payroll services – Vitta Financial Analysis & Consultancy LLC

Why you should outsource payroll in 2019? Benefits of payroll outsourcing services

Aswani — Wed, 29 May 2019 05:50:46 +0000

Payroll is an integral part of any business. But, unfortunately not everyone realizes the importance of payroll and the effect it has on businesses. Payroll is not as simple as hitting a button; mistakes that seem insignificant initially might translate into serious issues. These errors can even lead to reputational damage of an entire organization. So it is best to choose a reliable Payroll outsourcing services in UAE.

Even highly experienced professionals might find payroll processing a daunting task. Hence, it’s always better to opt for a reputed consultant who can take care of your entire payroll process and ensure high levels of data security. The advantages of outsourcing payroll services are many and it’s undoubtedly the best option.

Advantages of outsourcing payroll

Enhances security

Payroll information of an employee consist of sensitive data that include phone numbers, addresses, bank details and salaries. A quality payroll provider understands the value of privacy and thus offers a haven for your confidential information. They will have state-of-the-art systems for the storage and protection of data and thus leakage is something you shouldn’t be worried of.

Saves time

Payroll process demands time and attention as even a minor mistake can create havoc. When you put in more effort and time into this, it might affect other areas of your business. Payroll outsourcing services in UAE helps you invest more time into other core areas of your business

Minimal chances of error

Since the professionals who handle the payroll function & payroll process in top payroll outsourcing companies are experts in this field and not untrained employees, there are less chances of error. Even if mistakes arise, they will be quick in rectifying and sorting it out.

Ensures compliance

Payroll providers will be updated about all the new legislations and regulations and will also ensure tax compliance.

Fraud check

Outsourcing payroll services will reduce chances of fraud by employees within the organization. The payroll consultancy services provider will be responsible for every transaction processing as well as accuracy and quality control.

Once you decide to go for a payroll service provider, the next step is to ensure that you choose the best one. There might be thousands of payroll outsourcing providers in the market, be it across the globe or just in UAE, but not everyone can assure complete privacy and accuracy of data.

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Robotic Process Automation in Payroll

Jishnu S — Tue, 19 Mar 2019 12:14:34 +0000

Robotic Process Automation (RPA) is a technology that uses artificial intelligence and software robots to streamline workflows. RPA can be defined as the configuration of computer software to “capture and interpret existing applications for processing a transaction, manipulating data, triggering responses, and communicating with other digital systems.”

RPA automates complex processes and routine tasks and can be used across sectors such as HR and payroll, that involve intensive and bulk operations. It enhances the speed and accuracy of your work, which helps in improving the overall work productivity.

An industry that reaps maximum benefits from RPA is payroll. RPA makes the lives of employees easier by adding new functionalities to the processes, with a greater degree of accuracy and efficiency.

Software robots are way more productive than humans in carrying out monotonous tasks. They are designed with self-learning artificial intelligence (AI) capabilities that enable response to changes and conducts tasks that are not limited to just basic processing. The varied functions carried out by the software includes collecting and copying data, running reports, processing and submitting emails, feeding data in HR or payroll systems and pre-populating forms. Modifying or retraining the robot’s automated tasks is not a herculean task and is in fact easier than re-training a staff.

Running payroll manually is monotonous and it attracts risks. A minor mistake can cause serious damage to the whole system. RPA enables an automated validation check before running payroll, thus eliminating the process of checking data and looking for errors. This can be done in a matter of seconds.

There is a multitude of activities that can utilize the benefits of RPA. These include contractual changes such as designation, benefits, roles and responsibility, permanent changes like hike and contact details, temporary changes that include bonus and expense payments, over time, new hires/separations or departures, attendance records, validation checks and deductions that include pension, union, travel card and loans.

RPA is a constantly growing technology that has the potential to make a huge impact in the world. It has unmatched integration capabilities and is becoming a massive sensation, not only in HR and payroll outsourcing services department but across various sectors within a company. The software fulfills tasks exactly as they are programmed to; hence the question of trust never arises.

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