Payroll Management is a time consuming and tedious process when attempted manually. The inaccuracies that creep in will not only create greater headaches for the management, but will also provide ammunition to the employee to question them. This would create mutual distrust and lead to production losses.
Being a highly critical operation in any business, the payroll operations can be efficiently serviced by outsourcing to professional service providers. Payroll outsourcing provides great benefits as it not only brings greater accuracy in the rather mundane task, but also enables the HR team to focus on more important operations of the company.
The COVID-19 pandemic has forced companies to re-adjust their functioning and this has entailed greater use of technology and professional expertise to optimise productivity and improve efficiency. This pandemic has thrown regular working out-of -gear and also forced governments to constantly modify their rules and regulations to suit the employees. This has necessitated the management to get regularly updated, and the best way to achieve this is by outsourcing your payroll to professional service providers.
What is Payroll Outsourcing?
Payroll Outsourcing is a process in which businesses hire the services of professional firms to manage all the payroll functions. This not only save money, time and effort, but also frees time for their HR team to focus more on the core activities of the company. When compared with in-house payroll management, outsourcing payroll provides greater accuracy and saves time. In this article we shall delve deeper into the benefits of payroll outsourcing and how it helps businesses to grow.
Saves time and improvise productivity.
Manual payroll processing or in-house payroll processing is both time consuming, costly and frustrating. Generating the payslips on time, every time, keeping track of the deductions, the dues, fresh hires, terminations, and complying with the Government’s statutory requirements are all a highly complex task. Whether we like it or not, these have to be generated time and again without excuses and without mistakes.
When you outsource this operation to a professional service provider, you save time, and manpower and this will allow you to focus more on core business activities. The HR team and the Accounting department are free to use their expertise on other important tasks that would improve productivity.
Minimizing Expenses is a vital factor when you are looking to improve your company’s income. This can happen only when you are able to save time as the more time you save the more you earn. By outsourcing payroll to a professional service provider, you can be assured that all information regarding payslips, deductions, tax dues and statutory returns are managed in a cost-effective manner.
Payroll tasks like generating the payslips, calculating the deductions, the hours worked, paid time-off, leave availed, disbursing the pay checks, filing the tax returns are generated with ease and just with the click of a few buttons. This enables the saving of time which when factored with the cost will show tremendous saving. This not only allows you to refocus the role of your HR team, but also ensures cost cutting due to use of technology, reduction in man-hours and space required to house the payroll department.
Overall, payroll outsourcing takes on the task of tracking the employees, reconciling the accounts, and managing the complex statutory compliance issues and tax administration.
Usage of latest technology!
The past few years have shown rapid technological advancements in the use of computers and the internet. Top ranking Payroll Service Providers use the highly advanced cloud-based systems to manage business data. This makes the system more efficient and robust, and provides greater accuracy and transparency in payroll processing.
Professional Payroll Service providers like GetifyHR use advanced payroll technologies to manage the process with ease by seamlessly integrating Payroll Management, HR Management, Attendance & Leave management, Task management and Statutory Compliance.
Enhances the functioning of HR Department.
One of the important benefits of Payroll Outsourcing is in freeing the HR department to focus more on core business activities. Manual payroll processing or in-house payroll processing will force the HR Department to concentrate more on this aspect thus disrupting their role in recruitment and employee retainment issues. Outsourcing this activity will allow the HR team to focus on core functions such as:
- Monitoring the Employees
- Improving Employee retention
- Attracting better talent through job satisfaction
- Simplifying the process of onboarding
- Arranging training sessions to reduce the skill gaps
In effect, the HR team becomes more dynamic and can specialize in people management for the benefit of the company.
Ensuring enhanced security of data.
Payroll processing is a complex process that has its own risks. The risks are mainly identity theft, tampering with data for personal gain, and misappropriation of funds. Outsourcing payroll to a reputed service provider can bring in a high degree of security. The important data is stored in highly secure cloud-based servers that ensure the very best of protection and data encryption.
Implementing Statutory Compliance.
Statutory Compliance is a critical component of business functioning. Whether you have 20 employees or 100 employees, every business is liable to comply with Government rules and regulations. Complying provides protection to companies to avoid legal issues.
When you outsource payroll, the process is simplified and enables the company to comply and avoid payment of fines and other legal issues. The government regulations are prone to frequent change, therefore, the company has to be full updated as and when the changes are made. This task is easily enabled when you outsource payroll. A professional payroll outsourcing service provider has a team of dedicated experts to keep clients updated of the changes, thus ensuring compliance at all times.
Efficient Employee Self-Service features
Providing an efficient Employee Self-Service (ESS) facility is an important feature that you can access when you outsource your payroll. Having an integrated payroll system with an employee self-service option has a lot of benefits to both the employees and the employer. Some of these benefits include:
- Assignment of tasks in a hierarchical fashion.
- Monitor the time each employee spends on a task.
- Update the personal information of employees
- Previewing pay information
- Viewing the Attendance & Leave information
- Providing Mobile apps and remote access to the services.
GetifyHR provides high performance payroll outsourcing module that encompasses an efficient ESS system.
Payroll processing is a critical business function that may not directly affect the business. However, if the process is inefficient, the overall business would be badly affected. A professional payroll outsourcing service provider offers a platform that integrates Payroll management, HR management, Attendance & Leave management, Statutory Compliance and Task management.
GetifyHR has achieved excellent results with its integrated cloud-based payroll module. You can be assured of high level accuracy and the support of highly qualified experts to manage your payroll. This will not only enhance productivity but also give the client the ability to focus fully on growing the business.