May 12, 2022Share
From his knitted-eyebrow-expression of my nephew, I guessed that something was bothering him.
My nephew is a software professional who has invested his savings in a side business. He is into a food processing industry, employing about twenty-something employees, and catering to a branded chain of ‘bakestaurant’ in the city.
His worry was with payroll management of his employees. In the absence of a dedicated payroll accountant in his small unit, he found payroll accounting to be a tangled process.
I advised him to seek the help of payroll services.
“Could you please elaborate on payroll outsourcing, uncle?” Politely my nephew asked me.
“Payroll outsourcing means entrusting your payroll execution to a payroll consultant like the reputed Infinity Business Solutions Private Limited (IBS)”.
I explained to him: “You provide the agency with salary information and other data such as attendance, leaves, reimbursement details, etc. every month. The payroll providers will calculate the dues complying with payroll statutory compliance”.
To ensure that businesses are compliant, and their employees are satisfied with the payroll process, most of the employers, whether SMEs or large corporates, outsource payroll to payroll processing companies.
12-05-2022 CR. ANANDAN
Tags :Payroll ManagementPayroll AccountantPayroll AccountingPayroll servicesPayrollPayroll ConsultantPayroll ProvidersPayroll Statutory ComplianceOutsource PayrollPayroll Processing CompaniesPayrollPayroll accountingPayroll management