Having a hard time managing your payroll procedures while growing your business? It is widely agreed that payroll is a complex aspect of managing an accounting firm. With ever-changing rules and regulations, updates from HMRC it becomes a challenging affair to efficiently manage payroll in-house in an orderly fashion. The answer to this? Outsourced payroll services. In a rapidly evolving business landscape it becomes imperative to create a niche for your business and have a firm strategy towards growth. Outsourcing your payroll requirements can take away a lot of your challenges and contribute effectively in growing a business and meeting long-term organizational goals.
Here are 6 motivating reasons to consider payroll outsourcing services to India and what are the benefits involved.
- Cost Savings
The primary objective for any business is to reduce costs where possible and maximizing revenues. Working with an outsourced payroll services firm will significantly assist you in reducing your costs. When you partner with a reputable firm with adequate experience it helps you in streamlining your payroll procedures as well as manage them efficiently. It is widely recognized that India has seen exponential advancements within the business processes outsourcing domain. This has given rise to a healthy competition, which translates into highly cost-effective engagement models and outsourcing services opportunities.
An experienced outsourced payroll services provider will be able to offer the complete portfolio of payroll services at a fraction of the cost that you might incur having an in-house payroll management team. The saved financial resources can be diverted towards essential business functions that contribute to bringing in revenue.
- Increased Efficiency
Efficiency holds a lot of meaning when operating within the accounting and financial services marketplace. It is also something clients are looking forward to when on the lookout for professional accounting services. Outsourcing your payroll management to an external team in India will relieve you of all the non-value adding tasks and boost business efficiency substantially.
Additionally, when you partner with an outsourced payroll services provider, you have access to a dedicated team of professionals managing your payroll activities. This ensures that you are provided with the most relevant and accurate information at the time that it is most required. Making it easy for your firm to operate smoothly.
- Data Security
Data security and privacy are pivotal to any accounting professional, be it an independent practitioner or a full service accounting firm. India is known to have one of the world’s best IT infrastructures globally. Expert payroll outsourcing providers maintain the best-in-class data security standards. Not only do they equip cloud-based data storage techniques, but also work with the most advanced software tools in the domain.
Developing a similar IT infrastructure in-house is not only exorbitant but also poses with challenges around maintaining the same from time to time. When you partner with an experienced outsourced payroll services provider in India, security in terms of data and information sharing is assured.
It is well understood that HMRC rules and regulations are quite stringent. Even the slightest of misrepresentation can result into heavy penalties. When you outsource your payroll to India, it has significant advantages in terms of compliance regulations. The top outsourced payroll experts will provide you with a team of professionals who specialise in payroll services.
Subsequently you are also provided with a dedicated payroll manager who works towards managing your payroll department. You can rest assured that there is a team of people keeping the procedures in check. Moreover, payroll services firms in India also abide by the UK government laws and regulations such as GDPR compliance and so on.
Efficient payroll management calls for area specific prowess in terms of regulations, employee specific information so on and so forth. Outsourcing your payroll services to India will provide you with the required skillset. According to HMRC statistics, thousands of companies fail to comply with the regulations in place and are penalized. Outsourcing payroll to an expert partner in India can provide you with the best available talent across the domain. India has seen unprecedented growth in the knowledge processing outsourcing sector in the last decade.
Payroll outsourcing services in India utilize the best talent pool to match and often exceed client requirements. Access to expertise in payroll will have two-fold advantages. One, it will optimize your payroll processes in an efficient manner to make sure that your day-today business activities are not hindered. Additionally, because the procedure is managed in the Indian time-zone it provides you with exceptional turnaround times. Not to miss the fact that you are available with timely reports statistics as required.
- Minimize Business Risk
It is understood that operating an accounting firm is ridden with multi-faceted risks. As a business owner one has to constantly keep on top of things and see to it that the business is growing. While there are a host of areas to target in order to do so, outsourcing is surely one of the ways. Payroll might not be the most value adding function to an accountant, however, it is imperative that it be looked at with just as much diligence.
Outsourcing your payroll services to an Indian counterpart can substantially contribute towards minimized risks. Expert outsourcing firms are known to keep ahead of the curve and protect your business from possible risks. An outsourced payroll services partner will be focused towards fine-tuning your payroll for you. In doing so, it will ensure that your business is quick to learn from changing market trends and align with a complimenting strategy. This can be changed pension regulations or NI requirements. Therefore, reducing the risk in terms of governmental penalties, regulatory affairs and hurdles.
In summary, there are sufficient reasons that should motivate one to consider payroll outsourcing services to India. Looking at how the market is evolving in currently, it seems like the most intelligent business decision one could make. Keen on learning how outsourced payroll services operate?
At Initor Global we work with top clients across the UK, successfully managing their payroll procedures. Get in touch with us to discuss a well-rounded outsourcing strategy and how it can be a turning point towards growing your practice.