Outsourcing payroll and tax administration is a capital idea for companies, large or small, looking to cut costs and improve workforce management and relationships as well as ensuring regulatory compliance.
Payroll Solutions with Multiple Benefits
Payroll and tax administration solutions are part of the wide range of HR management services offered by a PEO (Professional Employer Organization). Thanks to solutions that are cost-effective and flexible according to the unique needs of individual client companies, PEO solutions can help companies manage their employees better (training them effectively, motivating them through efficient payroll administration and a comprehensive benefits package, making them perform better) leading to greater performance, while keeping operating costs in check leading to more profitable running for the business.
Comprehensive Payroll Services
Outsourcing payroll and tax administration is possible thanks to some of the solutions offered by a PEO that include:
• Delivery of paychecks and stubs, with checks drawn on the PEO's account
• Direct deposit to multiple bank accounts
• Section 125 pre-tax administration
• Payroll deductions, garnishments and levies
• Flexible spending accounts
• Federal and State payroll tax deposits and returns
• Customized reports such as job cost accounting and cost allocation reports
• Filing of FICA, FUTA, SUTA quarterly reports
• New hire reporting
• Federal payroll summaries
• Production and delivery of W-2s
• Wage/hour law compliance
• Paid leave program management
• Vacation & sick time accruals
• Department summary
• Catering to multiple worksites
By outsourcing payroll and tax administration, companies can ensure efficient distribution of salary and prompt accounting and tax calculation to satisfy Federal and state legal obligations.
Outsourcing Payroll and Tax Administration