Payroll-Management-Software-vs-Payroll-OutsourcingPayroll Management Software

Payroll Management software, that takes care of all your requirements relating to accounting and management of employees’ Payroll. The software is designed to store complete records of the employees, generate Pay-slips and Attendance Register, Compute all allowances and deductions and generate all Statutory and MIS reports.

A Comprehensive Payroll Management and Salary Processing Solution like Paywheel, is scalable and secure software system that is capable of delivering truly integrated HR, payroll and talent management using a single database.

Software gives you the complete independence over the management and maintenance of the tool and the database. It assists in HR Management and Talent Management by ensuring compliance with HR modules including Absence Management, Organization Planning, Integrated Recruitment, Retention and Reward, Time & Attendance Management and Workforce Planning

The software also delivers accurate, on-time payroll with modules including Absence Management and Flexible Benefits and Rewards. Management of document can be done by minimizing the use of paper, improving record management and automating business processes.

 

Payroll Outsourcing

Outsourcing your payroll function can save time and money. Outsourcing payroll can free up staff time to pursue more important value-added and revenue-generating activities. Outsourced payroll experts are usually less likely to make errors than an on-staff accountant or HR staffer, as they’re trained specifically in this area.
According to the IRS (Internal Revenue Service), 40 percent of small businesses pay an average penalty of $845 per year for late or incorrect filings and payments. Most national payroll services give a tax guarantee, ensuring that customers will incur no penalties as the providers take responsibility for penalties when they do occur.

Most business owners and controllers don’t have time to keep up with constantly changing regulations, withholding rates, and government forms. By outsourcing payroll, SME’s can take advantage of expertise that was previously available only to big companies.

Big companies may benefit with having an in-house payroll department but for a small company it would be advisable to have it outsourced.

With Payroll Management Software and Payroll Outsourcing, the mistakes made in complicated processes can be drastically reduced making your company more secure.