Outsourcing your payroll processes can help you do away with the meticulous nerve-wracking ordeal that comes with administering the pay of your employees.
Smart and flexible leave policies with easy tracking mechanism tailored as per your needs. The appealing calendar looks serve as the blueprint of the bygone or upcoming engagements you can easily keep track of.
Whether working from the office or from the comfort of home, the attendance and the actual work time of your employees can easily be noted with the cutting edge technologies that these providers adopt. Prompt reminders alert you of any policy breaches.
Automatic attendance in integration with bio-metric gadgets, card-swipe machines, GPS trackers and user-friendly apps liberates you from the maddening concerns of your employees’ office bunking excuses.
Designing payroll wage sheet showing gross deductions and net pay, paycheck creation, calculation of taxes and state dues, on-time quarter and annual form submissions, filling year-end tax forms, taking care of employee TDS.
Real-time data access, accurate financial reports, employee-friendly pay structures, loan management and salary advances are the features which serve as the bonanza.
Creating effortless digital employee records with easy retrieval of data at any time. The building of a central repository for accessing employee forms and documents with tailor-made policies. Promising a safely locked employee database with zero chances of a data breach.
Effortless employee reporting and automatic issue categorisation, in-depth analysis and swift resolutions, regular reminders and escalations, thus resulting in enhanced employee morale and satisfaction.
Pricing is an important factor for you to consider before you hammer out a deal. Payroll functions encompass a wide range of variables which play a major role in forming a price quotation for an outsourcing service provider. Payroll Outsourcing Cost Factors are followings :
With the availability of a wide range of service options to choose from, the requirements of different companies might vary and so does the pricing.
Outsourcing companies have custom-made packages to offer to their clients, thereby charging a minimum amount for the standard services.
This might include TDS deductions, PF and ESI calculations, bank transfer and cheque payment facility, payslip generation, monthly publishing of PF, PT and ESI statements(tentative list).
The amount keeps stretching with the add-on services you wish to take up, such as customisable payslip layouts, payslip delivery via email, bulk email facility with personalised templates flashing company’s own branding, and so on.
The compliance requirements also vary from industry to industry. Where some companies have not many regulatory compliances to adhere to, some others have stringent and augmented compliance rules and so a premium amount might be charged from them.
Outsourcing companies design their quotations as per individual employee charges too and hence charges multiply with the total employee count.
Putting in a nutshell, payroll outsourcing services might cost you a few thousands to some hefty lakhs once in every month.
Additionally, since for small businesses, investing in a cloud-based payroll system seems more of a wise decision, there are gazillions of options to choose from (Best Payroll Software). The pricing pattern of the software services also varies according to the plan you opt for.