Is there a real need for payroll services in India? What are the benefits of using them as well? This blog details the advantages of implementing payroll management systems for your organization.
Businesses vary in size, goals, and needs, and each is unique. Nevertheless, payroll is something every business must deal with, and outsourcing payroll has many advantages.
Payroll teams scramble to ‘cross the t’s’ and ‘dot the i’s’ throughout the business calendar, particularly at the end of the financial year when there is a risk of accidental non-compliance.
All businesses, regardless of size or industry, face this challenge. The payroll department requires almost round-the-clock attention while handling other business priorities.
It is commonplace today for businesses to outsource their IT support to helpdesks instead of trying to handle the issues themselves. Because you don’t want to risk erasing all your data trying to troubleshoot the complex server error message on your monitor, why would you waste time trying to solve it?
Why not outsource internal payroll in the same way businesses outsource IT solutions? This way, the business can focus on its core competencies.
The Need for Payroll Outsourcing
Regardless of the size, volume or nature of the company, payroll processing is an integral part of every organization. For effective management of compliances and a successful employee life cycle, it is imperative to understand the laws of the land. An error-free, timely, and seamless payroll processing process is essential. Outsourcing payroll processing means outsourcing the whole process to an outside firm that is experienced in maintaining employee information, managing compliances, and ensuring the accuracy of employee salaries.
Permanent and temporary (temporary) employees can utilize payroll outsourcing services across different industries, functions, and hierarchies.
Is payroll outsourcing right for you?
Regardless of whether an organization is a Start-up, MSME, Multinational Corporation, Public Sector Company, LLC, Proprietorship firm or Partnership firm, it should consider partnering with payrolling companies in India.
Faucone Consultancy provides pay-roll processing services with a high level of confidentiality and administrative convenience. Adopting industry best practices along with detailed and meticulous planning can help organizations ensure timely and correct salaries by providing unconditional support.
Providing experienced service providers keeps the client organization abreast of statutory regulations, their latest amendments, and their possible business implications. Tax information and retirement planning assistance are provided to employees at the appropriate time. By ensuring all compliance risks are mitigated, we help organizations maintain 100% compliance all year round.
- Efficient Timelines
A monthly payroll can be processed in a short amount of time with the help of experts that have rich experience and domain knowledge. We use the latest technological tools to prepare accurate and structured reports for timely payrolls.
Direct and indirect savings are achieved when outsourcing payroll to Faucone Consultancy. Payroll processing and compliance management do not require expensive technology, internal human resources, and compliance teams. Cost savings and productivity can be achieved by working with a provider with established, scaled operations.
How Faucone Consultancy can assist you?
By letting us handle payroll processing and managing liability risk related to labour laws & compliances, organizations are free to focus on their core businesses. As a result, it saves time and effort, which in turn saves money. In addition, our customized and indigenous applications help you keep track of attendance and leave balances.
Providers of workforce management services, like Faucone Consultancy, help with recruiting, market insights, training, and insurance support for their employees throughout their entire lifecycle. In India, Faucone Consultancy has been serving over 600 clients for over two decades. An organization’s variable expense accounts for almost a half of its revenue, which comes from employee salaries. Calculating the recurring cost and risk of HR payroll highlights that a structured plan is imperative to reduce the chaos that occurs at month-end.
When to consider outsourcing your Payroll service
The formal procedures for paying employees according to the wage structure must be followed, regardless of whether you have one employee or hundreds. A professional payroll service can handle these tasks for you, or you can handle them in-house.
It would seem preferable to outsource payroll since it is tedious and time-consuming. The following are the five key reasons why you should outsource payroll service:
1. In case of errors and complaints:
The moment you have too many errors and employees are frequently asking you about salaries, tax calculations, payslips, and other payroll-related questions, it’s time to switch payroll providers or bring on one who understands your pain and can work with you to ease the chaos of month-end.
2. Maintaining employee satisfaction:
Keeping top talent in an increasingly competitive world is not an easy task for any organization. As a result of their overwork or insufficient training, employees under such circumstances are likely to suffer from late payrolls month after month, which leads to dissatisfaction among them.
3. Compliance with payroll:
Complying with payroll regulations can be challenging because many changes are made frequently such as revisions to minimum wages, PF & ESIC rules, and complicated forms. The consequences of missing a deadline can be severe.
4. Protection of data:
Payroll processing involves handling a lot of data, such as employee details, salary information, and dealing with this creates a level of risk and complexity that business owners do not want to deal with. Data breaches, identity theft, and tampering with company records are all potential threats.
5. Saving money:
Managing payroll in-house may be an expensive affair since you need specialized equipment, payroll software, and human resources. Moreover, the team needs to stay updated all the time with any changes that take place, whether it is a new tax policy, various deadlines for submission of challans, or missing any important deadline that may incur penalties.
Summing it all up
You can achieve a number of long-term objectives by outsourcing payroll to a professional service provider. Businesses cannot ignore the benefits of outsourcing payroll functions. It is a great initiative for a company of any size, whether it is small, medium, or large.Is payroll managed internally or outsourced? What is your experience?We encourage you to contact us if you want to learn more about how payroll outsourcing can be beneficial to your business. Please contact us so we can learn more about your business and how we can help!