Payroll Outsourcing Cost - The Benefits of Payroll Services Pricing
Payroll Outsourcing for a business of any size is essential and saves you the hassle, money and time to handle the payroll yourself. Increasing number of businesses today are turning to Payroll service providers to ensure smooth handling of Payroll. With not just giving you a hassle-free experience, outsourcing your Payroll to Talentpro helps a business to focus on its core value of building it and fostering its growth.
The several key components of a monthly salary makes it troublesome for employers to manage payroll by themselves. It is imperative that the payroll process is error-free and always compliant with the norms of the government. This is one of the major reasons why businesses opt for Payroll Outsourcing and focus better on its growth.
Benefits of Payroll Outsourcing:
Small and Medium businesses have increasingly found TalentPro’s Payroll Service cost efficient and effective. Here are some benefits of outsourcing your Payroll:
A specialized Payroll consultancy is equipped well enough to deal with the regulations and rules of the government norms. Payroll Processing is complicated and requires great detailing and care in ensuring that a business is adhering to the laws.
It saves you abundance of time and money when payroll is outsourced. This in turn helps you make the best use of time in fostering the growth of your business.
Payroll companies usually have a handful of professional experts who you can always rely on. The risks involved are usually less because they tend to make fewer errors compared to a freelancer or an in-house payroll team.
Outsourcing Payroll also results in increased productivity of your employees who can focus on other important tasks at hand.
Components of Payroll:
Across the country, there are four major components in the Payroll Management System. They are as follows:
1. Gross Salary
The employee’s salary before deductions is termed as Gross Salary. Also referred to as Cost-to- Company (CTC)
2. Net Salary
The employee’s salary upon deductions such as Professional Tax, Provident Fund (PF) and Employee State Insurance (ESI) is termed as Net Salary.
3. Ad-hoc Pay
Includes occasional pay such as annual bonus, festive bonus, etc.
Long term benefits such as Gratuity, medical cover, etc are usually settled by the employer before an employee leaves the company.
Payroll is a structured process which requires good understanding of labour and tax laws prevalent in our country.
How much does Payroll Outsourcing Cost?
Payroll Outsourcing costs in India is usually done on a monthly retainer basis. The fee can be varied depending on various factors such as the location of your company, size of the workforce, frequency of the payroll, tax requirements, etc. Communicating your requirements to the employer clearly is a must, since many payroll companies also offer customizable packages to suit the client’s needs.
Most Payroll service providers in India offer standard tax filing in their basic packages. However, most levy additional charges for year-end tax preparation. You might even attract separate charges if you require quarterly or half-yearly tax preparations too.
Evaluating the cost breakdown of the Payroll Process is essential if you are opting to outsource it. Payroll costs may usually add up when you require services which are not covered under the basic package. Communicating your requirements clearly to the service provider will help in such a situation, since providers usually offer discounts when you opt for additional services or if you require payroll for a large pool of employees.
TalentPro offers the best payroll solutions in India for businesses for all kind and size. Our Payroll Processing Solutions provide businesses the support and assistance they require in smooth payroll operations.
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