in Business (submitted 2010-12-28)
An employee within a company is paid on an agreed salary or hourly basis. The former sounds like a much easier matter as the figure remains the same until such a time for salary appraisal. Barring the need to dock one's wages, payroll services sound easy enough a process. To the trained professional, it is far from the truth as employers are tasked to monitor each employee's hiring cost which include salary, tax and insurance deductions, claims, allowances, benefits, time off amongst the few. In the event employment laws change due to whatever reasons, percentages may shift thus attributing to potential changes across the board or for specific groups. To free their hands of the hassle, the human resource department often turns to external providers trained and experienced to deliver these services.
To start the ball rolling, providers of payroll services generally require the list of employees and relevant details such as salaries and relevant figures as well as formulas to derive the gross and net pay. In processing the job, required funds are taken from the employer's account and credited into the provider's for onward disbursement. The option for direct deposit enables funds to be automatically transferred into employees' bank accounts. Alternatively, the provider can generate pay checks for employees to handle their preference of deposit. To close the cycle, a set of payroll and tax reports for the corresponding period is handed to the employer for confirmation and record keeping purposes.
Costs to engage payroll services are usually based on size of the account. A large firm with a long list of employees obviously entails a higher figure as compared to a lesser manned establishment. Generating physical checks also requires additional charges as compared to direct deposit.
Employers are turning to this practice as it relieves their staff of tedious tasks. Many service providers allow employers and employees to access their payroll data and pay slips online, thus easing the dissemination of information.
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