In today’s highly competitive world, where every company, big or small is vying for a place in the world of trade, subtle economic alchemy can help you achieve your goal. The abrupt entry of COVID in our lives have triggered the need to remodel the outworn payroll system operations of our businesses with services blended with a la mode technology. Therefore, handpicking an outsourcing provider, versatile and efficient will help you circumvent adversity.
An ideal payroll outsourcing company in India will provide you with the following services.
AI integrated Payroll system:
Based on a 2019 survey conducted by Robert Half Finance & Accounting, 47 % of the CFO’s had anticipated that the payroll category will be benefitted from AI-powered solutions the most, hence adopting an AI-powered payroll system is envisaged to draw rewards.
Such a payroll computing mechanism is automatically updated with any kind of changes in accordance with the shifting payroll laws in the country, thereby not requiring any kind of manual data entry to be done. The intelligence inbuilt in the AI systems can analyse situations, scan market conditions and provide with some valid predictions for you to plan your future business agenda. Automatic bot responses answer queries 24*7, therefore eliminating the need to repetitively answer the same kind of payroll queries for your employees.
The benefits of AI integrated payroll systems which are expected to have an impact in the upcoming years are:
1. Pruning the excessive time- consumption
Flexibility in pay procedures:
Earlier, no matter to whatever extent we experienced a cash crunch, we had to wait for days in order for our fixed payday to arrive. Recently, the situation got worse with pandemic hitting hard and inflation rising at its peak. In such times of crisis, if you could pay your employees a part of their salaries in advance, it can help them immensely both financially and morally. In addition, you are bringing goodwill to the company, earning respect, enhancing employee morale, increasing loyalty and forging a positive atmosphere to work in. Consequently, a sound payroll outsourcing provider helps you devise a flexible pay policy with diverse pay plans for your employees.
Secured storage of vital information in the cloud:
The entire database of an employee. from the point of his entry until the point of his exit, is stored collectively in the cloud forever. Separate individual profiles are created incorporating details of employee ID, designation, DOJ, offer letters, reporting managers, PF & ESI nominations, working hours, attendance streaks, leaves, incentives, bonus, DOR, etc. Only a person with authority can view such profiles in just a click.
The data thus collected is organised in a manner such that you can be carefree even during the exit of an employee. How? You are reported of any kind of liabilities yet to be cleared by the employee and after the clearance of any dues, fast processing of FNF settlement is done for the same.
Safely locked data:
The elite class payroll service providers make use of standardised protocols such as :
Payroll data analytics:
It has been reported that payroll frauds occur in 27% of all businesses, which is why enrolling into a right payroll service becomes mandatory. Payroll frauds are difficult to identify if you are not an expert. Certified fraud examiners teamed with professional CA’s can help you spot the anomalies in the process effortlessly.
Some of such oddity in a payroll process are duplicate employee details, duplicate account details, identical supplier employee account details, increased work hours for falsely claiming OT, mismatch in employee performance and incentives, false expense claims, etc
Therefore, apart from investigating the genuineness of the data, the team can also sense the presence of any suspicious behaviour, thus helping you improve your bottom line and smart management of your assets.
Smart monitoring tactics:
The emergence of new-age mobile applications which can easily have your attendance recorded through bio-metrics and can also track the location of your employees with the help of kinetic geo-tagged and auto-capture attendance mechanism are gaining much popularity lately. These systems help automate and bring to notice the daily activities of an employee from anywhere and everywhere.
Modern age payroll providers offer you with such amenities to ease your payroll processes, thereby, increasing the efficiency of employees and further boosting the productivity of an organization.