What is the utility of payroll management services?

Payroll management services refer to the entire bouquet of services which comprise maintaining the financial records of employees of an organization. In simple words, payroll management services include computation of employees salary, tax deduction and computation, bonus, medical insurance, leave travel allowance, house rent allowance, employees’ attendance and leave balance management. All these tasks have to be performed in compliance with the laws of the country. 

What is the utility of payroll management services?

An efficient payroll management system helps in employee management. It also provides an efficient medium of addressing their grievances as well. Payroll management services are extremely vital as they lead to:

  • Higher motivation of employees: The biggest advantage of using payroll management services is that it ensures timely payment of salary to the employees. This increases the morale of the employees, thus, motivating them to work harder than ever before.
  • Mitigates fines and penalties: Another significant utility of payroll management services is that it ensures error-free computation and filing of tax. This helps to remove mental hassles on the part of the employer.

Beneficial for new ventures (start-ups): A payroll management system is a boon even for start-ups who wish to concentrate their energies on the core business functions such as marketing and logistics.

There are three modes of payroll management services.

  • Online: This is the easiest method of payroll management. In this method, you have to purchase an efficient payroll management software depending upon your budget and the services required. Using this online payroll management software, you can easily automate and streamline the entire process at the click of a mouse.
  • In-house: In this method, you will be integrating the online payroll management software along with your in-house HR team. Since this is managed in-house, employees can easily raise their queries and get instant response as well. 
  • Outsourced: This payroll management system is in vogue in the recent times. It primarily reduces cost and saves time as well. You simply have to outsource your payroll management function to a third partner considering your budget and the performance of that outsourcing partner in the market. 

How can payroll management services be helpful?

It is undoubtedly clear that payroll management helps to save time and money in place of manual execution of the payroll function. Hence, payroll management done using a single platform, generally a software can assist your HR team to:

  • Track and monitor the working hours of the employees 
  • Automatically generate payslips
  • Store documents and vital employee information in the cloud computing system

If you wish to outsource your payroll services, then choosing EasySource India Private Limited is certainly the right choice. It has been a leader in this sector for the past 15 years now. It has its head office in Delhi and other offices in the National Capital Region. It caters to clients from all over India across 400 locations. 

Comprehensive payroll solutions are provided by EasySource India Private Limited. The essential services provided by this payroll outsourcing company are the following:

  • ESS (Self Service Portal) which facilitates preparation of quick reports and assistance round the clock.
  • It has a dedicated Mobile app – EZY. This mobile app is immensely useful for employees to register attendance irrespective of location and download payslips instantly.
  • The mobile app comes with GEO Tag system that can trace locations as well as timing.
  • It ensures complete adherence to the government labour laws applicable in various states of India.
  • It prepares customized reports as well in addition to the standard requirements.

Working with EasySource India Private Limited has been a pleasant and satisfactory experience for several clients. It has a long list of client testimonials to vouch for its satisfactory delivery of services. It offers the following benefits to its clients:

  • It helps to save time and money.
  • It reduces risks by ensuring full security of data.
  • It provides mental peace.
  • It helps to focus on the core business functions and goals.

Hence, payroll management services are essential in the present competitive business scenario to keep your business a step ahead in the market.