What is Payroll Outsourcing?
‘Payroll Outsourcing’ refers to the practice of hiring a third party agency to process the payroll of a company. It helps the company reduce the time and money spent on payroll processing, payroll staff, maintaining payroll related records, maintaining payroll software, etc.
There are multiple legislations and statutory compliances that an organization needs to take care of, in order to stay in the business. Outsourcing the payroll of employees also means that the company need not worry about the legalities of the same.
Companies have recently stopped payroll outsourcing as payroll software has become quite accessible and intuitive. Along with the penetration of the internet, cloud-based payroll software has taken up the mantle of the third party that used to undertake the payroll activities for a company.