Employees are the best superlative asset and the strength of any company. Therefore it becomes an utmost priority of a company to keep its employee satisfaction high and make them replace part of it. To do so, there are various critical areas where a company can focus on instead such as having an efficient payroll system. The companies handle the payroll department either themselves or they outsource it to a professional payroll services company. There are a lot of payroll outsourcing companies in Mumbai like Paysquare which can benefit you in managing your payroll operations and scale it up or down as required from time to time.
In order to find out the best possible option to manage the payroll department, it is important to evaluate both the options of running an in-house payroll department and outsource the payroll services to the professional payroll outsourcing company. Following are the various discussion points that differentiate between both the options:-
The biggest benefit that a company has by outsourcing the payroll operations is the need to purchase, install, maintain and support with the help of the IT labor, eliminates. It leads to the reduction in the operating cost. There is no need to worry about the your organization’s data as most of professional payroll outsourcing firms have robust security check which restricts the access to the information only to the authenticated users. Paysquare is one such payroll outsourcing firm which has an aggressive security setup and ensure keeping employees data encrypted.
Scalability of Operations
Another benefit of outsourcing the payroll services is that the scalability issues are taken care of. If the company themselves handles the payroll services, as the company grows, the need to expand the resources to manage the payroll department would also arise, leading to an increase in the burden on the business. On the contrary, if the payroll services are outsourced to a professional outsourcing company, there are very minimal changes required at the server end to handle the increase in the number of users.
According to a recent studies, it was found that a lot of companies considered the internal payroll department as a burden for them as it did not directly contribute to the revenue generation and at the same time, it consumed a considerable space in the office. Therefore a lot of companies have started using the payroll services in Pune. This move has been very beneficial to the businesses in using the room allocated to the payroll department earlier, for the core business purpose now.
Ease for the employees
The professional payroll outsourcing companies provide software as a service platform where the employees can directly enter in his or her information in the software and have access to their pay slips, income tax computation sheets, Form 16 etc. This option helps in improving the satisfaction level of the employee because of the ease of access. On the contrary, in in-house payroll department operations, the things are dependent on the payroll department employees and in their absence, everything comes to a still which leads to an increase in the turnaround time to resolve the issue.
Considering the points mentioned above, it is clearly derived that the professional payroll outsourcing is a better option as compared to the in-house payroll department. Therefore the business of payroll outsourcing in India is on the rise with very few quality players like Paysquare.