4 Ways Payroll Outsourcing Improves Your Productivity
‘Do what you do best, and outsource the rest’
Running a business in today’s age is challenging. It requires extra-ordinary dedication & focus of the business owner among many other things. Business owners like wearing multiple hats but given the competitive business scenario, it doesn’t help anymore. We need ourselves (business owners) to be extremely attentive & focussed on things that truly matter – customers, sales, employees and the like. That’s why we outsource some of the functions which (1) Require specific expertise (2) non-core or ancillary support function.
Outsourcing Payrolls including compliance and employee taxes is a great way of bringing specific experts to ensure your (1) Employees are happy, paid accurately, on-time (2) business does all the necessary compliance from time to time, letting your energy being focussed on your primary business objectives. But does it really help being productive? Read on….
What is Productivity?
Productivity is the ratio of output to Input. Simple yet very complex, right?
Productivity Benefit # 1 – Time Savings
- Payroll processing is just not salary calculation. In-fact it has a total of 7 different functional areas attached to it. At Relativity, End to End Payroll Processing includes salary calculation, employee taxes, benefits, government reportings, compliance (PF, ESI, LWF, etc), payroll data management and employee self-service tools. Imagine doing this all in-house. Even if you hire a staff, does it really make sense ?
- Now, That’s why 73%* of world’s businesses, small or large, have outsourced payrolls or setup shared services. The time savings are real and huge. I don’t have to remind you, your time = money
Productivity Benefit # 2 – Scaling up or Scaling down
- Who dosen’t like to grow, right ? But as we do, we need to scale the essential business functions along with us as well. Ms-Excel may work for 2 – 5 employees but beyond that you need a real payroll system. Payslips can be macro-driven until 15-18 employees but beyond that they are prone for data errors.
- Payroll Outsourcing with Relativity empowers you to scale. Hiring tem staffs for a short term project, great! Taking on Trainees and interns, that works too. Not to mention that we’ll be along even if you have to scale down. Heck yeah, we stand for “Win-Win” ?
Productivity Benefit # 3 – High Employee Morale
- What happens when you pay your people on-time, accurately ? have tax friendly salaries ? when salary questions are answered appropriately & in-time ? when they are confident that their benefit & compensation is fair, when they receive their payslips month on month, et and all… their confidence at work is better leading to higher employee morale.
- Now I really don’t have to tell you what better employee morale means….. ( Btw, That is the #1 desire of all business owners )
Productivity Benefit # 4 – More Automation, Less Processing
- Lesser processing means (1) lesser problems (2) lesser errors (3) lesser costs (4) even lesser deviations (5) much much lower (or practically no) risks. Sounds about right ?
- Relativity’s E2E payroll processing works as a solution and not as software. So, we do all the work for you from the start to the end. Our in-house softwares, ESS, reports or filings are all process oriented and driven by automation. Come experience the benefits for yourself 🙂
Join the journey. Be an awesome Entrepreneur or a great Business Owner. The time is now to evaluate Relativity as your partner for success.
About the Author: Akash Mahagaonkar is the Director & Head of Operations & Business Development with Relativity Management Solutions India Pvt Ltd, responsible for Relativity’s overall service delivery. He is also a mentor with various institutions such as NEN, TiE, etc and helps companies and entrepreneurs to build sustainable businesses. Akash is also a noted speaker in areas of Finance, Taxation, Small business compliance and the like. With over 12 years of experience, he still says he has to learn more. You can connect with Akash on LinkedIn here.