Importance of Payroll Management Software – Finding Best Payroll Software India

Payroll outsourcing involves the activities of ensuring the transaction process to third parties in a better way. It helps large organizations to save time and skip challenging tasks of payroll processing. Payroll service providers in India work professionally ensuring the accuracy levels and timely delivery of pay cheques.

Best Features of Hiring Payroll Service Providers:

The Payroll service providers provide customized solutions to corporate companies to meet their unique requirements. They are flexible and some of the best features of their payroll management software include;

  • Manage all details of a company
  • Handle multiple departments
  • Holiday and leave management
  • Manage bank/employee details
  • Set the tax percentage for the employees
  • Manage deductions and allowances
  • Manage leaves and attendance
  • Manage increment, loan, and salary of employees
  • Generate reports

Responsibilities of payroll Service Provider:

Payroll in simple term refers to calculating the pay for employees. Many corporate choose payroll outsourcing services for payroll management, as they find it to be simpler and stress-free. This will also be a cost-effective option. Some of the key responsibilities include:

  • Maintain accurate records of pay and deductions made to employees and report these deductions to HR, every time it is processed
  • Deduct income tax from the pay
  • Deduct NIC from employee’s pay
  • Deduct student loan contributions from pay
  • Deduct pension contribution from pay
  • Maintain accurate record of payroll for current and previous six tax years

The responsibilities of a payroll service provider will vary with client’s requirements.

This varied responsibilities and complexities involved in payroll management make many companies outsource their payroll requirements to specialists.

Why do corporate Companies choose to Outsource Payroll Process?

There are both financial and practical reasons for why a company chooses to outsource payroll requirements and to point a few:

  • Managing payroll in-house may become an expensive and unwanted pressure
  • It may demand, employing and training, staff, which becomes time-consuming
  • In-house employees may leave the company after they get some experience or training, which becomes a loss for the client to again hire new staff and train. This may affect the consistency of payroll process
  • Many business process outsourcing services offer personalized payroll services at affordable costs. Their packages are tailored to meet each client’s need individually
  • On deciding to outsource payroll, you need not worry about your financial limitations and wait until year end, as you will experience a smooth transition

Besides understanding the importance and advantages of outsourcing payroll needs, there are also a few things to consider before choosing the company. It is imperative that the company you choose must be there in the industry for years or have served reasonable numbers of satisfied clients locally or worldwide.

The payroll service provider must be flexible in providing you the best price, which is also affordable.

They must be flexible in providing reports and maintaining other details as per client’s expectations. The end result must be 100% satisfied. However, it is always important to keep an eye on your costs.

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