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.
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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.
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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.
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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.
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When it comes to managing the most important assets of your business—your people, nothing compares to the convenience of a Human Resource Management System (HRMS software). From recruitment and on-boarding to compensation and training, the best HRMS software can provide a central location where all employees and vendors data is stored and carefully monitored.
Best HRMS software enables the organization to see at a glance how well personnel are being managed, with metrics to evaluate the return on investment.
There are many choices of HRMS Software in the market, due to sudden increased innovation and competition in this space in Outsourcing payroll services. Each HRMS solutions comes with its own unique set of features and benefits that can enhance a human capital strategy. Yet, it’s these same choices that can overwhelm an HR practitioner who is searching for the best HRMS software for specific business needs.
What To Look For When Choosing The Best HRMS Software For Your Small Business?
Choosing the best HRMS Software for your small business comes down to understanding some of the key factors and advantages that it will provide to your payroll services company’s HR functions and overall offering productive results to the company.
Below mentioned are 5 simple and quick tips to evaluate your new HRMS software so that your small business starts getting solid returns on the investment for the day one.
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