- January 10, 2018
- Posted by: admin
- Category: Payroll
New year always gives an excellent opportunity to introspect and analyse what went right and what went wrong through the earlier year.
As every company grows and employment levels continue to climb up, HR managers struggle to recruit and retain key skilled employees. HR managers may seek to reduce their administrative burden and concentrate on improved employee engagement and focused training initiatives. Managing accurate payroll consistently, month on month is one such burden, which is best handled by a specialized payroll outsourcing company.
Let’s introspect on a few payroll issues, that several companies faced in 2016:
A) Accuracy in payroll
We know how much payroll accuracy is important to every organisation. There were times, accuracy was compromised leading to chaos and confusion. The reason for this mostly was related to improper handling of tax deductions and tax declarations. For many organisations, collecting this amount of data is a tedious, ongoing, manual task which creates problems in payroll calculations.
To ensure accurate payroll consistently, outsource to a knowledgeable and reliable payroll company to process pay checks and related taxes and compliance for best results.
B) Penalties on account of compliances
As always, there are penalties for late payment of employer taxes, whether paid monthly or quarterly. Accurate and timely compliance is the key to avoiding payroll tax penalties. To ensure compliance, reduce risk and increase efficiency, companies are increasingly outsourcing these functions.
C) The impact of demonetization
Employee reimbursements used to be paid in cash. Due to demonetization, this was affected. Companies that were using electronic approval workflows and direct to bank payments were not affected by this. Payroll providers with necessary technology set up are in demand in this new year for automated and cloud based expense reimbursement solution
D) Maintaining integrity of payroll files
Data confidentiality is one of the most important requirement of payroll function. With in house teams it becomes difficult to maintain the same. However when payroll is outsourced to another professional agency then Payroll Data Confidentiality is maintained at its best.
E) Time management:
Payroll continues to occupy significant time of HR. With employment levels at an all-time high and organisations struggling to recruit key skills, 2017 seems to be year of outsourcing. As HR managers look to minimise the administrative overhead and concentrate on key added value activities, outsourcing payroll is becoming a preferred option.
Finsmart Solutions combines subject matter expertise, globally integrated experience and standard processes to deliver seamless, high-quality outsourced payroll services. We will be happy to walk you through how we can streamline payroll for your organization.