Payroll is crucial for keeping employees happy and staying compliant. Whether you’re a small or big company, as you grow and deal with workers in different states, payroll can get complex. If you’re considering outsourcing, you might be curious about the cost. In short, it’s affordable. On average, you can expect to pay around $1.50 to $5 per month per employee and if you talk about the price in India then it can be around ₹30 to ₹100 per employee per month in India. This cost varies based on different factors like location. In this article, we’ll break down the pricing approaches, factors that might increase the cost, and ways to save on outsourcing. Payroll companies charge businesses in different ways, but three common methods stand out. People randomly ask question like How much does it cost to outsource payroll in India?. No matter how many employees a business has, processing payroll demands time and attention to detail. This often comes at the cost of valuable time that could otherwise be spent on more pressing business priorities, such as building revenue or serving customers. By outsourcing payroll to a reputable providers owners may have more time to focus on what matters most. In many cases, they'll also have a variety of options available to maximize time saved throughout the pay period. Additional tasks, such as new hire reporting or benefits administration, can be easily added into the outsourcing mix, and business owners can specify how often they'd like to be contacted with payroll-related updates.
Payroll services can be a valuable asset to businesses, allowing them to streamline employee salary and wage payments as well as filing taxes and other compliance features. However, it’s important to know the cost of payroll service in order to ensure your company is getting the most out of its investment. In India, payroll services vary in cost depending on the size of the business and complexity of the service needed. Payroll processing is one of the most important functions for any Finance or HR department. Payroll delays or errors can affect your organization’s credibility. However, there are practices that can be applied to streamline all the essential payroll functions. Payroll calculation includes many things such as basic pay, arrears, HRA, PF, tax deductions, and many more. But the following steps will help you to calculate the entire payroll with ease. People usually ask question like How much does it cost to outsource payroll in India?. There are a few other factors that determines the payroll service cost, which includes the size of your company and its specific needs. Generally, payroll services charge on a monthly basis or annual basis or per employee per month, but there may be customization available to fit your company’s budget. The next step is collecting employee data based on their CTC structure and statutory compliance.
1. Employee designation and CTC structure.
2. Income tax information.
3. Bank details.
4. Reimbursement claims.
5. Other benefits informations.
We need to remember that there are also some factors that influences payroll service costs:
. Total number of employees.
. Payroll schedule and frequency.
. Required payroll service features.
. Type of deposit.
The cost of employee churn, in terms of recruitment and onboarding, can be considerable. Even if you only make a very modest improvement in employee retention, you’ll see significant benefits in terms of reducing your costs to recruit and train new staff. By introducing a unified global payroll system that eliminates errors in workers’ wages, you’ll save time on rectifying mistakes and reduce employee turnover to boot. If your payroll system isn’t integrated with your HR management platform(s), or you’re running several unconnected payroll systems and services in different countries, your staff are likely wasting time having to obtain and validate data from multiple sources. All this time that your team spends dealing with cumbersome processes, manual data input and duplicated effort is making your payroll function more expensive than it needs to be. The single biggest impact you can make to cut payroll costs is to outsource your payroll processing. For most companies, processing payroll isn’t a core business or profit-making activity, so it makes sense to entrust this to payroll professionals with the expertise and infrastructure to handle it. So, there are several answers to the question How much does it cost to outsource payroll in India?. Outsourcing converts the cost of payroll administration from a fixed to a variable cost, based on the number of employees and company locations in scope. As you employ more staff in new geographies, you will already have the global payroll infrastructure in place that can scale to support your growth, so you don’t have to spend on adding to HR and talent acquisition head count.
Seven Consultancy provides the specialized service of Third party payroll. Journey of Seven Consultancy started in 2007. Now it has crossed many milestones and added many feathers in its crown. Currently having operation in different cities of India and abroad to provide solution to the Human resource domain to our clients. It made us one of the topmost trusted HR Consultancy in India. We provide not only resource recruitment services but also a complete solution related to all the activities of Human Resource Management. We are one of the Top Third Party Payroll Service Provider in PAN India.