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Monday, September 1, 2014

Choosing Outsourced Payroll Service Providers

Choosing outsourced payroll service providers is not always an easy task, especially if you have never done it before. You may ask CFOs or lawyers you know for recommendations but bear in mind that what works for them may not always suit you.

You will always need to consider the qualities that are most important to you before you select a company that offers assistance in this area. For example, if many of your employees are unionized, the provider will have to be familiar with the rules of your industry that apply to unions.

Forbes Magazine recommends that any organization you hire to compute the compensation that your employees are due should have experienced personnel. They should provide accurate data for withholdings, net pay and even your tax returns. You may choose to be able to review and sign your returns yourself or give them authority to attach your signature, if they are Reporting Agents (RAs).

Remember that the partner you choose should be one that is fully compliant with all the laws that apply in this area. Poor performance or intentional miscalculations on their part could result in serious losses for your business and hurt your reputation. Look for outsourced payroll service providers that give you exactly what you want and don’t force you to accept bundling of services you don’t require, just to increase their own profit.

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