Payroll is an integral part of your business, much like Customer service, Content Marketing, Sales Service, and Analytics. Many growing businesses outsource these activities, while many others have in-house staff to perform them. What these latter businesses do not realize is that it increases complexities. These tasks are essential but they are not a part of the core business processes and therefore, become a big drain on the company's resources and time when performed in-house. Hr Payroll Outsourcing

Why Do You Need Payroll Outsourcing Companies?

It takes a group of professionals to look after payroll processes as a small error can lead to a major problem. Spending more time and money on non-core business activities like payroll reduces the overall profitability and generation of revenue in the business, burning out your staff productivity. So, when it comes to small and growing businesses, it is always more beneficial to hire a payroll outsourcing company for accurate, timely, and cost-effective monthly payroll processes. It is understandable that outsourcing, to you, sounds like an idea that is going to be an extra burden on your budget. But this is not always true. This article aims to inform you about the pluses of outsourcing, allowing you a different perspective.

Reasons Why You Should Hire Payroll Outsourcing Companies

1. Saving Time and Reduction of Cost

The most effective advantage of hiring payroll outsourcing services is that it saves both, time and cost. Payroll outsourcing companies have skilled and dedicated professionals who provide simpler ways of disbursing salaries to your employees. This reduces in-house costs and minimizes the burden of payroll work on internal employees.  Your tedious task is now taken over by the third party who will take care of all the payments of employees and vendors. They will also deal with tasks related to bank reconciliation, tax filing, legal compliance, etc. Therefore, there is a considerable reduction in costs since you do not incur extra charges for retraining or hiring skilled employees. Consequently, you also save on infrastructure costs.

2. Technological Advantages

The best part about payroll outsourcing companies is that they are equipped with modern technologies and software's which enable them to use automated methods of reporting. It also helps in better auditing and standardizing of reports. Further, errors are neutralized by analyzing the issue thoroughly with the help of computerized systems of accounting. Missing information can be tracked to its source as it ensures a reliable data storing system.

3. Updated and Well Informed

Sometimes, you may not be fully aware of the latest update of tax regulation or a change in law. Outsourcing companies are well aware and see that your payroll taxes are timely submitted and qualify for deductions and tax benefits. They keep themselves up-to-date with all current regulations and laws made by the government to ensure that you do not face any major penalties. This helps you to maintain a good business/organization image and no unnecessary loss of money.

4. Privacy and Security

Cases of data theft have been observed by in-house employees. There remains a risk of the payroll information being tampered with or manipulated, resulting in fraudulent activities. It is the primary objective of the third party service providers to prioritize data security and privacy. In order to protect your data from security breaches, timely updates on payroll softwares are carried out by them which provide security from unethical hacking. Regular audits are also conducted to check that the payroll procedures are secured and correctly carried out without any chance of fraud. The payroll management team ensures that the confidentiality of your data is maintained. If still tampered with, you have the option to sue the party in the court of law and ask for legal compensation.

5. Accountability and Reliability

It is the top priority of the payroll outsourcing company to ensure reliability and accountability in their work. Owing to the fact that these professionals have your payroll details timely revised and updated, they help you focus on the expansion and growth of your business. A group of highly trained employees and management makes for error-free calculation and reports.

Conclusion

Therefore, when you outsource your payroll processes, you can rely on the procedures of timely payment. Choosing an experienced and reliable payroll outsourcing company does wonders and can help you cut cost and save time by a great extent! The burden of checking on labor turnover, tax payments, statutory compliance fall into their hands. On the other side, you can concentrate on running a business that ensures growth and profitability!  

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CA. Vipul Gandhi

Associate Director

Khandhar Mehta & Shah - Chartered Accountants

‘Paysquare’ a perfect match for us as a consultant to deliver the best to our client. It extends User friendly portal for Employees and seamless processing of Payroll including statutory compliance on time! We

Parameshwer Matla

Human Resources

Columbus India

‘Paysquare’ a perfect match for us as a consultant to deliver the best to our client. It extends User friendly portal for Employees and seamless processing of Payroll including statutory compliance on The most valuable service that we get from you is "peace of mind." I know that once I submit our payroll information, everything will happen on time, payroll, pay slips, statutory reports, full and final settlement, returns and I know that we are and will be always in compliance with statutory laws regarding payroll.

Ramakrishna Dabbara

Sr. Manager – Finance

Sumtotal Systems

We would like to take this opportunity to thank you for your continual support till date! Your support especially during this pandemic has been awesome! Be it the TAT (turnaround time) you people are processing our requests, being accommodative in accepting the II, III payroll revisions, working late/ weekends, delivering the reports in time and minimal to zero errors are some of the examples of your commitment towards work & deliverables.

Abhijeet Shete

SENIOR MANAGER- HUMAN RESOURCE

Altra Industrial Motion India

We would like to take this opportunity to thank you for your continual support till date! Your support especially during this pandemic has been awesome! Be it the TAT (turnaround time) you people are processing our requests, being accommodative in accepting the II, III payroll revisions, working late/ weekends, delivering the reports in time and minimal to zero errors are some of the examples of your commitment towards work & deliverables.

Sukesh Baban Dhage

Manager Accounts

Hi Tech BioSciences India Private Limited

On behalf of Hitech Bio Sciences India Pvt. Ltd., Hi Tech Bio Laboratories, Hi Tech Analytical Works & Hi Tech Biosynth Pvt. Ltd., we appreciate your dedication to provide Payroll services to our companies from the approximately last 4 years. We acknowledge the fact that due to COVID-19, situation has become really tough across the globe. We all are forced to stay at our homes and take extra care of ourselves along with family members. It is a privilege to acknowledge you and your consultancy’s efforts and recognize the valuable service that you have provided to us. 

It is always gratifying to work with such great people with extraordinary abilities to provide good and quality service. The kind of response from your side get is fabulous and most memorable with professional culture. Specifically we would like to mention that, your approach towards the client is fantastic, for e.g. response to email is very prompt, continuous touch with client, on time response to queries or questioners’, on time and accurate report sharing. Flexibility to client requirement, Client / customer centric approach etc. Timely payment of salary gives a lot of confidence to all employees and it is due to our partners like Paysquare that Hi tech has never defaulted on its commitment of timely payment of salaries.

Ratnakar Dhakad

Senior Operation Manager

Tecknack Technologies Private Limited

We are very impressed with Paysquare team due to their ability to process payroll very efficiently. We found the implementation team very knowledgeable, supportive and very systematic.

Paysquare is a very matured payroll processing solution and they have well paid down processes to manage first time as well as every month's processing.

Monica Shah

HR Business Partner India

Victaulic Piping Products India Private Limited

Honestly , It has been an amazing experience working with Payroll team as on date . Deepika and Uma has been a strong support to us. They have always been very helpful and co-operative. I congratulate them to run payroll with zero error every month. And I expect the same level of support in future. I am happy to be associated with Payroll team.

Seagate India

Manager

I have been a client of Paysquare for 7 years and their services are fantastic. Migration from the old consultant to Paysquare was seamless. Soon after the migration, Paysquare team was up the learning curve. They never missed the deadlines provided by us. The team is always reachable, and they keep us informed about changes in taxes or government policies which impact payroll. I have complete confidence and trust in their payroll solutions, and we will always recommend them. Any company looking to ease their payroll burden with friendly service and a flexible, secure system should partner with Paysquare.