Accurate and timely payroll management is paramount to the successful operation of any business, whether a company has five employees or 5,000. If employees are not paid on time— and if employers fail to follow state and federal directives for employee classification, payroll tax filing, and other regulatory issues—management can soon find itself facing critical challenges, from high turnover to steep fines.
Determining whether a third-party service provider is the right solution requires a careful analysis of existing administrative costs and processes. This report examines the pros and cons of both internal payroll management and outsourcing, so that employers can make an informed decision about which path is best suited for their organization.
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