How To Choose Best Payroll Outsourcing Agency – TopSource
PAYROLL OUTSOURCING services have made it possible to manage the PAYROLL PROCESS without the need to maintain the large payroll department. Best payroll outsourcing agency will manage varied functions like calculation of salary, with-holding taxes, bank accounts of employees, compliance etc.
PAYROLL has been the most outsourced functions in the business world. As small medium sized enterprises are increasingly capturing the market, best payroll outsourcing agency now offer their payroll services to the smaller clients suiting as per their business requirements.
How much does payroll outsourcing cost?
Many small and medium organizations don’t even consider outsourcing thinking that it is too expensive. Nothing can be further from the truth. With technological advances, today best payroll outsourcing agency have reached a stage where per person, per month pricing models are possible.
Another fallacy is in the mind-set where instead of outsourcing, hiring a person to do the job, appears to be an attractive option. Best payroll outsourcing agency assures you that hiring a person is more cost than just the salary cost of the person hired. The infrastructure, recruitment, management time, initial learning time, absenteeism, risk of dependency on a single person all these are costs. Therefore; if you consider all these costs then hiring best payroll outsourcing agency works out cheaper.
Because the OUTSOURCING SERVICE PROVIDER is an expert, handling multiple clients and scenarios, the agency is well placed to offer advice on salary structures, tax deductions as well as statutory requirements. Second intangible benefit is process optimization.
When the payroll processing is built in-house, it takes up lot of time and there is less time to check for errors. When you outsource, your information gets checked each month. The time to process the PAYROLL falls down and accuracy increases. This directly leads to increased employee satisfaction, making your organization the best place to work for!
Should you keep your PAYROLL In-house or outsource it?
As a best payroll outsourcing agency, it is expected to assure the readers that outsourcing always works. I’m pragmatic person and my years of experience have taught me that outsourcing does not work for everybody. Surprised? Please read on.
OUTSOURCING works when a process is followed, cut-off dates are adhered to and information collection is disciplined.
On the contrary, it fails when the process is not mature. As I mention often, you can’t outsource a problem.
Another interesting factor to consider is the feeling of ‘loss of control’. At times the outsourcer feels that by outsourcing, he/she is losing control over the information. Hiring best payroll outsourcing agency not only improves the efficiency but; frees up the time of HR to engage in more relevant task to their role.
Is my employee data secured?
Security is one of the primary concern in today’s date. Especially; if it the financial information then everyone thinks twice before sharing it. So should we not outsource our processes that deal with such data? You certainly can outsource but verify the following before you do that.
1. Are you seeing your data using only http or is it https? Https gives you secure data transmission.
2. Insist on getting zip files that are password protected
3. Cloud application requires to have a secured logging. The system should offer you the flexibility to set up complex password rules.
4. Usage of Captcha (those letters and numbers that appear as a pattern) is a good indicator of a secure system.
5. Check what information security certifications are provided by the vendor.
How to choose best payroll outsourcing agency?
The adage ‘one size does not fit all’ surely comes to mind when we discuss selection of an outsourcing partner that is right for you. The word partner is apt – you need to select a vendor who is your extended arm and hence a partner.
A partner is someone whom we trust so please check that the vendor is someone whom you can trust. Seek and check client references.
Then check accessibility of the vendor. Is there email and phone access available? Can you create a trouble ticket? If yes, then vendor can become your partner. Another aspect to search is the technology expertise available with the vendor. Check for the vendor’s expertise with statutory compliance.
How much employee strength is required to outsource payroll?
Small and medium organizations often think that they are not going to benefit from OUTSOURCING. This notion is not true. Our clientele list include mix of businesses from covering all segments. We provide payroll to startups, small businesses as well as established ones.
Small and medium organizations need to focus all their time and energy on their core competency. This is where outsourcing helps. On the other hand for large organizations, economies of scale can work very favorably to give them cost effective outsourcing solutions.
Which seems to be good option, Self Service or Fully Managed Payroll Outsourcing?
I’m very clear that self-service is the way ahead. Look at today’s organizations. They have young, technology savvy workforce that is also on the move. Employees work from the office, from home and sometimes from client locations. They use desktops, laptops, tabs and smart phones. They work in shifts. Basically the organization is working at all locations at all times.
In such a case, why not provide the option of self-service given by best payroll outsourcing agency let the employees get all payroll related information as and when needed? Ensure that information is on a secure platform and is provided in a user friendly manner. After doing that, relax and let your employees access their information, be it their pay slip, tax report or timesheet report on their own.
TopSource being the best payroll outsourcing agency brings to midsize companies a level of service and business value previously available only to the largest corporations.
Sunil Bane is a Director and CTO of TopSource, known for offering exceptional back office solutions in the areas of accounting, finance, bookkeeping, payroll processing and administration.
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