Payroll is an important business function for employees and with regards to taxes, but is not one that can directly increase sales. Once can focus on core business thus saving time and energy on payroll processing. Outsourcing payroll processing comes to aid to delegate the cumbersome process to companies who specialize in managing payroll for other companies.
These specialized companies run a fully-hosted payroll software product providing all their clients the opportunity to eliminate their payroll processes. Their latest technological system allows for self-service view of payslips, Form-16, entry of investment declarations, leave recording, attendance tracking, training, reporting etc. Their system provides multi-tier access and is deployed on desktops as well as via touch screen kiosks.
The payroll processing providers vouch complete quality and security to the client companies in full compliance with accounting best practices, using extensive quality control measures and electronic archival protection of all source documents. They provide 24hours connectivity and thus an uninterrupted connection to their clients.
Let us see how outsourcing payroll software processing can benefit an organization.
- Organization can benefit from the specialization of the outsourcing company and its professionalism.
- By outsourcing payroll, a host of co-related activities like tracking leave, benefits, deductions of employees can be passed on and can concentrate on other productive work.
- Direct costs involved in processing payroll can be greatly reduced by outsourcing to payroll provider.
- Statutory compliance is advantageous to the organizations by saving the organizations from undue penalties and fines. State penalties for errors, omissions or late payroll tax filings can be very costly. In extreme cases complete shutdown, loss of company’s integrity, distrust among stake holders, loss of company’s loyalty among employees, clients etc are some of the other repercussions that can bring disgrace to the organization. Payroll outsourcing provider can with his expertise eliminate these drawbacks.
- By outsourcing payroll to a specialized company, organization can take advantage of the team of experts available at the payroll provider. Queries can get solved without engaging consultants which can be advantageous when the client organization is small.
- The organization can take advantage of the enhanced security taken by a quality payroll provider who would invest in the most modern technology and security for processing and storing data.
- Using a quality payroll provider with a payroll system allows small to medium sized business access to this platform without having the expense of buying and maintaining it.
- Similarly, outsourcing company can avoid technology advancement cost which are imperative in these present days of new launches in HRMS.
There are few HRMS companies which offer outsourcing of payroll software. There are also companies which sell payroll software for a competitive price. It is best to consider the features and pricing of various options before taking a decision.