List at least three payroll software companies that provide payroll services for small, medium and large companies.
What are three benefits for a company of outsourcing payroll to pay employees to a 3rd party Software Company?
What are three negatives for a company of outsourcing payroll to pay employees via a 3rd party Software Company?
The three payroll software companies that provide services for small, medium and large companies include Paycor, ADP and Zenefits.
The company saves the time if payroll is outsourced to pay employees to a third party software company because the third party would be calculating the pay and deduction. The third party itself remits the checks to employees and taxation teams. Another benefit is that the tax calculations are done accurately because they have tools for accurate and consistent predictions. Outsourcing helps the company with regulatory compliance. Now they do not have to them on their own.
The negatives may include immediate access of data as data is maintained offsite, which is harmful to a company. Due to the involvement of the third party, it takes a long time to correct. One of the significant concern is internal theft from outsourcing.