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| Payroll Outsourcing Services |
For
most of the business enterprises, payroll processing is an expensive as well as
time consuming task. The Payroll
Outsourcing Services provide the companies the best payroll solution thereby
ensuring accuracy and making the process cost-effective. The service company
assures full compliance of the client’s needs, streamlines the entire process
and ensures execution of payroll in a consistent manner. They manage all the
tasks related to payrolls such as tax proof, expenses, leave and absence,
employee self service, client self service, query, submission of returns,
reports and analytics. Those who undertake the task of payroll processing are
required to be updated with the changing regulations and perform their tasks
accordingly. The outsourcing services ensure support right from the date of
joining of the employee till his date of exit. They ensure timely payroll
processing at reduced cost and ensure prompt delivery of bank advice statements
and MIS reports. The professional payroll processing services are well equipped
with the most advanced tools so as to ensure strict adherence to the payroll
compliance legislation.
What they do?
The
Payroll
Outsourcing Services prepare all statutory reports including PF Forms
and Challans. They ensure timely remittance of taxes as per the statutory
norms. They prepare and submit ESI statements and provide assistance during
inspections and audits. They make use of customizable tools for payroll
analytics so as to meet specific needs of the client and also to ensure
security. They ensure web access to the workforce data thereby facilitating the
right business decisions. Through payroll analytics they provide details of
distribution of labor/pay, trends in joining, statements of loan and loan
recovery and information regarding employee turnover and retention.
ESS
The
Employee Self Service provided by the payroll servicing firms provides a
comprehensive method to improve employee experience with reduction in time and
efforts. The employee self service portal enables the employees to view their
personal details and update or change their personal details. They can view and
if required download their pay slips as well as tax computation sheets. They
can submit their investment declarations through the ESS portal. The ESS portal
is used for Query Management thereby simplifying the process of answering
queries from the employees and resolving their issues. The service firms assure
prompt and immediate answering of queries and resolving of issues for which
they provide a dedicated staff to oversee these activities. The payroll service
firms enable their clients to take their hr management to new heights. By way
of enabling the clients to focus on the core business, they help them to have
new business insights.
Advantages of payroll outsourcing
Business
enterprises can have a lot of benefits by outsourcing the payroll services. The
payroll processes will be streamlined and a fast turnaround is ensured. The
company can reduce its investment in IT infrastructure. The resources can be
deployed in the proper way and the documents and reports will be made
error-free. Moreover, strict compliance of rules and statutory requirements are
assured. Since there will be no chance of non-compliance, penalties and other
legal actions can be avoided. The
management can take strategic initiatives with the help of solid business
intelligence. The outsourcing ensures simple and affordable method for paying
the employees, filing tax returns and carrying out all other activities related
to payroll management.
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