Outsourcing in India is popularly known as offshoring. While it does have its advantages and disadvantages, the advantages far outweigh the latter. Thus India has rapidly emerged as the world’s hottest destination for outsourcing. It is the outsourcing hotspot of a number of IT and ITES services. India is recognized as one of the few outsourcing locations who offer several advantages and for that reason companies, big or small, are increasingly turning to India for outsourcing services.
Here are the benefits of Payroll outsourcing in India
High Quality Services:
There is a higher emphasis on quality of services in India and no compromises are allowed. They tend to adopt the latest software, technology and infrastructure that enable them to be technically superior to service providers of other countries. These professionals are highly educated, are more proficient in English and technically most are exceptionally talented.
Leverage the time zone :
Many companies are able to take on more projects as they work for 24/7. The difference in time zone i.e. being ahead of GMT by 5.5 hours and by 10.5 hours of EST enable companies to take up more projects. Thus customers can also interact with these service providers and avail their services round the clock.
Flexible pricing structure:
The cost of labour in most developed countries is much higher than Indian companies. By outsourcing to India, this cost can be reduced to a great extent. When growing companies are not able to pay high salaries they can consider outsourcing to India due to its pricing flexibility. Although while the cost of labour is low, there is no compromise on the level of quality or expertise and accurate services are provided every time.
Outsourcing to India reduces a lot of time that is wasted in preparation of payroll as there are involvements of numerous data in it. It also helps companies concentrate on the growth of the business rather than playing with the numbers.
Efficacy of Data:
Indian payroll outsourcing companies have teams of expert professionals who make sure they have updated knowledge and information about the payroll services. They adopt advanced tools and technologies to prepare the same. It is usually difficult for other companies to ensure their payroll staff has the kind of updated knowledge about the payroll services.
Avoiding penalties during tax processing:
Incorrect payroll processing can lead to inaccurate tax filing which eventually results in companies incurring tax penalties. Thus outsourcing payroll processing services to the experts can save companies these hassles and ensure accurate payroll processing irrespective of which region the company operates in.
Experts advice and suggestions:
Outsourced financial services providers in India hire experienced professionals to perform accounting services and payroll processing services. These consultants are better able to provide tips and timely advice about payroll services so that companies can expand and focus on growth rather than mundane processes.
Advanced Technology and security:
Security is a major concern for most companies when it comes to outsourcing. However a major benefit of payroll outsourcing to India is the updated and advanced technology used by the payroll outsourcing companies. It is very important to have updated software’s and tools to get the accurate result and maintain tight security over confidential and sensitive information.