Payroll handling becomes complicated as the number of employees grows. In this scenario it is important to introduce some form of automation for quicker and error-free payroll process. The better option is to outsource it to the best payroll management services in India. Before you choose one there are parameters to consider.
Team and software
Obviously a payroll management company has a team specialized in this function. The knowledge and experience of each member of the team plays a crucial role. The software for payroll management is just as important. You can expect the best payroll management services in India to use customized software that factors in applicable laws to ensure full compliance.
The situation in a company, as regards employees, keeps changing. You may hire new personnel. Some employees may leave. Some employees may have their salaries restructured. Your policies may change. The best payroll management company will always collaborate with you to ensure that all these factors are accounted for in the payroll for the following month.
- Each organization’s methods are different. Most outsourced companies will try to fit you into their standard operating procedure but this may not be satisfactory. Expect outsourced payroll managers to look at your model and to come up with a solution that fits your model or to make suggestions for streamlining the process that leads to measurable improvements.
- Payroll is linked with time attendance. Professional payroll managers include automation that cuts short the manual process of calculations.
Adhering to deadlines
When you hire a company to handle payroll you expect it to adhere to your deadlines and have everything ready in time.
- Payroll preparation and issuance of pay cheques or direct deposits into each employee’s account on or before the scheduled date is important to assure employee satisfaction.
- Government regulatory compliances are just as important. Delays in submission of returns or forms could lead to issuance of notices and even penalties.
- Some outsourced payroll companies may simply calculate the payroll and leave everything else after that to you which is like a job half done. The best ones handle everything related to payroll including calculation, deposits of salaries into employee account, post payroll process such as preparation of tax forms, ESI/PF and other forms and online submissions where available. You receive a final report of all such activities.
- Include new employees in the database and then implement the exit policy for employees who are leaving the company.
- Classification of employees into regular salaried class, temporary staff, and contracted labor, part-time and hourly or weekly basis as may be the case.
Reports and analytics
A payroll process would be incomplete without complete reports and analytics.
- You receive reports pertaining to payroll and about each employee.
- Reports cover the legal regulatory compliances.
- Analysis of employee performance, bottlenecks and other issues that give you information on which you can take decisive action for productivity increases or to resolve issues.
- Regular audits to ensure there are no errors and for improved efficiency.
Payroll can be an isolated process but the best practice is to make it a part of an overall HR management solution so that you get a broader picture of your workforce operations. If your payroll management company offers HR processes too, then you get a better deal when you opt for a solution that handles HR and payroll. Alp Consulting has a proven track record of delivering customized payroll management services in addition to a complete, modular HR management solution for rising enterprises.