Benefits of Hiring Payroll Processing Firms
Payroll Processing looks to be easy/simple but is actually not. This is because of 3 key reasons (1) Ever-changing norms, rules and regulations (2) constant need for data confidentiality and privacy (3) Hefty fines/ penalties in case of incorrect processing. Hence, it is a normal practice to outsource this job to specialists in payroll processing.
Below the few advantages of Outsourced Payroll Processing : –
Error Free Job: – The payroll process outsourcing firms have years of expertise and skills within the field of payroll processing. Because of the criticality, it’s important to hire a team of skilled people to process payrolls accurately and on-time.
Long Term Cost Savings: –In-house payroll processing largely has 3 costs i.e (1) cost of owning & maintaining payroll software (2) cost of payroll resources (3) external consultants for certain payroll compliances. When working with a payroll processing company, there are significant long term cost benefits in terms of (1) Higher value addition by the payroll company(2) nil fines/penalties (3) Better compliance standards (4) Better employee experience (5) Higher efficiencies due to standardization. That’s why most companies are now opting for Payroll outsourcing than running in-house.
Tailor-made services:- Yes, most payroll processing companies have different product/services to choose from, depending on need & budget. Common ones are (1) Managed payroll processing (2) In-house payroll processing (3) End to End payroll processing. Few companies also have the options to deploy the software in-house, should the need exist. Some companies not only process payrolls but also undertake all Statutory Compliances or annual filings. So yes, there are quite a bit of custom services that can be opted.
Reliability and Scalability: –This is one of the most important aspects of hiring payroll processing companies. To have employees paid at the right time & the right amount is imperative. When a payroll company is engaged, there are delivery timelines, SLA’s & TAT that are defined. This is achieved, no matter what. Also, all payroll companies have their own Business Continuity Plan to ensure work is done as per agreed terms.
So, if you’re having a small or medium business in India, then you should consider Relativity Management Solutions for processing your payrolls. We are one among the most effective payroll processing companies for over 11 years now.