Businesses small and large trying to reduce expenses should weigh the option of payroll
outsourcing. Such alternative payroll processing allows employers to cut costs and direct actions to other day-to-day needs, writes John Edwards for HRWorld.
Rather than hiring a full-time payroll manager, outsourcing provides a reliable alternative that allows companies to direct capital to a third party without paying the salary and benefits of additional employee.
There are tangible reasons for such a course, Edwards continues. In-house payroll opens greater potential for errors by the employee or owner. Outsourcing, conversely, can limit the risk of erroneous payroll process
and increase a company's effectiveness, particularly in very small businesses where the entrepreneur may handle all the payroll responsibilities.
With outsourcing, companies will receive timely accounting and distribution of paychecks, tax filings and other record-keeping. Outsourcing will also decrease the need for the company to be up-to-date on all current federal and state tax laws.
Lastly, payroll outsourcing is a very secure means to organize a business' finances without the risk of sensitive information being exposed. The hired firm provides businesses with umbrella-like protection.
A survey by the Ponemon Institute last summer revealed that companies lose an average of $3.8 million per year to cyber crime and other forms of business identity theft.
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