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.
Unique views: 1,557
Total views: 1,557
All data and information provided on this news blog is for informational purposes only. Infinisource makes no representations as to accuracy, completeness, suitability, or validity of any information on this site and will not be liable for any errors, omissions, or delays in this information or any losses, injuries, or damages arising from its display or use. All information is provided on an as-is basis. Information regarding employment suits and other legal action is not updated after publication, and may not be current.