Outsourcing Payroll Process Proves to be a Catalyst for Business Transformation

Posted by: Dr. Devaansh | Posted on: August 9th, 2016

Realize and accept that your business needs payroll services. It is time that businesses and organizations get over with the paycheck mentality. There are a lot more benefits that you can reap from your payroll services provider and they also can do a lot more for you. Make them work to you advantage and it will prove to be a catalyst for business transformation.

Payroll is not all about paying your employees. Instead try considering all the aspects of your business that are touched, and the elements that touch your payroll function. Now on the other hand consider all the payroll data that you have and how can it help you through other parts of your business.

Accurate, quick and convenient payroll solutions unveil insights, increase regulatory compliance, and lead you to human capital management – holistically. No wonders if it works as a shortcut to help you take your human capital management and business as a whole, to the next level.

What does better outsourced payroll process mean?

• No or minimal risk of Affordable Care Act – ACA related compliance issues including Exchange Notice Management, Annual Health Care Reporting, Penalty Management. These three are the top areas of concern for Small and medium sized employers. These are then followed with determining eligibility & assessing affordability. The payroll service provider, if is experienced and expert enough, will provide a critical Regulatory Management solution that helps identify and address compliance issues before they become a problem.
• Expert at handling employment-related tax and compliance matters such as:
  • Employment Tax
  • Employment Verification
  • Healthcare
  • Tax Credits
  • Unemployment Claims
  • W2 management/Year-End Income Reporting Process
  • Wage Garnishments
• Compliance with federal, state and local regulations
• Responding to payroll-related requests from the IRS
• Better outsourced payroll process means the one which can seamlessly integrate your payroll data and functions with human resources management, benefits administration, and time and attendance solutions.
• Consolidation of systems and data to enable better tracking and auditing.
• Accurate tracking of full time and part time status.

Conclusion:

It’s time to rethink. Get more from payroll services in form of being better prepared to handle ACA requirements.

About the Author:

Dr. Devaansh , with a career spanning over 17 years, has played a variety of senior roles in global business process solutions, accounting & taxation, financial planning, regulatory compliances, mergers & acquisitions, corporate policy designing, organizational restructuring, human resources set-up, business process re-engineering and many more. An expert at accounting, bookkeeping solutions, finances, international trade, international banking, strategic alliances, corporate strategy and legal areas, is also a visionary, who assists clients with operations in multiple economies, manage their overall accounting needs, financial planning and performance analysis reports of group organizations.