Payroll processing is one of the most important processes. It is the most exhausting time for the HRs and the most anxious for employees as it decides how much they will finally get at the end of the month! So, there is no room for even a tiny error anywhere!
But payroll is the only area which is very complicate and technical in nature and there are a lot of misconceptions that revolve around it! Let’s have a look at some of them!
- Payroll is a one-time process:
Many people feel that once you have set-up a method for calculating your payroll, you don’t have to do it again. But that is not the case. Payroll processing is a continuous process and it must be continuously updated and innovated to achieve the maximum accuracy.
- It can be done by anyone in HR or finance:
The payroll processing data is very sensitive. Hence only higher officials in HR and accounts, manage this critical process. These people have special knowledge about breakup of the salary and other allowances, taxation and arrears, statutory compliances.
- It means only salary processing:
Payroll processing involves a lot of varied processes; it takes into consideration the total attendance, holidays if paid or unpaid, TDS deductions, company-leave policies etc.
- It has nothing to do with enhanced employee experience:
Your employees ultimately work for money and satisfaction. Punctual and accurate processing of the payroll keeps the employees ensured that the firm is paying close attention to their employment and remunerating them for their contribution in a timely manner. You may have come across people who often complain when they do not get their salaries on time.
- In-house payroll processing and outsourcing payroll:
If you run an in-house payroll you need to install good payroll processing software, hire experts in both HR and accounting, have an IT support to manage the technical things, etc. When you outsource this function, your outsourcing partner already has these things installed in their office which saves your overhead expenses.
Outsourced payroll function ensures maximum data security and confidentiality. The service levels are well managed, timeliness and accuracy become the hallmark.
At Boston Financial Advisory Group, we provide a well set up payroll processing service with dedicated team to keep up with the changing needs of your payroll processing. For further information get in touch on the below details:
Bangalore: +91 80 2572 4800
USA: +1 6099377291
Pune: +91 7420061235
Visit our website: www.bostonfagroup.com