It is important for business owners and founders to be completely aware of the payroll outsourcing process and how it can be beneficial for any business. The reason is that payroll responsibilities can be very overwhelming and complex to handle, and the stress is visible in bigger business houses and corporate houses. They already have an accounts section to handle all payroll-related issues, but payroll outsourcing is still something that all businesses want to engage in. Let us understand the different types of payroll outsourcing services offered by companies.
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| Different types of payroll outsourcing services - Epayoffice |
How Many Types Of Payroll Outsourcing Services Are There?
There are five main types of
payroll outsourcing services offered by any company you choose to outsource
payroll to.
Full-Service Payroll Outsourcing
This is the most comprehensive
type of payroll outsourcing, as the company chosen to outsource payroll handles
all the aspects, including calculating and withholding taxes, processing
employees' deductions, issuing paychecks or initiating direct deposits. The
team ensures that the entire task is done in full compliance with local
employment tax rules, etc.
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| Including calculating and withholding taxes - Epayoffice |
Self-Service Payroll Outsourcing
This is a more hands-on approach,
as the payroll provider gives businesses an access to the web-based platform to
use on their own to enter employee information process payroll and access
reports. The payroll provider assists by preparing reports in compliance with
local deduction and tax rules. This option is ideal for businesses that don't
have too many employees, as they can access the payroll information anytime.
What Is Partial Payroll Outsourcing?
This is a mix of full-service and
self-service payroll outsourcing types, as the payroll provider handles some
tasks while the business handles some tasks even after they have outsourced the
payroll. The good thing about partial payroll outsourcing is that the company
has total control over the process, and they can access the data anytime.
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| Self-service payroll outsourcing types - Epayoffice |
International Payroll Outsourcing
This payroll outsourcing is
designed for businesses with employees in multiple countries, as the service
provider has tax deduction-related information from different countries. They
specialise in calculating and withholding taxes processing, employee deductions
and issuing paychecks or direct deposits.
What Is Virtual Payroll Outsourcing?
This is currently the most
popular type and ideal for businesses that allow employees to work remotely.
This has grown in popularity after the global pandemic COVID-19, as most
businesses are working in hybrid mode. The service provider has to handle all
the aspects of payroll administration while still complying with tax-related
laws and rules. This is the least expensive and the most impressive service
compared to others, as the business will pay only for the services it is using.
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