Business relies on human resource, its best asset, for growth. However, there can be friction, especially in matters of payroll. If there are any errors in calculation then an employee develops a grievance and it affects his performance thereby affecting the company.
Outsourcing payroll management
Payroll management in India is a tricky process because it involves precise calculation of the dues and also deductions to comply with various laws and regulations. There are returns to be filed and these procedures must be done within specified time limits. A company may have its own HR department to handle payroll services but, because of turnover of employees, such employees may not possess the required expertise to handle management of payroll as efficiently as an outsourced agency can. If a business has a large number of employees then some form of automation helps but even then doing it in-house can prove to be expensive and prone to errors. This is just of the different reasons to leave such management to experts.
What payroll management services do
The right payroll management company like Alp Consulting will put in place payroll services that streamline the process and improve efficiency, reduce complaints and achieve better compliances. Some of the services one can expect are:
- Implementation of software solution for payroll management
- Self service technology to help employees view salary slips, leave, IT declaration submission and related matters
- View and/or print salary slips
- Automatic recording of attendance, leave and overtime as well as calculations
- Leave application and approval online
- Reimbursement of expenses
- Recording new employees and policies for exiting employees as well as finalization of their account
- Reports generation, and
- Filing of appropriate returns with authorities to ensure timely compliance
- Integrate with accounting
How do you benefit?
Engage an outsourced payroll management firm like Alp Consulting and you enjoy a host of benefits:
- There is continuity. Employees may leave and new employees take time to settle in which could affect the payroll process. Alp ensures consistency and continuity in the payroll process.
- Compliance with statutory laws and regulations is a major headache. You cannot expect employees to be fully up to date with all laws. An outsourced payroll service has experts to ensure timely compliance and avoid expensive fines.
- Employee satisfaction is guaranteed because such services assure timely completion of the payroll and disbursement of dues that are precisely calculated. There are no grounds for complaint.
- Businesses receive insightful reporting that help them analyze productivity of employees and implement solutions to increase efficiency.
- It costs less to hire an external agency to handle the process of payroll. If you have employees you usually pay them for the whole month while the payroll takes only a few days to handle. Why pay extra when you can get it done better at a lower cost?
Engaging the right payroll services provider
- Finding the right agency to handle the task is important. Some companies simply put in place an automated IT solution to handle routine payroll but they may not be knowledgeable about tax and regulation compliances. Their service may be cheap but it will cost when you are penalized for delays or non-compliance.
- Look for consultants that have HR specialists and legal experts on their panel in addition to IT personnel to provide a comprehensive, well rounded solution.
- An award winning consultant inspires confidence and it is proof of proven performance.
Payroll is directly connected with employees who are your best asset and it pays to have experts handle Payroll Management in order to ensure a happy workforce
For More Information Visit Us On – http://www.alpconsulting.in/