Employees are the best assets of any enterprise and need to be managed efficiently in order that they may give their best. Payroll and how it is managed can be a cause of satisfaction or dissatisfaction. It can directly affect employee performance and thereby have an influence on the company’s competitiveness as well.
Many companies choose to have their own HR department that also handles payroll. Staff may leave at any time and maintaining continuity is difficult. IT automation may not be in place and this leads to delay in preparing payroll and disbursing payment of salaries to staff in time. There may be errors in calculation of benefits and perks as well as deductions for tax and other statutory contributions. Employees may have to go through a long process should they wish to get details or get leave sanctioned. Enterprises may find that maintaining a separate HR department to handle payroll can be expensive. These and other roadblocks to performance can be removed by the simple expedient of payroll outsourcing services.
How payroll outsourcing services work
Payroll services handle everything related to payroll. Businesses simply furnish employee records and time attendance details to the payroll outsourcing services. The companies then automate the process based on sophisticated payroll processing software. The payroll companies set up a separate account for the client enter the records and assign an employee to manage the payroll process.
What the process involves
- The process of calculation of each employee’s salary is automatically calculated in the software. This results in precisely accurate calculations and timely preparation of the salary slips.
- Clients may choose to issue checks to employees or let the outsourcing services arrange for automatic check printing or direct transfer to bank accounts. Clients receive a complete report.
- Payroll outsourcing companies take care of regulatory compliances, tax deductions and statutory payments as well as filing of returns and forms.
- Their IT solution permits employees to view their complete records in a secure way, view salary slips and to submit application for leave online.
- Employees must be reimbursed for expenses they incur and this aspect is also managed by the payroll companies.
- The payroll management process also includes complete analysis of staff remuneration and performance.
- The outsourcing companies may assist with other functions such as termination pay calculation and induction of new employees and entering their name in records.
- Automated attendance
How does an enterprise benefit?
- Expertise is the key to efficient payroll processing. Employees may not be up to date with laws and regulations as well as timely compliances. This never happens with payroll management companies. They have legal experts and knowledgeable staff that ensure full compliance.
- Timely preparation of payroll and accuracy results in employee satisfaction as a result of which they feel more loyal and work better.
- Timely resolution of all employee issues and a web based self service portal.
- Continuity is assured. A business need not worry that a key employee has left and the records are in disarray.
- IT automation reduces reliance on human personnel and guarantees accuracy.
- Businesses can save on salaries they pay to employees simply to handle the payroll and associated HR functions. Outsourcing companies charge very reasonable fees.
- Businesses get insightful analytics of employee performance and can take corrective measures to improve productivity.
Choosing the right Payroll Outsourcing Services is important. Look for an established company with a team of qualified personnel and a strong IT infrastructure in place. A view of their client list will also be a pointer about their quality of service.
For More Info Visit Us On – http://www.alpconsulting.in/payroll-services.html
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/
Outsourcing is on the rise worldwide, and the reasons are clear. In the current global economic climate, companies need to save money wherever they can. And the numbers clearly show that outsourcing functions like payroll management can lead to significant savings compared to an in-house solution.
Studies have shown that companies who retain functions like payroll and compliance in-house can spend 18% more than companies who outsource on average. Significantly, the costs make a larger dent into overall profitability for small and medium enterprises (SMEs), where spends have to be planned out even more carefully.
India is no exception to the international trend. Finances are tight for everyone and while hiring your own payroll and compliance team might seem commonsensical, it’s more expensive and less effective than outsourcing to a specialist. Outsourcing partners take on the onus of acquiring and retaining relevant skill sets, upgrading software and staying up to date with legal requirements.
The trend has been given a boost by the Insurance Regulatory and Development Authority’s decision to exclude functions like payroll management from its list of core functions that should be excluded from outsourcing. This not only allows SMEs to reach out to partners who can handle their needs effectively, it’s also created a competitive domestic outsourcing space. Vendors vie with each other for a share of the market, ensuring that their skills and costs are attractive.
The winners are the SMEs who can now rely on an outsourcing partner who understands the arcane details of payroll management or compliance and offers services at a great price point. An outsourcing partner with a proven track record and a commitment to service excellence; someone just like Alp Consulting, in fact! Find out if we can help you save sensibly and function more efficiently by dropping us a line. We look forward to hearing from you.
The small and medium enterprise (SME) space is highly competitive, so every rupee and every man-hour spent is crucial. Focusing on core competencies is vital in running a lean, effective organization and it makes sound business sense for an SME to outsource a process like outsourcing. Let’s look at a few of the major reasons SMEs are choosing to turn to payroll services:
- Focus on building your business: Payroll management is a complex and time-consuming affair. You want your staff to focus on activities that generate value and drive profitability; outsourcing the process frees them to do this.