Do you know what is payroll outsourcing services and how does it work? It was once considered to be a suitable option for large companies only. However, in the course of the past two decades, even startups and SMBs have started opting for payroll outsourcing services.
The primary reason behind this is the fact that outsourcing payroll processing helps in streamlined, accurate, and timely salary disbursement & tax filing. This way, companies can avoid legal & financial penalties, maximize employee experience, and focus on business growth.
What is Payroll Outsourcing?
Payroll outsourcing is hiring an external payroll management company that handles the complete, or part of, your payroll processing responsibilities.
Take Gretis India Pvt. Ltd., for example. Founded in 1997, the company has extensive experience in offering various payroll processes such as:
- Salary computation
- Compliance
- Taxation & filing
- Final settlements
- Reimbursements
- Reporting
- HRMS/HRIS Software
How Payroll Outsourcing Works?
The first step in payroll outsourcing is to find a trusted and experienced services provider. Apart from comparing prices, you’ll need to do some careful research to find the right payroll management partner. You’ll need to check online reviews and figure out which reviews are genuine and which ones are not. You may also need to talk to some clients to know their experience in detail.
Once you’ve made your choice, the next step is to set up an account. This requires creating a payroll report that contains all the information pertaining to the number of employees, working hours each day, etc. You’ll also need to mention benefits, deductions, sick days, vacation policy, etc.
This information is vital for the payroll outsourcing company to run payroll for your organization. The firm also handles other payroll details such as tax remittance, compliance, and reporting. A dedicated payroll processing company also disburses the salaries from your account to ensure prompt and accurate payroll processing.
Why Choose Payroll Outsourcing?
Choosing to let a payroll outsourcing company manage your payroll processes brings along a plethora of benefits.
More time for business functions
The HR department of your organization plays a vital role in enhancing business functions. Payroll processing is not one of them. Once you outsource your payroll processing to a payroll company, your HR department will have more time to contribute to focus on the company’s growth.
Technological Advantage
Creating your own payroll processing software is a long and arduous task. You’ll need to dedicate a team of developers, designers, database experts, and testers to create complete payroll software. On top of that, you’ll need to ensure the software’s scalability for future growth.
When you join hands with a Payroll Outsourcing Services Company, you get all the benefits, from experience to accuracy to punctuality to their technology. Sure, you’d not own the technology, but you’ll get all the advantages. And you won’t even have to worry about its updates and upgrades. It’s all on the payroll firm.
Better Employee Experience
Timely and accurate salary disbursement is a major part of employee experience. It helps them maintain their work-life balance. They get the right worth of their work at the right time. It’s a great motivational factor that drives them to the office every day.
Avoid Penalties
Failing to comply with the rules and regulations can land your organization legal and financial penalties. With an experienced payroll outsourcing company by your side, you’ll stay compliant and can avoid these penalties.
It is a viable and logical option for companies of all sizes. It helps you streamline many processes without burning a hole in your pocket. Get in touch with a trusted and experienced payroll outsourcing services provider today.
