Payroll processing is one of the most vital yet non-core functions in any organisation. For an enterprise that does not have an external payroll management handling payroll processing, the HR department is usually left with the task of managing payroll software vendors, on-boarding in-house payroll processing teams, timely processing of payrolls, processing of employee benefits, attendance and leave management for existing employees as well as other administrative tasks that are assigned by the senior management. One thing that you should always remember as a business owner is that payroll processing can be a mundane, complicated and arduous task. Additionally, staying on top of the ever-changing labour and employment laws can be challenging for any business no matter its size. By choosing a payroll management company, you can set your in-house teams free to concentrate on building your brand/business which will translate to more productivity and enhanced focus on internal business operations.
An external payroll processing company usually handles the processing of employee renumeration and handles the administrative tasks that would otherwise be left to the HR department. Further they also assist a business to automate the payroll, remain compliant with local, state and federal laws as well as ensure that employees remain motivated by remitting salaries and benefits on time.
In the article below, the focus will be on the features/services rendered by companies that offer payroll outsourcing services as well as how engaging the services of a payroll management company can help your in-house teams to better focus on the roles they are assigned.
Features/ Services Offered by an Experienced Payroll Outsourcing/Management Company
Payroll processing and management is central to any business. The accurate administration of payrolls and HR management is usually a necessity if a company wants to retain and motivate its workforce. An external payroll outsourcing company usually offers comprehensive payroll solutions that allow a business to seamlessly handle recruitment, administrative tasks, human resource management and legal process so that all the departments in your business can focus on growing/expanding the business.
Here at TopSource Worldwide, we have been offering business payroll management and HR services for more than 18 years. We use our skills and experience to help companies in managing payroll processes as well and simplify the payroll management process by offering end-to-end services. We offer our clients unique and customised solutions to help their enterprises to focus on their core areas of trade and specialisation.
Some of the features/services you can expect from an experienced payroll outsourcing company like ours include:
1. End-to-End Payroll Solutions
Having an in-house team manage all the payroll processes within your business can be taxing and time-consuming. An external payroll service company usually offer unique, custom and scalable solutions to help manage all your payroll processes more effectively and efficiently.
2. Employee Self-Service Solutions
Your employees do not have to go through a complicated process to access their payroll details. A third-party payroll management company usually offers custom self-service modules that allows all the employees to access their payroll information on-demand conveniently.
3. Attendance and Leave Management Services
An external payroll outsourcing provider usually simplifies the process of managing the attendance and leave periods of employees by offering solutions that allow the top management to synchronise shift timings, attendances, holidays and leaves with the payroll easily and conveniently.
4. EOR Services
Payroll management companies also offer Employer of Record (EOR) services. This usually allows for the better management of all employee records and details conveniently and effectively.
5. Statutory Filing Services
External payroll companies also offer statutory filing services to ensure that your company stays compliant with all relevant laws. The statutory filing services offered by payroll management companies cover a wide range of areas including the filing of income tax, provident fund deductions, labour and welfare fund deductions, profession tax and ESIC.
Advantages of Hiring an External Payroll Management Company
External payroll companies allow business owners to leverage the skills and experience of professionals trained in payroll and HR management at affordable rates allowing businesses to reallocate resources to the most important core functions. Some of the benefits they offer include:
1. They Help You Save Time
2. They Help Your Business Stay Compliant
At TopSource Worldwide, we offer comprehensive payroll management services to companies designed to ensure that your employees are paid on time, consistently and in accordance with the requisite regulations be they national or international.