Irrespective of market volatility, small businesses always try to get lean by streamlining their
business functions. They need to take a hard look at all the areas of the company to assess how
changes can affect operations. Cost-cutting by improving efficiency, renegotiating contracts, reducing workspace are some of the parameters they keep looking at but one of the most important parameter is often overlooked. The question that small businesses need to often ask themselves is
“Should I keep performing tasks in-house or outsource the functions that do not generate revenue
or add value to core business activities”?
The answer would be – Outsource, outsource, please outsource.
One of the important HR functions like Salary Management was typically handled in-
house in the past. But small businesses are now considering outsourced salary management services
to increase efficiency and to reap a whole lot of other benefits. Let’s find out what are they.
Gain ‘No Risk’ Management
There are various kinds of risk a business owner faces. And some complex kinds come while
calculating paychecks and tax obligations based on employee time sheets. With an outsourced
service provider, one can gain access to expertise in legislation, government regulations, privacy, and
security in order to mitigate risks. This is especially valuable if it’s a small business with limited
expertise in-house. Service providers will provide services in a more efficient, secure, accurate, and
confidential manner so that businesses can ensure compliance with regulations and make sure that
company data is secure from the risk of payroll theft and fraud.
Gain control over ‘Accuracy’
Paychecks with varying tax rates, different time sheets, pay scales, etc. are all about tricky numbers
and businesses cannot afford to get them wrong. Not accurately dealing with numbers can not only
disappoint employees but the company can even get in serious trouble during audit. An outsourced
service provider on the other hand provides guaranteed accuracy ensuring that company employees
get paid correctly and promptly, every time. Which means, companies won’t lose their employees’
trust and can easily escape the tricky audit process.
Reduce company cost
Let’s face it be it small or multinational businesses, the primary motive of every business owner is to
try and control company costs in order to boost profits. Now salary management services provider assure cost
reduction in a strong way. They provide companies with the flexibility they need to turn fixed
overhead costs into a variable cost structure. Companies don’t have to pay for payroll software fees,
equipment, training, or office supplies to create, process, sign, and print the checks. And in the same
cost, companies can also take advantage of IT support, latest technology and procedures, best-in-
class hosting infrastructure, and software.
Get the power of time
When company’s HR department won’t be spending so much valuable time on maintaining
paychecks and taking care of numbers, the company can save time that can be spent on more
important activities. Instead of spending hours on manual data entry, double checking numbers,
company’s HR professionals can focus time and resources on strategy and other critical activities
that increase efficiency and productivity. That will also help to optimize company’s workforce in
order to better meet customers’ needs and reach business goals at the lowest cost possible.
So if you are a small business owner looking for salary management service provider, we would
recommend you to bring us on board. Besides offering you comprehensive services at a reasonable
cost, we would develop and implement custom services to meet your requirement. Contact us right
now!
For more information related to salary management services for small business or to speak to our salary management Consultants, write to us on helpdesk@edkmonline.com or speak to our representatives on +91 11 42597777