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The core objective of businesses is to generate revenues and profits, but they often get bogged down by several administrative processes involved. One such process, which is critical yet very cumbersome and time consuming is payroll processing. Payroll processing involves tedious and routine work. Processing payroll for employees can be a complex task, especially taking into account the financial and legal implications.
A number of small and medium enterprises generally do not have a specific payroll person. Instead, they assign the responsibility to employees in the HR or Accounts department. It might result in inefficiency if the person does not remain updated on legal, tax and other issues.
A manual payroll system typically requires a great deal of manual interventions creating administrative burden for HR staff. Errors in keeping track of employee information such as attendance, benefit deductions,leave data and paid time-off, data on employee loans and advances, information about new hires and exits, can create errors in payroll calculations. This can have an overall impact on accuracy in payroll processing.
Payroll processing load increases seasonally. Especially at the end of the financial year, when final tax liability needs to be computed, based on document submissions, it can get very cumbersome. Incorrect tax calculations can lead to penalties, inconvenience and dissatisfaction in employees.
small blunder in payroll processing can hamper your business growth. As a HR professional you must have probably encountered all of these - or more problems. Despite variety of HR software, tools, and resources there are still common problems with inhouse payroll management that must be consistently addressed.
Nowadays, behind every successful business, is an outsourced payroll service provider - A faster, more accurate path to Payroll
There is only one solution to the above challenges: Outsourcing. Outsourcing your payroll to a payroll service provider can save you time and money. It allows HR staff to work more on strategic tasks by concentrating on their core activities.Some of the other benefits include staying updated to payroll-related regulations, greater data security and the comfort of knowing experts are handling your payroll functions.
In addition to resolving the common problems by outsourcing your payroll, you get peace of mind by knowing that your other HR processes are being handled competently, accurately, and on time. On top of that, you can be assured that the accountability and liability for compliance rests with your payroll service provider. It is a viable solution for companies that want to optimize internal productivity and concentrate on other important business functions.