It is also among the most tedious, finance and accounting processes may be regarded as an integral part of a company. That is why companies are constantly looking for the ways to make it more efficient and more manageable. Under the different finance and the accounting processes is one that stands out in payroll outsourcing. By companies, this is the finance and accounting branch that is commonly outsourced by the companies as compared to the others including the accounts receivables and accounts payables, this is because the outsourcing is the function that is often results in more efficient processes, reducing paperwork for the companies. In order to streamline the payroll process for the companies to run like well oiled machines as a huge piles of paperwork are inefficient to say the least, the companies are looking towards payroll.
The good example of the Capgemini UK’s contract with the Cornwall Council. The contract worth £7 million would enable the Cornwall Council to replace the paper based finance, purchasing and human resources processes that were passed on to them. The Capgemini UK and Cornwall Council are both aiming towards eliminating duplication while reducing costs as they sign the aforementioned contract which will be executed over the next 15 months. By the government tax agencies which may be caused by the late and incorrect filings of the documents and payments needed needed, the outsourcing payroll solutions have allowed companies to enjoy benefits including able to avoid facing penalties fines by government tax agencies which may be caused by late and and incorrect filings of documents and payments needed. By having outsourcing companies the particular branch of the business, penalties and surcharges may be avoid.
With the Ceridian Corporation, the US grocery retailer and distributor, SUPERVALU has entered into an agreement, a provider of the human resources solutions. With the SUPERVALU’s Retail Accounting Services growing number of the customers, it seemed that a logical choice for the seek that assistance of a solutions provider for the finance and accounting outsourcing solutions. This agreement, the Ceridian Corporation will provide a SUPERVALU with the payroll system that will allow SUPERVALU to optimize the productivity. The SUPERVALU’s reason for the outsourcing move echoes sentiments by the various other companies as they seek to optimize productivity while meeting the demands of the workload.
With Georgia-based human resource management service provider, the another notable development is TruPay’s announcement of a new agreement. They have recently made known to the public that they have signed an agreement with the PeopleStrategy which would cover streamlining administrative tasks of TruPay. This includes the compensation management, HR administration and the time and attendance among the others. In having a delegated such as the tasks to a solutions provider, the TruPay will now be able to focus more on their core business and it will allow them to further strengthen the position in the market.
In the terms of the finance and accounting while the task is admittedly essential and crucial undertaking, helping them to optimize their processes, maximizing productivity and performance. Maximizing the resource under the time, budget and even man power constraints, it is important for a company which is why it is essential for many types of the companies to execute the decisions that would ultimately benefit the company.
REFERENCE:
http://www.blog.infinit-o.com/companies-streamline-processes-outsourcing-payroll/
