FROM PAY COVERS TO PAYROLL OUTSOURCING

When I was teaching in college, there was a powerful official in the college office. He was called Bursar. The title is derived from the Latin word ‘bursa’ meaning purse since a bursar is a professional financial administrator. In our college, the Bursar dealt with payroll, investments, IT, etc., apart from his primary responsibility of billing of student tuition accounts. On the first day of every month, he approved the salary bill of the staff members. On his approval, the cashier used to apportion cash to each member putting the money into envelopes superscribed with the recipient’s name and the amount due to him.

The same trend of issuing ‘pay cover’ continued in my next job also. Towards the end of the 20 th century, access to banking opened up with the introduction of retail banking services. Since then, my salary gets promptly credited to my bank account every month. My payslip with details is emailed to me. It is hassle-free!

With the advent of payroll outsourcing, employers are switching over to ‘payroll outsourcing.  By doing so, companies save cost and improve efficiency in payroll processing. Most importantly, the payroll compliance support with respect to TDS, ESI & PF benefits, etc., which is offered by the payroll providers is a great relief to employers whether small or big entrepreneurs.

At the end of the day, choosing to outsource with a reliable payroll company should give you peace of mind. Tasks are being handled expertly and efficiently without you having to worry!

CR. Anandan