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Payroll Outsourcing

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Payroll Process Outsourcing

The concern for cost reduction has become a major factor which result in the significant growth of outsourcing Payroll and enhancing the existing outsourcing functions by numerous organizations. Payroll process outsourcing has great benefits over administrating it in-house.

The Payroll processing is of high relevance for the organization's salaries, wages, bonuses, deductions, and net pay. It maintains the check system and records the transaction which is of high importance to them. You leverage the administration further which you are carefree.

What is the Payroll Process in India?

Payroll consists of various methods for the calculation of payments to the employee. According to their work for the company, it is required to calculate the overall payment of each employee. Payroll processing is the most effective and used way to calculate the total payment of the employee. After calculating all the mandatory deductions like PF, HRA, DA, etc. HR department process the total pay which should be given to the employees. Each company uses a different payroll process in India. Various company or location-specific laws are also applied to the payroll calculations. Payroll consists of various non-payment work like payslip generation, disbursal, taxes, etc. Below are all the steps that are included in the payroll process.

1. Pre Payroll Process

This is the initial stage of payroll processing. The dedicated payroll department has to define the company policies in this stage. Also, the inputs are gathered by the department to process the actual salary structure for the month. So, we will discuss everything in detail below.

Payroll Policies

In this step, the company adheres to the company policies while generating the first output. Various policies like attendance policy, leave policy comes into play. It is done to completely adhere to the company’s norms.

Gathering and Confirmation of Inputs

Once the policies are revised and confirmed. It is time to receive the inputs from the dedicated department. In this step, various payment-related data is received.

2. Actual Payroll Process

This is the actual payroll process in India. The payroll department does this by following various payroll guidelines. The defined steps are as follows.

Calculation

In this step, all the taxes and deductions are calculated. These deductions can affect the total salary of the employees. After the calculation, the post payroll process starts.

3. Post Payroll Process

The post Payroll process is the final payroll processing activity. It consists of various deductions and a final pay out. The whole detailed structure of the post payroll process is given below.

Statutory deductions

In this step, all the taxes and deductions are calculated. These deductions can affect the total salary of the employees. After the calculation, the post payroll process starts.

Accounting

Before processing the payment, it is required to register everything in the company records. All the transactions and total payments are done to the employees should be visible to the company. A separate payroll accounting department is used for this.

Final Pay-out

Depending upon the mode of payment, the company pays the final calculated amount to the employees. Most companies give salary accounts to their employees. So, whether the company is doing it with checks, cash, or online transactions. The final payment should be given to the employees. This was the whole payroll process in India. Most of the companies use the same process as above.

Payroll Outsourcing Companies in India

The companies have their payroll departments most of the time. But, if your company does not have a dedicated payroll department. Then it would be difficult for you to process the data and calculate the salaries. Payroll software is also there to make this work easy. But to get reliable and efficient payroll solutions. You should find good payroll outsourcing companies in India. Payroll companies especially work for various payroll activities. These activities include attendance, deductions, taxes, leaves, etc. You have to hire a good company and your payroll works will become easier than ever.

Benefits of Hiring a Payroll Outsourcing Company
Convenience

You can easily hire a separate payroll manager along with the staff. But, a payroll outsourcing company will be more convenient for you. You just have to give the required details to the company. Once you did that, you have to let them do their works. This will help you to focus on your core operations.

Cost-Efficient

The overall cost of setting up a payroll department is considerably high. It is more than the cost of an outsourcing company. So, it is good to use your precious money in a productive place. Most of the companies are opting for outsourcing companies. It happens because they know their amazing revenue benefits.

Time-Saving

Once you hire one of the payroll outsourcing companies in India. It will help you to save you time and resources. Instead of spending your workforce on payroll processing works. You can use it in any other revenue-generating process. It will help you to utilize your time and resources in productive ways.

Accuracy

As these companies train their staff for doing payroll jobs, it reduces the chance of errors. Also, Payroll companies always submit their work reports after performing their jobs. You can easily observe the total work done by them.

Safe and Reliable

Most of the payroll outsourcing companies use their payroll software. It provides convenience to its clients and employees. It is easy for the employees to track their salary records with this software. They can check their salary slips and deductions with this. It improves the reliability of the company.

Paperless Procedures

Usually, payroll outsourcing companies use electronic mediums. It helps your company to stay away from paper-bound operations. You can check details about your payroll by using the dedicated software. This online procedure saves a lot of time and company resources. This is one of the biggest advantages of payroll outsourcing companies.

In a nutshell, payroll outsourcing companies in India would give you hassle-free payroll processing services. It will help you to focus on your business requisites. Whether you are running a tiny or a huge business. Hiring payroll outsourcing services will boost your revenue. You do not have to be cautious about generating salaries. You will be free from the hassles of payroll at the end of the month. Instead, you can give your work to someone expert in this. Just make sure to select a company full of discretion.

Payroll Outsourcing Services

  • Reliable and continuous service aids in smooth functioning of the organisation
  • Reduction in operating cost helps in saving the expenses
  • Accurate and timely handling of legislative requirements keeps one hassle free and organised
  • Maximum attention can be diverted for growth of business in other direction
  • Flexible Delivery on time with accuracy makes one prone to less error
  • Enhanced management information for better productivity... Read More

In payroll process outsourcing, client and workforce contribute together to get the desired payroll process.

Client’s contribution:
  • To provide information such as; attendance, leave records, changes in pay, status, etc.
  • To record accounting entries and bank transactions based on Information provided by us
WORKFORCE’S contribution:

Payroll processing is a complicated process that brings forth a variety of challenges. It is very important for a client to decide whether it is best to hire a payroll company or administrate this task by themselves as there are certain factors pertaining Payroll processing which are rendered as vital.

Accuracy

Accuracy is of prime importance, which demands for a team of professionals, making it vital to contract with a professional...Read More

At WORKFORCE special attention is given to vital things in order to enhance the payroll services to cater to the utmost client requirements.

  • Accuracy and punctuality for Payroll processing results into fast processing and removes operational barrier
  • Scheduled delivery of Pay-slips, Form 16 etc. thus you become proactive of the things
  • Reporting of timelines and quality, makes you organised and structured
  • Compliance with legislation and prompt... Read More

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