Payroll is a daunting, time-consuming task for companies. Oftentimes the entire payroll function is outsourced to a provider to handle the calculations for taxes, the filings, and the actual distribution of funds.
Payroll service companies carry an important responsibility for their clients. Companies depend on them to be reliable as paychecks are pretty important to employees who expect their checks on time; their lives hang in the balance if they don’t get paid. Employees will quit if their money doesn’t show up when promised. Ensuring those payroll systems run without interruption is mission critical for the payroll company, their clients and the employees they serve. One glitch in the system can literally affect thousands of people’s lives.
Payroll is particularly time sensitive because funds have to move and are subject to bank cutoff times, there is very little wiggle room to keep a payroll delivery on track. [Read more...]