Accounting Services

How Payroll Outsourcing Can Help Your Business Grow

December 7, 2018 Comments Off on How Payroll Outsourcing Can Help Your Business Grow

In simple terms, payroll refers to the process wherein the company keeps a check on the overall payment offered by them. This process of maintaining the track record might seem easy at the initial stage of business, but as it grows, it turns out to be complicated. Dubai is the hub of international business entities, making it a mandate that every company must have payroll services. This has given rise to external payroll services in Dubai.

A proper record of payment record to the company’s most valuable asset is essential as it helps your business grow to a great extent. Wondering how? Do read the complete article and by the end of it, you will be able to understand as to why it turns out to be important to outsource such complex tasks. Let’s start with…

What Is Payroll Outsourcing?

In order to save time, money and effort, business entities hire an external firm so that they can look into the payroll functions of the hiring entity. Outsourced payroll solutions turn out to be more accurate as compared to the in-house results as it gets analyzed, evaluated and prepared by professionals. The key factor here is that payroll speaks about how a business entity rewards and retains its employees. To get a clearer idea, let’s have a look at the payroll outsourcing service in the UAE, followed by its benefits.

Payroll Outsourcing in the UAE

Being a tax-free economy, it is often misunderstood that payroll management in the UAE is easy, but it is not that simple as it appears. The Emirates is a home to more than 200 million expats and that turns it to a more complex process. For all the companies operating in the UAE, the implementation of the Wage Protection System (WPS) is a must. When you are dealing with an international workforce, it becomes extremely important to deal with the payroll process in a detailed manner. Proper planning at each step is involved that makes it quite complex. If at this point you outsource the payroll services, you can avail several benefits.

Benefits of Payroll Outsourcing

The benefits of payroll outsourcing are briefed below:

1. Saves Time

Professionals who are involved in delivering payroll services would consume less time as compared to untrained employees trying to maintain the payroll records.

2. The Overhead Costs Get Reduced

Training the in-house employees to maintain the payroll books and then proceeding ahead involves heavy cost. So, the best option turns out to outsource the payroll books.

3. Improved Data Security

The amount of risk that exists in-house is way more as compared to the payroll professional firms.

4. Guaranteed Government Compliance

Professionals do take completely the books as per the legal rules and always have updated knowledge.

5. Access to Multiple Services

Professional payroll service providers do have multiple additional services as they are specialized in the respective domain.

6. Reduces Burden

By outsourcing the payroll domain, the burden of maintaining the payroll books gets cut down. The management can focus more on business-building strategies.

7. Minimal Chance of Error

The chances of mistakes in the payroll books made by professionals will be way far less as compared to the one prepared by the in-house team. Even if it is found it will be rectified immediately.

The aforementioned benefits not only help with your business growth, but also improve goodwill.

What’s Next?

Well, once you have decided to outsource the entire domain to payroll professionals, you need to follow the steps below:

1. Determine Your Needs

You need to be crystal clear in defining your needs to the service provider. At this point, you should also understand whether the service provider can cater to your needs accordingly.

2. Purvey the Essentials

In order to carry out a hassle-free payroll process, it becomes very important that you provide the complete documentation that will be required by the service provider.

3. Plan Together

Next, your provider and you need to plan the ideas together and make sure that transparency in communication at this step is a must.

4. Look Back and Evaluate

Once the framework is completed and services are delivered, do evaluate them to cross-check whether it meets the goals as planned.

Be it a small or large enterprise, national or a multi-national business entity, one should initiate a step forward and outsource the payroll service. In case of a large business entity, it will help to minimize the chaos that might occur between the employees and the organization. Similarly, for small entities, it will help to expand and meet the ultimate business goals. If you are looking for a payroll service provider in Dubai, you can count on JAXA.

JAXA Payroll Services

We help with the following payroll services for your business in the UAE:

  • Payroll processing and management
  • Manage multi-currency salary payments
  • Maintain employee leave management
  • Build coordination for work permits
  • Customized payslips
  • Department-wise cost and salary break-up
  • Look into employee benefits administration

Being one of the best payroll outsourcing companies in Dubai, JAXA takes care of the books of clients and deliver services timely, helping entities to identify the loopholes and rectify them accordingly. If you are planning to initiate the same, do contact us – we’d be glad to assist.