Benefits Of Hiring Payroll Outsourcing Services
In an organisation, processing payroll is a very important business function. With that said, it is considered a non core activity. In order to deal with payroll in house, the Human Resource team has to properly manage vendors, processing of payroll, leave and attendance, benefits as well as other types of administration activities. Processing payroll takes a lot of time and it is somewhat boring and complex. Additionally, it is important to keep aware of labour laws as well as relevant regulations that are constantly changing. So, it is a good idea for companies to hire payroll services so that they can outsource this task which will ensure their employees can focus on the core business functions and increase their productivity.
When you hire a payroll service, you will be outsourcing to a third party company that will always make sure that each one of your employees are paid on time and they will also deal with various administrative tasks. These companies also typically provide end to end payroll management services to make dealing with payroll extremely easy. They help businesses make their payroll processes automated while ensuring they are fully compliant. This is quite delightful to employees since they will always receive their correct payments on time.
In this article, we will look at the benefits and features of payroll outsourced services and how they assist companies to pay more attention to their critical HR roles.
How much do you know about these services?
TopSource Worldwide has been providing HR services and payroll outsourcing for 18+ years. We have a great deal of experience in managing payroll and we make this a lot easier due to our end to end payroll management service. We also provide custom solutions which allow companies to focus more on their more critical company functions.
Payroll Outsourcing Company Features
In every company, payroll is an important function. As a result of this, good HR management and payroll management is essential in order for the business to keep its employees. With a third party payroll company, they will offer a full solution that enable companies to easily and quickly deal with administration, recruitment, legalities, HR etc. This would allow the business to focus more heavily on their core business which will result in faster growth. The features of payroll services are as follows:
End To End Payroll
It is quite complicated to deal with payroll in house. As a result, hiring a third party payroll company will enable the business to manage and scale payroll much easier and more efficiently.
Employee Self Service
This management system will help the business to boost the experience of their staff via self service modules. These will ensure that employees can view their payroll details whenever they want to.
Attendance And Leave Management
A payroll service will make managing attendance as well as leaves easier since it will automate it through a leave management system. They will have a thorough leave management service that will help businesses synchronise shifts, holidays, attendance, leaves etc with their payroll system.
PEO/EOR Businesses
Payroll companies also offer EOR or employer of record services. This means that they will manage all of your employees.
Compliance or Statutory Filing
Payroll outsourced companies will ensure that businesses are always compliant with current regulations and laws. They have a statutory compliance services that will ensure that the company is well covered with respect to profession tax, income tax, labour welfare fun, provident fund, ESIC and more.
Advantages Of Using A Payroll Service
These services enable companies to make full use of their expertise at very affordable prices for HR and payroll management. This allows them to use more of their own resources for other business functions. Hiring one of these companies will also provide the following advantages.
Saves Time
Handling payroll is complicated and it also takes up a lot of time. It will also include management of employee attendance, leave, grievances, employee data, payroll and more. These type of activities will distract from important business activities.
Be Compliant
It is essential that every business remains compliant with the laws and regulations of the government. If there is non compliance, then this can lead to litigation and penalties. As a result, statutory compliance is a great benefit that companies will enjoy when hiring a payroll service.
If you are looking for an excellent payroll service, then TopSource Worldwide is the company you need. We offer a wide range of employer services and will ensure that all of your employees are paid accurately and on time according to your business needs.