Discuss outsourcing the payroll function. What are the advantages and risks?
Many organizations outsource their payroll function by transferring all payroll processing tasks to a third-party provider. The service provide performs all the payroll functions and may receive data either from the firm or directly from the workers. The service provider must have access to sensitive internal information such as social security numbers and bank account information.
The primary advantage of outsourcing is cost savings. The client organization avoids the salaries and benefit cost of an in-house payroll department, as well as continuing education required to keep up with ever-changing payroll laws.
The risks are significant. An outside organization will have access to confidential employee data and the client firm's financial resources. The service provider may have poor internal controls or act incompetently which could result in material errors or fraud. Outsourcing payroll does not relieve the client organization of its responsibility for implementing adequate internal controls.
You might also like to view...
Employers are allowed to:
A. Permanently replace strikers in both interest and rights disputes. B. Permanently replace strikers in interest disputes but not in rights disputes. C. Temporarily replace workers in interest disputes but not in rights disputes. D. Permanently replace strikers in rights disputes but not in interest disputes.
What is the Consumer Privacy Bill of Rights? What are some of the proposal's safeguards? Do you think it should become of our federal statutes or regulations? Why or why not? Which of its provisions are the most important in your opinion and why?
Approximate the percentage of these Internet users who are men under the age of 30
Which of the following are always post-tax deductions?
What will be an ideal response?