The Benefit of Using an Efficient Payroll Management
Whether it is a small company or a huge firm, everyone needs an efficient payroll management system. Gone are the days when the accounts department used to manually write the paychecks for salaries and manually maintain the accounts as well as books. A lot of leakages used to happen, some of which, used to go unnoticed. But with a payroll outsourcing companies, the steps are now automated and real time update of the accounts takes place. Since each and every transaction can be audited therefore the chances of leakages have reduced to a greater extent.
Apart from the purpose for which a payroll management system was designed, there is a new system Paysquare, which not only automates the conventional accounts procedures but also takes care of the employees, HR as well as the finance team through a single portal.
- It enables the employees to access their salary slips, bonus reimbursement slip, tax sheet etc.
- It helps the employees declare their investments for tax saving easily.
- It contains a channel through which the employee can directly ask questions to the HR and the finance team. Using the same payroll partners, the HR and the finance team can answer the employee’s query
For the HR Team
- It encompasses all the HR documents and lets the HR have an access to it easily whenever required
- It lets the HR generate and have an access to the MIS reports
- It has a flexible input cycle
- It is secure enough to take care of the data that is put in and is extracted from the tool. It also allows the management to run an audit on the transactions conducted by the HR using this tool.
For the Finance Team
- It helps the finance team prepare salary and reimbursement budget
- It helps the team to maintain journal for cost booking
- The software is capable of accurately computing the payroll related compliances including tax computations
Now either the company itself can manage the payroll software or it can outsource or contract it to a third party vendor. The third party vendor will have extended access to the payroll management system so as to take care of the payroll department. The payroll outsourcing services in India is on therise these days. The same company that came up with this unique payroll management software also does take up contracts for managing the payroll department of various companies. There are various benefits of outsourcing the payroll departments as compared to handling it in premises:-
· Cost Benefit
The prime most benefit of outsourcing the payroll department is cost savings. The contract generally is done on per seat basis and at the end of the day it turns out to be a fraction of the actual cost incurred to run an in-house payrolls department. The time and efforts saved can be spent in the core part of the business
· Avoid Penalties
Since payroll department is not the core part of the business, therefore, there are high chances of missing out any legal compliance update. This may lead to penalties by the government. However outsourcing it to a third party would keep everything up to date
Apart from these, other benefits like addressing of technological issues with the software, fraud check, tax deposits etc. are all handled by the contracted third party at a very economical cost. Therefore outsourcing the payroll department makes sense.
About the company
Paysquare is an IT company that specializes in cloud-based payroll management system and contract payroll management. It was founded by Rakesh Jain, who currently serves the role of CEO in the company. It has a huge portfolio of MNC’s and small scale companies using its payroll services happily since over more than a decade.