One of the many reasons clients outsource their payroll to us is to ensure that they remain compliant with the regulatory framework and the regular changes that happen in it. Complying with the rules and regulations is not difficult if you are aware of the changes and have systems, people and processes to ensure this. It is not difficult if you have outsourced your payroll.
Take for example the new union budget that was presented on 10th of July and became effective from 6th August this year. The tax slabs have changed and the exemptions are modified. If you have outsourced your payroll to experts like us, you don’t have to worry; we have affected the changes in our payroll engine and in our payroll process. However, if you have not outsourced your payroll then you have to seek expert help to ensure that you are doing the tax deduction at source calculations correctly along with the relevant modifications in your payroll software.
Another example is of the changes the Employee Provident Fund Organization has introduced recently. Getting a Universal Account Number (UAN) and furnishing KYC details for employees to the EPFO is now necessary. We, as outsourced service providers have proactively provided help in this regard to our customers and have also educated all customers about the changes.
There are many benefits to outsourcing your payroll. Keeping abreast with the latest regulatory framework is one of the key ones. We are experts in payrolls and always go the extra mile to know and to share the latest changes so please feel free to talk to us.