Payroll processing refers to the process of computing employee pays. Its inputs are the total worked hours, deductions, and pay rate among other elements. The end products of the process are net pay figures, statutory deductions and their submission to the relevant authorities, and summarised reports. SMEs in Kenya face the challenge of processing payroll due to their inability to hire professional accountants on a fulltime basis. Outsourcing payroll processing gives a perfect solution to this problem as consultancy firms offer the service at an affordable fee.
Benefits of Outsourcing Payroll Processing
Outsourcing payroll processing helps small and medium enterprises to unlock value which creates a competitive advantage. Service quality is one of the benefits of outsourcing this function. Outsourcing allows a business to access services from a professional accountant who have consolidated valuable skills stemming from serving diverse clients. Besides the quality, outsourcing is a cost-cutting tool since service providers exploit economies of scale enabling them to charge an affordable fee. Also, outsourcing payroll processing averts fraud in the human resource department as records are kept away from the workers which safeguard data integrity. Lastly, outsourcing fosters compliance with the existing regulations pertaining to tax and statutory deductions. Service providers are conversant with changes in the regulatory environment which reduced non-compliance risk. Also, they collaborate with the relevant authorities on behalf of the client whenever issues arise thus relieving the firm workload.
Our Competence in Providing Payroll Processing Services
At Blue Ocean Outsource we provide professional payroll processing services that propel SMEs to their next level of success. Our track record speaks for itself as we pride in a happy client base that has effectively exploited outsourcing in support of the business process. We offer customised services in line with the client’s needs to ensure accuracy, compliance with the existing regulations, and that creates economic benefits. Besides payroll processing, we offer accounting services to ensure the existence of accurate books of accounts and financial statements.