Overview
The 4,300 payroll services in the US provide accounting, bookkeeping, and billing services related to workforce management. Payroll services provide outsourced services to clients that lack the resources, expertise, or desire to manage the process inhouse. Firms collect information on hours worked, pay rates, deductions, and other payroll-related data from clients; calculate payroll and tax obligations for each employee; prepare payroll tax returns for the employer; and process the withholding, deposit, and payment of employment taxes.
Evolving Regulatory Environment
The regulatory environment for payroll operations and employee benefit plan administration is characterized by constant change.
Security Breaches
Because payroll service providers collect, use, and maintain large amounts of personal information on their clients’ workforces, security breaches pose a significant threat to business.
Industry Financial Benchmarks
Here are typical financial statements for payroll services.
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