Payroll administration or payroll process outsourcing
Payroll administration is important to all firms, thus it is necessary to resort to the use of a payroll administration or payroll process outsourcing.
Hiring an Outsourcing service is useful to firms in reducing costs and becoming more profitable.
Payroll administration
Payroll administration is a service an external firm offers. It specializes on payroll elaboration, but it also comprises activities by the human resources department, from recruitment to personnel administration, so that the firm can assume all responsibilities from the employees.
The payroll administration service offers:
- Reduction of labor liabilities: expenses generated from resignations, dismissals, or project completions.
- Benefit management: depending on the department area, post, and project, liabilities are obtained discretionarily.
- Cost decrease due to personnel recruitment: from the sources and means for recruitment.
The principal benefit a firm receives from hiring a payroll administration service is that this can be concentrated in other areas of the business, and thus the external firm can fulfill the administrative burden.
Payroll process outsourcing
Payroll process outsourcing is an exclusive service for the calculation of payroll and taxes. The hired, external firm, only fulfills tasks related to the payroll, focusing principally on pay dispersion.
To maintain an updated payroll and tax register is a necessary service for all firms. Additionally, this saves time and reduces unnecessary costs on a monthly basis.
Some activities that can be performed are:
- Reporting of discharges, modifications, and personnel dismissal to the Mexican Social Security Institute (IMSS) and the National Institute of Housing Fund for Workers (INFONAVIT).
- Calculation of personnel settlements.
- Pay dispersion and electronic stamp duty of payment receipts.
The greatest benefit obtained from hiring a payroll outsourcing service is that a group of specialized professionals on the matter provide you with truthful and timely information about your firm. Hence the best service that adapts to your necessities should be chosen.
In QuAdrans Law and Finance, we offer the payroll Outsourcing service to aid you on the calculation, elaboration, and processing of your employees’ payrolls, while adjusting to current law. Our personnel is trained and qualified to carry out the calculation of your firm’s payroll.
> It may be of your interest to read our entry: Advantages of the payroll Outsourcing service.
