes and technology services like Vendor Payment, Employee Expense Management, Fixed Asset Capitalization & Management, Receivables Management, Payroll, Staffing, Analytics, Software, and Information Security Consulting.

Address: Phoenix House, Osource Global Pvt. Ltd Unit 4, 5th Floor, High Street, Pheonix, Mumbai, Maharashtra 400013

Contact us on: +91 22 61551600

Email us at :info@osourceglobal.com

Visit us  : https://osourceglobal.com/

[osource-global1]

Maintaining an accurate and reliable fixed asset inventory is a challenging, labor-intensive task for any organization.

With a team of highly qualified professionals, the objective of Osource is to become a one stop destination for services related to fixed asset management for our clients. While Osource’s fixed asset management service will assist you in meeting external/internal audit requirements, it can also be extremely beneficial in meeting your capital budgeting, financial and risk management reporting requirements.

Fixed asset verification is an important concern of every company, regardless of its size. Many organizations face a significant challenge to track the location, quantity, condition, and maintenance and depreciation status of their fixed assets. Osource’s comprehensive approach cleanses and fortifies the fixed asset register to establish a strong foundation for effective Fixed Asset Management.

[osource-global1]

Payroll Outsourcing Company in Mumbai - One of the core responsibilities of the HR Function is to ensure each employee is paid accurately and on time. Efficient payroll function is about considerable cost, effort and time saving as well as security and clarity around compliance and penalty. 

Address: Phoenix House, Osource Global Pvt. Ltd Unit 4, 5th Floor, High Street, Pheonix, Mumbai, Maharashtra 400013

Contact us on: +91 22 61551600

Email us at: info@osourceglobal.com

[osource-global1]

Onex DMS saves your valuable time by retrieving both electronic & paper documents in a much faster and efficient manner, which in turn increases the productivity of your office. It can run as a self-hosted or cloud based solution or an on premise model. It also has a wealth of valuable features and offers outstanding customer support.

[osource-global1]

Accounts Reconciliation - @Osourceglobal Our FAO practice provides process excellence framework and re-engineering by using quality management principles and tools of business management, ensuring client reap maximum benefits and are process dependent instead of being people dependent. Committed to go beyond operational deliverables, we deliver measurable ROIs to CFO’s across geographies and industries. We provide innovative pricing models, aligning the pricing with your business needs to deliver impact beyond cost arbitrage.

Twitter - https://twitter.com/OsourceIndia Facebook - https://www.facebook.com/OsourceGlobal Linkedin - https://www.linkedin.com/company/osource-india-pvt--ltd/ Instagram - https://www.instagram.com/osourceglobal/

[osource-global1]

Onex Asset Liability Management System ALM provides an integrated risk management solution that enables full and multi-dimensional analysis of the balance sheet. It also allows you to easily and accurately model customer behavior, economic valuation, interest rate scenarios and a wide range of other variables. Onex Asset Liability Management System ALM helps you optimize both the size and the use of your surplus cash reserves – releasing strategic cash for revenue generation.