What does Payroll Processing Management Include?
Simply put, payroll process management includes everything from disbursing your employees’ salaries to managing tax deductions on their behalf. This includes extensive data gathering from Human Resource department, and computing tax returns for
all the employees that work with your company. When you hire an expert payroll processing service provider like Versutus, you do not need to worry about all the processes being conducted in compliance with government regulations and individual
employment terms as declared by your team.
Some of the essential processes included in payroll management are:
1. Processing salary for all employees on a monthly or contractual basis as per their salary structure
and filing tax returns for all employees after considering their specified income tax declarations
3. Managing other statutory deductions like PF, Profession Tax, EPF, and ESI etc.
4. Collecting data pertaining to leave and attendance
systems, advance loans taken by the employees, and incorporating it in salary processing
5. Generating pay slips and tax reports, and sharing it with individual employees
How does it help your business?
While many businesses believe that handling payroll processes in-house is more efficient, it is better outsourced. Not only do you not have to spend hefty amount of money on acquiring the right resources and infrastructure, you can secure your data
and processes from any unforeseen mishap. Here are 3 reasons that make outsourcing payroll process management a smart idea over doing it yourself.
Outsourcing your company’s payroll processing can help reduce a number of additional overhead costs easily. Hiring an in-house resource team for payroll processing is an expensive affair. Also, this in-house
team requires technical infrastructure in terms of hardware and software alike, which adds to the cost of the company.
By outsourcing such activities, not only do you save the cost on resources and infrastructure, you can also eliminate or limit the loss caused due to errors and missed compliances.
Professional Expertise and Technology
Payroll processing is highly technical and system oriented. This is why it is important to ensure precision and extreme professionalism in the process. By outsourcing your payroll management requirement, you employ highly professional and experienced team to handle your employees’ salary management. You can rest assured that your payroll processes comply with the necessary regulations, and are reported with utmost precision.
Enhanced Data Security
The problem with in-house payroll processing is that it can often lead to system or data redundancy and losing documentation due to an accident or human error. The professional experts working with payroll management agencies employ the best practices and latest technology to ensure that your data is safe, systematically recorded, and is readily available whenever required.