Did you know that outsourcing payroll can bring in several benefits for your business? If you have already outsourced functions like web design, telemarketing or data entry, then you would already know how valuable it is to have an expert to work on your behalf. By outsourcing payroll services to a professional service provider in India, you can save money, steer clear of costly mistakes and even free up your time for core business activities.
Here are three benefits that you can leverage by outsourcing payroll services:
1. Remove the need for in-house payroll
It is a known fact that hiring and training an in-house team of bookkeepers is expensive and tedious. For your in-house bookkeeper to perform tasks like invoicing, recording paid bills and estimating job costs, you will incur a hefty sum of $40,000 a year. This is not inclusive of the other benefits that you will have to provide. On the other hand, outsourcing can give you access to part-time bookkeepers who charge on an hourly or weekly basis (whichever suits you). This will not only be cost-effective but will also give you the flexibility to choose the number of hours that you want from a dedicated bookkeeper.
By engaging the services of a payroll service provider, you can eliminate the need to train new bookkeepers in your payroll methods. Outsourcing also ensures that there are no delays in payments and benefits, if your in-house employees are busy, on holiday or on sick leave.
Most business owners find payroll to be a very time consuming and tedious effort and are happy to engage the services of an outsourced service provider. By outsourcing, you can be sure of being in sync with the latest research tax laws and regulations, as your service provider will be constantly keeping an eye out for changes. Outsourcing payroll is great option to consider when your company is going through a busy season, can’t engage a bookkeeper or requires complicated calculation during pay periods.
2. Get access to expert services
Another reason why most companies hire a payroll company is the assurance of engaging the services of a professional. If you have handled payroll in-house, then you would know that it be complicated to keep a track of payroll computations. If there is a miscalculation in your savings or tax amounts it can result in costly penalties and fees for your company and your employees. A professional payroll company on the other hand will be able to make accurate calculations. Most payroll service providers also offer to pay the penalty, if they make a mistake.
If your business offers flexible savings accounts, then you might know that payroll paperwork can eat up many hours during each pay period. If your industry requires taxes or specific types of insurance payments, then it’s a great idea to go with an experienced payroll company who will give you access to the services of professionals.
3. Reduce cost and effort
By outsourcing payroll services, you and your internal staff can be completely free from the burden of payroll functions. The more time your in-house bookkeepers spend on payroll, the lesser the time they will have for other important business activities. A professional service provider like Flatworld Solutions can make deposits, perform calculations and create reports much faster because they have years of experience and have access to knowledgeable bookkeepers.
Performing your own payroll on the other hand can take up more time and may result in more mistakes. As soon as you outsource payroll, you will definitely see a great difference in the amount of time and effort that you can save.
Outsource payroll today and see the difference
Most likely, you did not start your business because you were passionate about doing administrative tasks (like payroll). Most entrepreneurs start their company because they have a vision and dream for a particular service, product or industry. Do not allow payroll or any other administrative task to dampen your dream. Make a decision to focus on what you do best and leave the rest to a professional. You can be sure to see your business reach new heights.