One of the most significant breakthroughs in the field of management, according to the Bigsources Manpower Solution PVT. LTD., is outsourcing. The strategy to outsourcing is to, firstly identify the core activities which are the essence of the company and turn the management’s focus on these, while concurrently transferring the other activities on a recurring basis, to a service provider who specializes in them. Payroll outsourcing, which involves employing an outside agency to do the routine work of managing salary, its calculation and payment, along with any other related functions, has transformed into an extremely successful industry.
India is today one of the major destinations for payroll outsourcing. Some of the reasons for this are:
Payroll outsourcing, which involves employing an outside agency to do the routine work of managing salary, its calculation and payment, along with any other related functions, has transformed into an extremely successful industry.
Cost savings for the company on outsourcing payroll processing are extremely significant and can go upto 50% at times.
Cost reductions and cost effectiveness can be achieved.
Productivity is improved, as service quality provided is excellent and this frees the company from
non-income generating tasks.
Indian payroll processing service providers have a very highly specialized and expansive knowledge base in finance and accounting which would be of help to businesses globally. These service providers are fluent in English and extremely competent and efficient. Where India and the other countries are concerned, the time difference is also favorable, thus work completion is faster.
Advantages of Outsourcing Payroll Processing Services
Outsourcing payroll processing offers phenomenal advantages to the corporate sector, especially the small and medium sized businesses. Some of the advantages are:
Cost Reduction
Direct costs for payroll processing are much higher than costs of outsourcing payrolls. No Penalties
Outsourcing payrolls frees you from worrying about fines and penalties. It is believed that 40% of small businesses pay penalties for late or incorrect filings. Many payroll services provide a tax guarantee and make sure that there would be no fines and if there are take responsibility for them. For this reason alone, payroll outsourcing is cost justified.
Brings Fun back into Business
When payrolls are outsourced the tedious and painful chore of doing payrolls is off your head. This frees you to look into the aspects of your business which you enjoy.
Attention Focused on Core Issues
Management can focus on dealing with core issues of the business instead of the nitty-gritty non-core issues, when payrolls are outsourced. This saves time and energy which can be put to better use.
Lowers Risk Potential
Doing payrolls on your own can be risky, as along with working on your core-issues you need to look into confusing aspects of payroll making like, update tax tables, locate forms, submit reports and make payments. This distracts one from the business at hand and at the same time increases the risk of mistakes in the payroll.
Direct Deposit
You can offer your employees a convenience-direct deposit. No more bothersome trips to the bank and this saves time too!! This also eliminates paper-handling which is less efficient, time consuming and prone to errors.
Walkouts Don’t Matter
Losing an employee who does the payroll to a new job is no longer a worry if you outsource payrolls.
Experts at your Service
Payroll expertise of the payroll service employed is at your beck and call, so you no longer have to keep track of the constantly changing rules, forms, etc. Also, updating of latest payroll software is no longer your headache!!
Service delivery
Bigsources.in believes in providing excellent services to the clients with 100 % accuracy and that’s the reason we have sustained our self for more then a decade now, Clients trust Bigsources.in as We provide integrated high quality services within the agreed timelines, which frees up your management attention and resources tied up in your payroll process.
Compliance Management
Compliances are the very foundation of our outsourcing values. We comply with all statutory requirements and our systems are regularly updated to reflect changing regulations. We ensure and check all the compliances are being fulfilled on time and our clients are also updated. Technology
We use latest technology software’s and also keep our clients updated with the latest technologies. Technology is core to our service delivery as we explore means and methods to deliver with speed and accuracy.
Process Capabilities
At Bigsources.in we follow all the process step by step and provide the future Milestones to clients before preceding any task. We offer consistent delivery across locations and clients through robust policies and processes for project management, migration, delivery, and reporting and client management.
Process analytics
At the end of the entire process, Bigsources.in will also submit a comprehensive detailed data analytics of the entire process with all the numbers and ratios mentioned in form of HR reports that can also be amended as per the HR requirements. Sharing Updates
We provide all the statutory and compliances related updates, notifications to all our clients timely and keep a check that all the reminders/ alerts/ documents submission are in the knowledge of clients.
Confidentiality
We understand the sensitivity of client information handled by us. We take all appropriate measures to ensure confidentiality internal to Client and Bigsources.in, as well as external confidentiality. All associates in our firm are bound by stringent integrity and confidentiality clauses as part of their terms of employment.
FOLLOW US ON:     |
1
2