Payroll Solutions

 

 

Payroll is one of the most problematic business utilities that are commonly outsourced to a payroll management service.

The formal definition of the outsourcing of payroll is formulating a payroll solution through the transference to a third party of functions normally performed in house regarding your payroll.  It sounds all very formal and simplistic, but in reality a payroll solution means far more to a business than these words.

The best alternative to an internal payroll staff is outsourced payroll. Payroll outsourcing has become a very15084453_s common and accessible business solution today. Many freelance outsourcing companies now offer payroll for business corporations significantly improving their operational performances. It has become very popular today because of the efficiency of their services.  There are several options available for payroll solutions you can also combine this with human resource services.

Payroll services can provide a varied of services:

  • The distribution of paychecks (physical or electronic) to employees each payday, as in “I finished      doing payroll yesterday.”
  • The financial records for employee wages/salaries, withholding, deductions, bonuses, pay for time not worked (holidays, vacations, sick time, etc.) and other items on employee paychecks.
  • It can also mean the record of total earnings of all employees for a company in a fiscal year.

Related Terms

  • Payroll taxes are those taxes required to be paid to federal and state taxing authorities as a result of paying employees (such as FICA taxes and unemployment taxes). The IRS strictly defines payroll taxes as FICA taxes (Social Security and Medicare), but the term is often used in the general      sense.
  • Payroll processing describes the preparation of paychecks (including withholding and deductions), distribution of paychecks, and payment and porting of payroll taxes. Options for      payroll processing include doing it yourself with accounting software, hiring a bookkeeper, or engaging a payroll service.