The payroll management refers to the process of administration of a company's employee's financial records. This would include details of the employee's salaries, incentives, bonuses, deductions, and net pay. Running an in-house payroll can be a challenge for companies. Outsourcing is one method to avoid hiring additional employees or contracting with specialists.

Reasons choose to outsource payroll are as follows:

1. Cost savings by avoiding the need to use in-house resources to comply with complex payroll requirements
2. Ease of ongoing administration of payroll through changes in personnel, reduction or increase in compensation structure and filing of reports to government authorities
3. Avoiding mistakes and tax compliance penalties

At FundMonk, We provide a one-stop shop for managing end-to-end payroll services, handling tax and statutory compliances, labour compliance and payroll consulting services for our clients.