Payroll Challenges in Dubai – Horizon Biz Consultancy
Payroll processing can be a challenging process for every company, irrespective of its size. As the number of employees increases, the process becomes even more complicated and time-consuming. Gathering the information of each employee, calculating their gross and net pay, budgeting, calculating the accruals and taxes are part of payroll processing. Organizations are shifting to payroll outsourcing to ease their load. Outsourcing the payroll processes can be of help to the entities in numerous ways.
The challenges of payroll processing are many and it also affects the functioning of other departments within the organization. The repercussion of inaccurate data shared with the accounting department leads to numerous miscalculations that could hamper the business reporting requirement if the inaccuracy stays unnoticed.
Horizon Biz Consultancy can provide a complete payroll management and processing services to our clients. Regardless of the size of the client, number of employees and complexities of the payroll, we can tailor our offers as per the client’s need.
While some clients choose our service in order to reduce their operational cost by outsourcing their non-core activities, some clients prefer to keep payroll related information confidential from the internal employees. More importantly, there are list of administrative and legal requirements that comes along with having an employee in a company, on all of which we can assist clients either on advisory or execution basis.
Some of the challenges faced are:
Lack of Accounting Background and Budgeting Knowledge:
In most organizations, payroll functions are generally managed by the HR department. HR professionals are excellent at their core function. However, they may not be able to facilitate the balance sheet requirements of the accounting team. The inaccurate figures passed on could take up a lot of time to rectify and lead to numerous misleading reports and budgeting mistakes. Lack of accounting background and budgeting knowledge can be the reason for these errors. In such cases, it is an added load of work for the accounting department.
Inaccuracy in Accounting Reports:
Inaccuracy in accounting and finance reports can adversely affect the business. The cost allocation of the company to meet its requirements can be affected if the payroll details are not accurate in the accounting records and reports.
Processing the payments of employees on time is the most challenging aspect in payroll processing. All the calculations must be accurate and should be processed on time. The organizations cannot afford to take risk on this as timely payment to the employees is a matter of existence.
Due to confidentiality issues, companies are hesitant to share the employee-wise salary information to its finance team. Payroll outsourcing is a solution for this issue as the finance team will get the report from a team of payroll professionals and they can completely rely on this report.
The vast amount of time involved in payroll processing compels companies to maintain a well-experienced professional for the same. Employing a professional to undertake the payroll processes can be more expensive than outsourcing it. Apart from the salary, the maintenance of the employee, office space, stationary, furniture, IT equipment, etc. are additional cost that can be reduced by engaging an outsourced team of experts to manage this function.
Payroll processing is a complicated and challenging process. With the advancement of technology, new and improved methods are being used for payroll processing. Managing payroll in-house could bring in added expenditure; hence it is wise to choose the right payroll outsource service, who can handle your processes with ease.
We are one of the leading payroll service provider in the Dubai UAE. Our experienced team of professionals offers accurate and timely payroll processing to our clients.
Horizon Biz Consultancy Payroll Services
The process of payroll is a little complicated and time-consuming; hence it is always recommended to outsource your company’s payroll function. Outsourcing payroll will ensure the assistance of a team of trained payroll professionals and it frees up the time of the organization, helping them focus on other projects that add value to their business.
One should be extra vigilant while selecting their payroll provider, as payroll data is highly sensitive, and one should opt for a provider that can ensure high levels of data security.
As a leading payroll outsourcing company, Horizon Biz Consultancy can help solve your payroll complexities through customized strategies. We take care of our clients’ entire payroll cycle that includes preparation of payroll reports, processing salary payment with WPS compliance, accrual management including Gratuity, pension funds, an online portal for accessing pay slips, and many more. Our leadership team spends the necessary hours in every project, ensuring our clients get refined consulting services to take your business forward.
Below are the list of services covered under our Payroll management services.
- Leave management for the employees example Holidays, Absences, Paid Leaves
- Issuance of monthly pay slips, Salary Certificates and Bank transfer letters.
- Issuance of No Objection Certificates (NOC) for employees
- Preparation of Offer letters
- Assistance with application and selection of suitable Health/medical insurance
- Assistance with the setup of Wages Protection System (WPS)
- Calculation of Statutory gratuity payments as per the UAE labor law.
- Calculation of the end of settlement in the case of termination during probation or after probation period as per the UAE labor law.
How Can We Help?
We can help you guiding, consulting and maintaining at each step and walk through your Payroll Process.
Get your 1st Free Meeting of Payroll Service from Horizon Biz Consultancy
Horizon Biz Consultancy is experienced in payroll service, Tax consultation, business consultation, business/company setup, accounting services and audit service. Our UAE based qualified consultants, auditors and accountants are experienced working with many small and leading businesses/companies and organization.
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We are working since 6 decades. And years of experience will never let you down.
– Outsource Payroll Processing Services
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