Why You Should Outsource Payroll Management Services ?

by Boundless Management Advisory Services

·         If you are a small business then you cannot afford to keep payroll services in-house. Large organisations usually have resources to manage payrolls in-house.

·         Less errors- When outsourced, payroll calculation will have fewer errors as the outsourced team dedicatedly works towards the correctness and accuracy of the information. They are experts in this job and are well aware of all the regulations and compliances.

·         Lower cost for businesses in the long run- When outsourced, it should be measured as to what is most efficient and what is most cost effective for the size of the business operation.

·         Reduces penalties with government institutions - Penalties for late and incorrect filings are levied every year. When outsourced, the company performing payroll services, takes responsibility of paying those fines when late.

·         Manual payrolls are a headache and a pain. When outsourced, the painfulness, no-fun element and tediousness are all removed.

·         Companies do not realise that employees need a direct deposit in their banks as not going directly to bank is a preference with business owners. Outsourced companies save companies from going there.  Directly depositing in the bank also reduces use of paper and collection of paper checks each month. It reduces time wastage, big time.

·         The business owners usually do not own the latest version of the payroll software and the most recent tax tables. Incorrect tax tables leads to unwanted penalties. So, outsourcing payroll management services is inevitable.

·         Small companies can be benefitted by taking advantage of expert services given to large corporations earlier. The payroll services are compliant with the changing regulations. Small firms do not have to keep a track of ever-changing regulations, rates and government norms by outsourcing payroll services to other companies such as Boundless.

·         When given the payroll management job in-house, there is a risk involved in it. The risk is that the person might go someplace else after getting a new job and the time, money and training invested in him/her may go waste. When outsourced, this business risk is completely eliminated.  

·         Each company has different payroll requirements. Outsourced companies provide customised solutions to each company.

·         Outsourced companies put payrolls in employee hands.

·         Outsourced companies provide you with multiple employee payment options such as electronic card payments. This saves you cost and provide secure methods.

·         Outsourced companies consolidate systems and data for better data monitoring.

Some essential services that Boundless provides when it comes to payroll management are as follows:

·         Direct deposit payments with paperless options

·         Insurance deductions

·         Payroll reporting and filling

·         Time and attendance system

·         Tax deductions and reports

·         Check processing

·         Track both full time and part time data of employees

·         Integrate payroll data with human resource management and administration functions

·         Issue monthly salary statements to employees when salary is paid

For more on payroll management services, call us at +91-11-66797769 or e-mail at info@boundlessindia.com or visit us at http://www.boundlessindia.com.

 

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Created on Dec 31st 1969 18:00. Viewed 0 times.

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