Payroll outsourcing which involves employing an outside agency to do the routine work of managing salary, its calculation and payment, along with any other related functions, has transformed into an extremely successful industry. India is today one of the major destinations for payroll outsourcing.
Some of the reasons for this are:
- Team is headed by group of Chartered Accountants which means all the statutory laws are taken care.
- Cost savings for the company on outsourcing payroll processing are extremely significant and can go upto 50% at times.
- Reductions and cost effectiveness can be achieved.
- Productivity is improved, as service quality provided is excellent and this frees the company from non-income generating tasks.
- Latest technology and software for payroll processing are used.
- Indian payroll processing service providers have a very highly specialized and expansive knowledge base in finance and accounting which would be of help to businesses globally.
- These service providers are fluent in English and extremely competent and efficient.
- Where India and the USA are concerned, the time difference is also favourable, thus work completion is faster.
Payroll outsourcing has been highly productive for companies and has been functioning since 1997. In the past five years this industry has recorded a CAGR of 15 per cent. In short, it is a win-win situation.
For more information visit at: http://bit.ly/2lfddoj
Here are some ways you can help take the stress out of payroll:
Reduce payroll-related cost
As a small business owner, you’re constantly on the look-out for avenues to maximize your investments. But unwanted costs in the form of non-compliance can affect the health of your business for outsourcing payroll services. Apart from these there are other costs of running payroll and HR systems in-house such as labour costs of staff working to keep payroll systems running on time and ongoing IT maintenance fees.
This increases the risk of a probable misuse of data or a software crash could mean your employees not getting paid on time. Also, if the resource handling the complex spreadsheet system leaves the organization, it would be a payroll nightmare on your hands. Mistakes caused by using manual methods of payroll management services cost companies almost 1% to 8% of their total payroll.
For more information visit at: http://bit.ly/2qmjMYg
Outsourcing payroll services: At times plays a better role by helping you focus on much important tasks. Most employees these days want to know whether they are performing as per the expectations of their employer or not.
Most small business In India are still not able to find the right balance between encouraging and informing the admitted to knowing whether their work performance is laudable or not.
One of the most important jobs of any manager is to be personally involved in the performance of his employee and also inform them about it. Even if the companies outsourcing payroll processing, the pressure of work does not end. This leads to a considerable employee work force who remains disgruntled.
For more information visit at: http://bit.ly/2mCU6IL
One such highly important activity is the payroll services for the employees, Usually to manage this, SME’s prefer to outsourcing payroll services, However, now SME’s can try the new cashless online payroll services solutions available in the market. The benefits of using such services can add up in the long run and the recent demonetisation effect and cashless movement has opened up new opportunities.
Every though few people have shown resistance towards the cashless movement, if electronic monetary systems will be successfully implemented across sectors and organisation, people will necessarily have to accept the new cashless system. Cashless payroll systems provide various advantages to the organisations and it is easy to understand why everyone will gladly accept it, without having to be forced into. Listed below are few such advantages that organization will receive with cashless payroll processing for their employees.
Get more information visit at: http://bit.ly/2hsA9m3