24 Feb PROBLEM FOR MONTHLY PAYROLL
Many States and regions have variance in law detailing when it comes to paying the employees. And it becomes very difficult for large sized businesses with lots of branches all over the country to manage the payroll. It can cause many issues in an organization when employees aren’t paid on time. Employees may get disturbed or even frustrated sometimes, when a holiday delays their payments or when they aren’t paid before debit orders start to go off their account putting them in possible overdraft and exposing them to expensive bank charges for ‘bounce back’ funds. This directly gets reflected in their performance & productivity. Following are the challenges faced by Payroll Processing:
- Higher Costs
- Safety and Security
- Taxation-Related Issues
- Burden on Finance Team
Business of all sizes are finding it vital to gain efficiency and manage all the payroll activities. Since they are lacking with the appropriate resource and expertise team to do it alone. The Payroll Management is the part of the Apna HR Services, incorporating core, talent, pay, time, self-service, document management, analytics and many other features and functions to track, control and increase the productivity of your workforce. Payroll Processing Services if taken from a third party, operates with its own database and can be integrated to your existing HR or time management legacy systems.
Taking the help of service provider for payroll processing can help time and cost in many ways plus you get expert solutions with the help of latest technologies. So, in this way you have access to time which can be used to focus on core functionalities and also helps in following ways:
- It accommodates any rule, requirement or calculation, regardless of the complexity.
- It enables organizations to easily define pay periods, deductions, job rules and calculations and to run multiple payrolls with specific payroll rules.
- All payroll rules are date sensitive to the date of the pay run, executing user-defined logic, as dictated by the payment method. Rule-based calculations simultaneously support multiple labour contracts, making it possible to generate a single payslip for employees with multiple jobs.
- Payroll adjustments are automatically and accurately computed resulting in cost and timesaving, as well as reduced errors.
- It simplifies employee record setup for complex or changing payroll situations by quickly entering an unlimited number of pay codes, deductions, and benefits when setting up a new employee record.
Now you might be thinking why not to hire a team who can manage payroll processing every month, but hiring again will be a time tedious process and through outsourcing the process you get the instant services and support from the HR experts. This helps in freeing up most of your time for your key personnel with lower processing costs. You get proper guidance from the professionals who are constantly updated with all the latest rules and regulations for payroll for all the locations. It also helps in reducing errors, subsequent downtime and troubleshooting with leveraging latest technology.