Organizations chasing an aggressive growth strategy have lots of things to worry about. The least they would want to be bothered about are challenges related to payroll management or payroll processing. These are operational, yet mandatory processes. Managing error free operations consistently for payroll processing in India or payroll management in India can be very challenging.
What are payroll outsourcing services?
Every organization needs to pay their employees monthly for the work they do for the organization. This payment is their salary or payroll. Processing their detailed salary amounts based on their eligibility, managing tax deductions as appropriate and completing all the necessary compliances as per laid down regulations is part of end to end payroll service. Payroll processing is managed by HR departments in most organization. Several organizations may also have specialized payroll processing teams, who work hand in hand with the accounts team. However most successful companies will just go ahead and outsource their payroll processing. There are several activities in payroll management which include monthly payroll processing, compliance management-PF/P.TAX/ESIS/Taxation returns filing, other activities like Full & Final settlement, Investment proof checking and auditing, Form 16 generation, Default notice management received from the Income-tax department etc. There are companies like MAC which provide end to end payroll management services. Payroll processing is a time-consuming process and also this is non-core activity for HR. We can handle all your payroll needs, leaving you free to focus on running and managing your business objectives.
Who needs payroll services?
Every organization, whether it is a start-up, SME, large company or a MNC enterprise needs payroll management services. There are multiple ways where companies can manage their payroll processing like in-house, using software or by outsourcing the entire payroll management process. Most organizations face challenges in payroll processing as it is very time consuming and is very time sensitive. Also the compliances related to payroll processing can be a big challenge as there can be heavy penalties for non-compliance. This is one of the reasons why most successful organizations and owners prefer to outsource their entire payroll management process and have an expert like MAC come in and manage this for them.
What are the benefits of payroll outsourcing services?
There are several benefits to payroll outsourcing in which companies’ handover their entire headache to payroll outsourcing companies and get relief from payroll hassles. Outsourcing their payroll processing actually helps the organization save cost. Managing payroll processing with in-house employees can get very expensive, considering the infrastructure expenses as well as the cost of errors and missed compliances. Some of the benefits from payroll outsourcing include:
Why should outsource bookkeeping, payroll or accounting services?
Nowadays, most organizations are looking for cost effective & flexible payroll management solutions. They also are looking for solutions in bookkeeping and accounting, where they can get access to advanced reports and where bulk of the processes are automated. Payroll is a non-core activity for HR whereas accounting services is an integral part of an organizations operational capabilities and systematic functioning. Both activities are important for any organization and any mistakes or non-adherence to laid out compliances can be costly. Most successful organizations thus outsource their entire payroll processing and accounting, helping organization to streamline their business operations.
Considerations when outsourcing payroll
There are several things to be considered when companies plan to outsource their payroll processing in India. Some of them include:
How much does payroll outsourcing cost?
The cost of payroll outsourcing in India depends on the scope of work defined between the service provider and the organization. Usually the number of employees in the organization can give you a ball park view of what payroll outsourcing is going to cost, but to get to detailed costs, it is necessary to reach to an agreement in terms of scope of work included for payroll management. The scope of work could include monthly payroll processing, compliance management-PF/P.TAX/ESIS/Taxation returns filing, other activities like Full & Final settlement, Investment proof checking and auditing, Form 16 generation, Default notice management received from the Income-tax department etc. all these activities are processed on a monthly/quarterly/yearly based on client requirements.
ASTRAEA BUSINESS ADVISORS LLP
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