Whichever type of business you run, you’re gonna have employees… Employees that you need to pay. But to run the payroll, you need to have everything in order. From working hours, to days off, etc… There’s a lot to keep track of. So, this is when companies resort to outsourcing the work to external services like payroll services! And today, we’re gonna talk about payroll service rates and what factors affect them, shall we?
What Are Payroll Services? What Do They Do?
Payroll services are generally software programs that handle everything related to payroll. From management, to processing and more, it takes everything into consideration. Now, there are many benefits to outsourcing these tasks to such services like the following:
- Calculating Salaries: Well, that one is self-explanatory! Payroll services offer accurate salary calculations based on working hours, time offs, and bonuses.
- Tracking Time: Naturally, payroll services will include time trackers for employee attendance. This includes tracking working times and overtimes.
- Managing Leaves: Sick leaves, holiday leaves, annual leaves, etc… Payroll services can keep track of all of that!
- Saving HR Resources: When you use an external payroll service, you can save the HR resources to more crucial tasks! And that way both sides get to work efficiently.
The last two tasks are part of payroll services in the UAE:
- Tax Management: These services can ensure that the company adheres to tax laws in the UAE. And of course, they make sure that the company complies with the Wage Protection System (WPS) which is mandated by the government.
- End-of-Service Pay: Payroll services, again, can manage the calculations of how much employees will get when they reach their end-of-service!
Now, the question that remains is, how much are payroll service rates?
Factors That Affect Payroll Service Rates
Before we give you the price list, you should know the factors that affect payroll service rates. First, it mostly depends on the size of the business (which will pop up again later). Second, it depends on the provider the company will work with. And finally, the nature of the service the business will use and how complex it is! Now, let’s talk about the prices. Bear in mind that these are rough estimates and can vary based on the factors we already mentioned.
Payroll Service Rates in UAE
If you own a small business, which is between 1 and 50 employees, the payroll service rates can range between AED 500 and 1,500 per month. This is roughly about USD $140 to $410. Now if your employee count is anywhere between 51 and 200, then you own a medium-sized business! The rates for these services will be anything between AED 2,000 and 5,000 per month (roughly USD $445 – $1,360). And finally a big enterprise with 200+ employees will be charged AED 5,000+ per month.
Looking to Outsource Your Payroll Management?
You don’t need to look too far to find a payroll service that can help your company on its growth quest. Noraal is here to take your SME to the next level by providing all kinds of financial services! So make sure you check out what we have to offer to hep your business out. And who knows? This could be the sign you needed to get on your A-game!