In most sectors
of business, regulatory and back-office exercises such as payroll is a non-core
function.
But the query
entrepreneurs and administrators need to address is: what do you really get from outsourcing
non-core task like payroll? Is it value all the efforts and time just to examine
and recognize suitable outsourced service providers? Then there’s the effort
involved to change the task outside to the 3rd party service. Do the profits of outsourcing overshadow those
efforts?
So let’s find
out what are those crucial reasons to payroll outsourcing.
1. Complex Payroll Rules and Calculations:
With so many
statutory payroll rules, employee benefit programs, employees joining &
leaving and taxes to consider, it is becoming extremely challenging to process
the exact salary and reimbursements of each employee. Even if you can do all
this by yourself, how can you be sure that everything has been taken care of?
How will you verify the accuracy of your calculations? Do you have a safe and
secure mechanism to do payroll processing? Professional payroll providers with
the help of technology perform tedious calculations and bring out desired
output with zero error & 100% compliance.
2. Payroll Reports:
Payroll management services provide a
wide array of reports like monthly pay register, Salary disbursement letter as
per upload format of banks, monthly tax report, salary progression chart etc.,
that address the most common reporting requirements to complex. You can quickly
get the outsourcing company to deliver specific & ad-hoc reports for your
custom analysis. Having working for multiple clients, the outsourcing company
is aware of the correct MIS data helps in analyzing of salary cost across
various functions.
3. Compliance with Government Regulations:
Associations/companies
in this complex world of government tax protocols are legitimately accountable
for any instances of deception or an inability to accurately report work taxes
to government organizations. Government rules and guidelines are continuously altering
and entrepreneurs can’t be likely to stay on top of these changes. Professional
payroll providers, on the other hand, are updated with current & expected
new amendment with rules, regulations and changes in tax rates. This helps in
Payroll Management.
4. Employee Identity & Salary Data Security:
Payroll
processing is a complex and confidential business operation. There is continuously
a risk of identity fraud, misuse of funds, or altering with company records for
personal advantage. To counter these issues highest level of security of ISO
27001 needs to be in place at your data center, SAS70 audits, encryption of
data, Advance level Firewall. Have proved to secure important data. With
recognized professional payroll providers the data is always safe and secure.
5. Cost Effective and Efficient Investment:
Time saved is
money saved. Think of the time required for each of the following payroll
processes:
·
Calculating payroll each time period.
·
Printing, signing, and disbursing salary.
·
Creating reports for in-house and accountant (auditor) use.
·
Preparing and submitting payroll taxes and returns to government offices
or agencies.
Conclusion
Whether your
business needs to outsource payroll services or not depends on many individual
factors, and you should carefully analyze all the data before deciding to hire
a professional or do your own in-house payroll management. Always exercise
caution before hiring a payroll company. They will be handling a very important
part of your business, so a high level of professionalism and customer service
is very important. Finding and hiring a good payroll services provider will
save you and your employees a lot of time and even money, allowing you to
concentrate on more important parts of your business.
Such wide
array of benefits has convinced thousands of companies to switch to an
outsourced payroll solution.
So what are you waiting for? Search for a decent
payroll outsourcing company in India and begin today or visit our website
http://kvb-group.com/web/home or mail us on info@kvb-group.com
Comments
Post a Comment