This is one of the most critical functions of the finance department of a business. Sometimes it’s a joint HR and finance function. Payroll management from an accounting or finance perspective is the set of activities related to monthly computation of monthly compensation including salary allowances and benefits of all the employees in a company.
Unlike other finance functions payroll processing can be a bulky routine set of activities but very sensitive as it can lead to hefty losses. These reasons are why some businesses seek the services of a reliable outsourced payroll services provider. Outsourcing payroll is not just a cost-saving measure but can add to the efficiency in the proceeds by increasing the points of internal controls.
Besides, outsourcing helps focus on your core business .Payroll takes up a total of eight-ten hours of employee’s time, every pay period depending with the size of the business. Outsourcing payroll saves valuable employee time that can be devoted to core business issues for improving productivity.
In addition, outsourcing payroll eliminates the needs to buy, install, support and reduces the IT labor needed. The software which is hired is of such quality that in no time and effort it helps managing everything which otherwise not possible.
Furthermore, outsourcing helps employees prepare and submit own payroll data. Payroll services use software as a service, which delegates to employees the responsibility of gathering and submitting work hours themselves. After completion these are electronically reviewed by the manager who can either approve or send back any inaccurate time card.
This is the space payroll management companies and service providers in Kenya, Uganda, Tanzania and Rwanda are increasingly filling.
They invest in complex multi-company and multi-currency payroll software that can proceed individual company payrolls and fluctuate fund remittances to hundreds of employees in different locations in different currencies.
Career Options Africa with offices in Nairobi Kenya, Kampala Uganda, Kigali Rwanda and Dar es Salaam Tanzania is one such leading payroll service provider.
They offer outsourced payroll services to private public and not for profit organizations.
Payroll Accounting and Outsourcing