The past year will most definitely go down in the history books as among the toughest years of businesses across the globe in living memory. It is very likely that the rapid and unpredictable changes of 2020 have left your entire business and teams struggling to cope. It’s also very likely that you now have a lesser number of people employed, placing increased pressures on your internal resources. With more and more businesses becoming under-resourced more than ever, it is completely understandable that you’re looking to seek the help of professionals providing payroll outsourcing in UAE.
After all, now’s not a good time for your business to overlook accurate payroll processing’s importance. Payroll processing in UAE requires the knowledge of a specialist as it entails an intricate work. Businesses that get a single thing wrong risk criminal charges along with hefty fines. A lot of businesses turn to outsourced payroll service providers in UAE in order to take off the pressure of having an inhouse team, as well as to get a helping hand for payroll processing.
Business functions such as customer service, logistics, and marketing are constantly outsourced to experts, so why shouldn’t you outsource to payroll specialists as well? In this article, we’ll take a close look at the top ways businesses in UAE benefit from managed payroll services. Let’s start!
- Guidance in navigating the payroll labyrinth
It is all too easy for anyone to take the wrong turn in a labyrinth such as payroll. All the complexities brought forth by taxation, regulatory compliance, superannuation, mandatory withholdings, penalty rates, overtime rates, varying salaries and hours of employees – they all intertwine, creating a very complicated system. In addition, if your company operates across different countries and/or emirates, the amount of work and knowledge that you- require inhouse in undertaking payroll processing in UAE increases exponentially.
Navigating the maze is something that’s best to experts’ hands. The highly trained professionals on payroll processing have the expertise and knowledge your business greatly needs in avoiding all of the pitfalls of company payroll. You can then ensure that your staff members are paid on time and accurately.
- Stay compliant to payroll regulations
Staying on top of payroll legislation compliance can be very difficult, most especially for small and medium enterprises as misinterpretations are rampant and they cause serious miscalculations. Also, change to legislation happen regularly. This means even the well-meaning companies are left wide open with wage theft.
The complexity that’s built into the Wage Protection System of UAE does not help either. There are detailed clauses and rules for maintaining the WPS and all businesses operating in the country have to understand relevant regulations and abide by them in order to avoid serious financial consequences.
With this, it’s enough reason for a company to leave payroll procedures to experts, those who are notified regularly on all the changes of relevant legislation. Payroll specialists can help ensure your business stays on top of its compliance obligations and have the correct interpretations of the law.
All too often, companies are fined of outstanding amounts for the inaccurate processing of payroll in UAE even when mistakes or omissions occurred accidently. In this economic downturn brought about by the COVID-19 pandemic, the last thing that your business needs are unnecessary, massive fines. You shouldn’t risk it.
- Huge savings in both time and money
Another well-appreciated benefit for outsourced payroll in UAE is that you will immediately save the business a considerable amount of time and money. Recruiting, training, and onboarding inhouse payroll specialists will put a strain on company resources. There are additional overheads involved, too!
With payroll outsourcing in UAE, you’ll be able to rest easy from knowing that your company payroll is in the capable hands of specialists. Reputable firms work really fast as they know the tricks of the payroll processing trade already. They will process your company’s payroll with the highest degree of accuracy. The cost savings that you realize can then be redirected into the COVID-19 recovery strategy you plan on implementing for your business.
- Peace of mind
Finding the right payroll outsourcing service provider in UAE is very difficult. You need a team of payroll specialists that will be able to keep your company’s payroll processes running interrupted and smoothly. It’s advised that you only seek the help of established payroll service providers as well. This is because there are a lot of fly-by-night service providers that are not trustworthy at all.
Established firms such as Farahat & Co have been operating in the UAE for more than decades. Only trust experts that understand the unique needs of your business. You need specialists that can ensure a secure and seamless transition of outsourced payroll processing in UAE so there is no added pressure onto your inhouse teams.