ˈpeiroul ˌɑːwt.ˈsɔhrs.iŋ / Payroll Outsourcing
Payroll outsourcing is the practice of hiring an external party to take over all payroll activities.
Commonly done to save time and reduce costs, payroll outsourcing answers a business's need for both trained payroll staff and suitable software packages.
Plus, it prevents companies from committing compliance errors and missing payment deadlines, which can result in expensive fines and unhappy employees.
Firms that provide payroll outsourcing services cover paycheck processing, accounting functions, insurance, and employee benefits. They can create various reports that streamline accounting processes and support companies in complying with tax-filing and legal requirements.
