Human Resources are the important Assets for any business, So it becomes necessary to take at most care of them. An important aspect of Human Resource is the payment we make them by way of Salary, meet compliance requirement and do basic tax planning for employees, these bundle of services known as “Payroll Management”.
Why outsourcing of payroll is a must for every organization?
Payroll management is a mandatory but non-billable activity, which takes time and resources but does not add up to your main goal achievements. In the initial year, a startup or a company should try to put more focus on core areas, so that they can achieve it within time period projected. Further having a full-fledged In house HR set up will be a costly and non-required luxury for a startup. It makes more sense to outsource it to any professional firm which can undertake all the activities at a fraction of in-house cost, Plus it frees up the founders and other members of the team to focus on revenue area.
Payroll management can be broadly divided into two heads
1) Salary calculation: It will be as per the CTC offered by the company to an employee
2) Compliance with the statutory liability arising relating to employees salary details of which is provided herewith