When a business hires a professional external third party to manage the entire Payroll of the organization, it is called outsourcing of payroll. Payroll Outsourcing is normally done to reduce costs and gain accuracy in Payroll.
What is included in Outsourcing of Payroll?
Maintaining employee records, gathering employee leave, attendance, and important data, validation of data, calculation of salaries, distribution of salary slips, generating payroll-related reports, being compliant with the taxation law.
What are the benefits of Outsourcing Payroll?
- Time-saving practice
- Increase in Productivity
- Reduction in costs
- Accuracy in Payroll
- Elimination of Human errors
- Enhanced security