Pay roll and Auditing

For any business, it is very important to ensure that timely and appropriate payments are made to employees to maintain their level of satisfaction and maintain their motivation level. The employees are the backbone of all business entities and their interest need to be properly fulfilled. In this regard, pay roll processing and payment thereof has its own importance.

Successful business owners know that it is better to be an expert on the product or service he is selling and let someone else be the expert on other tasks. One such other task is payroll.

Outsourcing the administrative task of payroll, where one can invest more time into business and waste less time in keeping up with the rules and regulations governing payroll-

Time: A business owner has better things to do with his time than calculating payroll.

Taxes: A payroll service provider keeps the client updated on tax related issues.

Affordability: The payroll run internally will take away the time, which could be better utilized in revenue producing activities. Considering the investment, manpower, training would definitely favour the decision of outsourcing. The right payroll service provider will save time and money.

Profitability: The payroll outsourcing would definitely give the freedom to spend more time on business activities rather than calculating various taxes relating to payroll.

Accuracy: The accuracy is swinging while running the payroll internally whereas the outsourced payroll would ensure accuracy. Without current and on-going training in payroll compliance, the whole exercise would invite more trouble.

Privacy: It can be embarrassing and detrimental to morale if the wrong eyes fall on the salary cheque. Confidentiality is much easier to maintain when payroll is outsourced, particularly when the organization prefers directly crediting salary to employees account.

MIS: Payroll companies offer a wide array of standard reports that are informative and easy to read. This would help to keep the records neat and concise with these invaluable reports.

Flexibility: As the business grows, the payroll related exercise would also grow. This naturally requires an expert to take care so that the focus does not get distracted.

Professionalism: It is the better way to show your employees that your company is professional and secure. Outsourcing your payroll coupled with all benefits will enhance your successful image and will make your employees happy. After all a happy employee is a productive employee.