Top staffing & payroll service consultant- RTCS group-: Running a business with employees means that you have to pay them. Pay is the main incentive for employees to be working in the first place. It is their source of livelihood and their main motivation. However, it is not as easy as paying a certain amount at the end of the month. Several factors are incorporated into the employee’s final pay. Some of the main ones are :-
Number of Hours Worked - Whether your employees are being paid on an hourly basis or daily basis, you still need to make sure that they are paid for the number of hours they work. If you are an employer who compensated for overtime pay as well, that factor also determines the final pay for your employee.
Time Off - You also have to maintain a record of the number of paid leaves, half-days, sick leaves, vacation and a host of other time off reasons when calculating the payment. This is especially important if your company has a policy that clearly states how many days off are allowed per employee during a certain time period.
Salaries and Wages - Depending on whether you pay your employees by hour or whether they are being paid on weekly basis, you need to ensure that their final pay has all the liabilities like tax deducted and their perks or benefits credited.
Fringe Benefits - Other miscellaneous payments like education assistance, employee discounts, etc also need to be integrated into the final payment.
Depending on the company size, you may choose to handle payroll by hand, using a software or by hiring a payroll accountant. Payroll by hand may be a suitable for a company with less than 10 employees as it takes time to calculate all the aspects of payroll before arriving at the payment figure. However, manual payroll calculation can be prone to human error. Payroll software’s are often used in companies with a large number of employees. Top staffing & payroll service consultant. Although a less expensive method, it is prone to technical errors and glitches leading to overpayment or underpayment which in turn can cause a serious negative backlash. Hiring an experienced payroll accountant can be an expensive option. In addition to that, the responsibility of managing the payroll functions is still in your hands which significantly affects your focus on the more developmental aspects of your business.
Outsourcing your payroll function to as a top staffing & payroll service consultant can save time and costs and provide you top notch service at a fraction of a cost. You do not have to worry about technical glitches, human error due to negligence or exorbitant costs for your personal accountant. We are your ALL IN ONE solution! In addition to being one of the best HR services and solutions company in India, we are also the top payroll outsourcing company from Pune. We cover all aspects of payroll function offering
Efficient payroll management can ensure your company long term viability. Your employees will also portray your business in a positive light which can be of massive help in terms of catching business and future recruitment Some of the benefits of outsourcing your payroll functions are :-
1.Saving Time: This is the primary reason why many companies prefer HR outsourcing services to manage their routine payroll functions. Payroll management is as it is a time consuming process. Even if you run a small company with upto 10-20 employees, the burden of maintaining records for their leaves, salary, tax deductions etc still lies upon you. Outsourcing these core functions can give employers the peace of mind to focus on the growth and development of their company, allocates more time to the in-house HR team to focus on more strategic tasks that can be beneficial for your business. Payment period requires company owners to input a number of crucial pieces of data into the system, double check them for corrections and calculate the final pay based on this pre fed data. A single mistake can become an inconvenience to the employee who might ultimately develop a negative perspective towards the management. Outsourcing these routine functions can immediately free you up to focus on the more critical aspects of the business. You only need to have a single point of contact at a single time with your outsourced payroll consultant to just review things over.
2. Saves Money: For small to medium businesses, hiring a unit exclusively to manage your payroll functions can incur huge costs in terms of their payment. Moreover, they are prone to human error. Not to mention the cost of time in terms of delay in operations. Time spent on managing payroll takes away the time needed for focusing on the developmental aspects of the business.
3. Avoid Grave Mistakes - We know that salary is one of the biggest incentives for an employee to continue working with their employer. Any unfairness displayed in the payment can create a huge drama within the workplace. In addition to that, if your in house payroll consultant feels too friendly to share the details of payment of employees to inquisitive staff, it can disrupt the employee relations within the work environment. If the company’s in house payroll system- whether manual or software based, continuously generates payment calculation with errors, it can ultimately tarnish the reputation of the organization itself. The company’s reliability and credibility is in question. Outsourcing the payroll functions can eliminate this issue by assigning expert consultants the payroll tasks. This ensures confidentiality of information while you still maintain autonomy of the information.
4. RTCS Experts: In house payroll staff are often tied up with other internal operations within the HR field, that they may or may not regularly research and study the changing rules and regulations. At RTCS, we constantly research and update our knowledge base regarding the regulations and are able to inform you pronto whenever there is a change in policies or procedures. In addition to that, small to medium business may not have the resources to hire an expert into their firm who can provide comprehensive guidance. Once again, outsourcing this task can give such businesses the benefit of an expert payroll consultant without having to bear the exorbitant costs of hiring one.
5. Increased Security - The idea of maintaining confidentiality when it comes to sensitive information on employees can be tough in a big company with a vast HR team. Information leakage can brew serious disputes between the employee and management. In some cases, issues of embezzlement of funds, identity theft or tampering with company files for personal gain can lead to issues that could involve the judiciary. In such cases, even if you are not at fault, it is your company’s name that could come to light as the bad guy. Outsourcing the payroll functions can ensure confidentiality and professional handling of your precious data. In addition to backup for storing and protecting data, payroll consultants can immediately alert you if and when a payroll fraud arises.
We RTCS group, Pune are top Payroll Outsourcing companies in Pune with years of expertise and specialized knowledge, we understand the issues that companies of many sizes and industries face when it comes to HR functions. We also have developed an effective system to streamline and organize our methodology to solve your problem in a holistic manner. This ideology, ethics and result -oriented performance is what makes us one of the leading HR and recruitment services company in India.