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Emerging business challenges have compelled companies to focus more on their core business activities and find effective ways of managing other areas. Payroll management is also one of those business processes where companies feel they can optimize their business by outsourcing.

SOFCOM, with years of experience in development and successful implementation of its HR application HARMONY, now offers a premium payroll outsourcing service, Destiny. We aim to provide a professional service in which payroll is processed accurately and promptly.

The scope of Destiny includes the following

  • Salary Calculation – Allowances / Deductions
  • Income Tax Calculation and reports as per the rules and regulations
  • Provident Fund deduction and member balances
  • Employee Loan installments and their profit/markup calculations
  • Employee Leave without Pay
  • EOBI Contribution and Reporting
  • Overtime Calculation
  • Bonus Calculation
  • Medical and Other expense claim and reimbursement
  • Management Reporting
  • Integration with existing ERP or Finance software solutions

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Payroll outsourcing brings many benefits to the organization

Focus on Core Business
Outsourcing your payroll saves a significant amount of time that is normally required to execute this routine process. This saved time allows you to focus more on your core business, which results in greater revenues and improved services for your business.

Low Acquisition Costs
Destiny helps avoid the large upfront investment required for the acquisition of appropriate hardware and software for a new or enhanced HR solution. Also, Destiny helps eliminate the technology obsolescence and redundancy factors.

Compliance
We constantly keep an eye on the prevailing statutory regulations. Destiny helps you remain compliant with these regulations such as Income Tax, EOBI, ESSI, etc.

Greater Cost Savings
Destiny can help you in lowering your ongoing operational costs. Due to SOFCOM’s economies of scale and efficient working practices, Destiny will reduce your overhead costs in the areas of payroll staff, hardware and software maintenance.

Predictable Costs
With Destiny, you can predict your ongoing payroll management costs. This reduces the uncertainties in business planning.

Less Dependency on Individuals
By outsourcing, you can ensure that you are not reliant on a few key employees who may leave your organization. Instead, you are in contact with a professional company to relieve you of such worries.

Accuracy and Timelines
Payroll errors and delays can be very painful and costly. With professionals managing your payroll you can expect greater accuracy and timelines.