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Overview
Third-party payroll refers to the practice of outsourcing a company's payroll processing and related functions to an external service provider. This means a company transfers the responsibility of paying its employees, managing tax obligations, and handling other payroll-related tasks to a specialized third-party company. Ameliorate offer all administrative responsibilities by standing-in as the employer on record, and takes care of labour law compliance and other legal issues. We have a team of legal experts and compliance officers to make sure that your business will be in 100% compliance with all legal regulations in the market. We also manage all the compliances like ESI, EPF and Health Insurance etc.
Ameliorate primary role as a third-party Payroll service provider is to be the payment processor between the employer and the employee. Once the employer has calculated payroll for employees, they will transfer the funds to us. Then we responsible for taking care of the payroll taxes and distributing pay checks to employees accordingly. We also provide other services such as employee onboarding, benefits administration, and direct deposit setup.
Key Functions Handled by Us
- Salary Processing: We calculating employee’s pay, generating pay checks and managing direct deposits.
- Tax Management: Handling tax calculations, withholdings, and filings with relevant authorities.
- Benefits Administration: Managing employee benefits like income tax, state & local taxes, EPF, ESI, health insurance etc.
- Reporting: Generating payroll reports for financial reconciliation and compliance purposes.
- Employee Onboarding: Staff will stay on our payroll. Assisting with the setup of new employees in the payroll system.
- Record Keeping: Maintaining accurate payroll records and employee data.
Benefits of Third-Party Payroll
- Focus on Core Business: Third party payroll reduces the workload of internal teams as they can concentrate on their core business operations instead of getting bogged down in administrative tasks.
- Cost-Effective Solution: It is quite an expensive affair to maintain a payroll department within the organisation. With us, it ends with no dedicated payroll staff, software systems, and infrastructure.
- Error-Free Payroll Management: Payroll mistakes can lead to unhappy employees and legal consequences. We use automated tools and trained professionals to ensure there are no mistakes and that salaries are paid correctly.
- Compliance: Payroll compliance is complex and constantly changing, so the company needs to update to the most recent changes in the law. We help the company achieve compliance, which reduces the potential for fines.
- Scalability: Business organisations are able to scale up their operations effectively as third-party payroll allows the addition or reduction of employees in the payroll system without wasting even a minute.