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What are the benefits of outsourcing payroll?
I've heard outsourcing payroll can save time and administrative headaches, but I'm not sure if that's a bunch of vendor hype. What's the truth behind payroll outsourcing?
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3 Answers
Tax compliance. An outsourced payroll provider will handle all tax withholdings and state/federal tax reporting. They will also provide all employees with there year end tax statements.
Direct Deposit. An outsourced payroll provider will allow you to automatically deposit funds into an employee's bank account.
Reporting. An outsourced payroll provider will provide monthly/quarterly/ytd reporting by person and by company department
PTO tracking. Provides a means to track vacation taken by every employee
Ian is correct from the standpoint of actually producing the payroll once it has been calculated. Depending upon the complexities of your business ADP, etc. may not be able to calculate the payroll before it is produced. Over the years I have seen a lot of crazy ways that people get paid and some require a lot of time to calculate as well as interfacing with a data warehouse and about five extremely complex Excel spreadsheets. Point is, know what you are asking for going in because the payroll processors may not be able to help you from a calculation standpoint.
Outsourcing the payroll accounting services of your company relieves you of the burden of tedious administrative and routine responsibilities. This enables you to concentrate on your prime objective of growing your business. Outsourcing payroll processing generates cost saving, improves focus on core business and most importantly enables growth without manpower constraints. By outsourcing the payroll process to back office service providers, seasonal increase in work load like filing tax returns can be managed efficiently. It permits you to focus on high end activity by releasing time from routine tasks. This promotes greater flexibility in staffing. By outsourcing your payroll accounting tasks to an Indian service provider, you can reap added benefits. Favorable time difference between India and US is useful especially during peak load season. India works while US sleeps, this enables faster work completion.
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