Question 1

What is outsourcing payroll?

Accepted Answer

Outsourcing payroll services essentially means engaging a third-party service provider to handle all payroll-related activities such as collecting the list of employees to be paid, tracking hours, and attendance, calculating employee’s pay, distribution of salary and recording payroll expense in an organization

Question 2

What are the benefits of outsourcing payroll?

Accepted Answer

Some of the benefits of payroll are that it saves time for employers to focus on their core business needs, reduces costs incurred in managing payroll in-house, ensures error-free and on-time calculation of salary, employee information is guarded by state-of-the-art software, integrated data, meaning easy access to information, facilitation of ESS and 100% Compliance maintenance

Question 3

How much does it cost to outsource payroll?

Accepted Answer

Payroll firms often charge a straightforward package fee. This cost normally comprises online access for employers and employees, paycheck processing, basic tax filing, and direct deposit. To ascertain cost, the firm analyses the number of employees, pay frequency, the complexity of payroll tax computations, and state of residence

Question 4

How to outsource payroll?

Accepted Answer

Here’s how you can outsource payroll to a third-party service provider

Determine your payroll needs
Determine what kind of timeline your company needs to get fully outsourced
Get the necessary documents in order like your PAN, TAN, PF, ESI Registration, and Certificate of registration.
Complete the onboarding process
Have access to the ongoing payroll maintenance

Question 5

Difference between in-house payroll vs outsourcing

Accepted Answer

In-house refers to operations or activities that are performed within the company instead of handing it out to a third-party provider. Employees present within the firm perform all activities that can be outsourced, such as financing, brokering etc.

Outsourcing is the practice of hiring an outside company to perform certain work like staffing, payroll etc.

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