Let’s say you happen to have a small company with very few employees. Every month a fixed amount or proportion of the turnover is accredited into each employee’s account as his remuneration. |
Gradually, your business advances and expands. To heed to the business needs, a greater workforce is employed and complexities like employer’s tax obligations, updating and maintaining the payroll etc. start creeping in. You might even end up employing a few more just to look after the aforementioned prospects/liabilities.
Soon, you realize apart from the substantial amount the company has to loosen up for its employees, considerable resources are also being spent on the maintenance of their payment records and benefits, on keeping up with the ever so dynamic tax obligations and other clumsy paperwork that comes alongside. Even worse – you might end up missing out on or being late to heed to one of these vital, minute factors and get penalized heavily; thus, further draining your already stressed financials.
Thankfully, there are ‘Payroll Outsourcing’ services that can help avoid all this upheaval in the first place.
What’s that? Well, that’s when you outsource (hire an external firm to handle) all of your payroll operations – including, but not limited to, handling and timely payment of dues and benefits, maintenance (and if need be, even purchasing) of the associated software and packages, and handling and updating all of these in accordance with the latest regulations and laws.
Outsourcing payroll operations to professionals brings a heap of benefits alongside –
- Takes a big load off your head – First and foremost, a simple patch up with payroll outsourcing company can make all those payroll related constant tasks (read ‘worries’) go away to be handled by a more efficient and a better-equipped team.
- Can help increase the over-all turnover – Payrolls and related taxes and the resources spent on maintaining these have a considerable impact on a company’s net income. Handled effectively and efficiently, these may prove to positively affect the net turnover of your company.
- Serves as an incentive for the employees – Regular payments of dues and benefits with accurate deductions and tax withholdings can help assure your employees of your firm’s diligence and commitment towards them.
- Helps you avoid all those nasty penalties – As all your payroll related tasks are now handled by third-party professionals, it’s their job to ensure that everything related takes place as and when required and in adherence with the latest laws and regulations concerning the domain. Yet, should you find your firm facing a fine owing to a fault on your collaborator’s part - it’s on them. Speaking of taking loads off!
Payroll outsourcing firms in India offer all of this at pretty reasonable rates, which can be approximated as – We’ve also filtered out a list of some of the top Payroll Outsourcing companies in the country for you. Check ‘em out:
1. HR Payroll Outsourcing – Prices start from Rs.1,999/- per month 2. 247HRM - Payroll Software packages start at Rs.999/- per month 3. TreeLife Consulting 4. GreyTip 5. Intero Solutions
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