Third Party Payroll

Third party payroll is a process where a business transfers the responsibility of paying their employees to another entity. The third party payroll provider typically takes on all of the traditional payroll tasks, such as issuing paychecks, setting up direct deposits, and calculating taxes. Third party payroll also takes on the responsibility of filling out and filling federal payroll taxes, as well as any applicable state and local taxes. The primary role of the third party payroll provider is to be the payment processor between the employer and the employee. Once the employer has calculated payroll for employees, they will transfer the funds to the provider. The provider is then responsible for taking care of the payroll taxes and distributing paychecks to employees accordingly. Third party payroll providers also provide other services such as employee onboarding, benefits administration, and direct deposit setup. Companies usually opt to hire payroll services when the cost of payroll solutions that are to be outsourced is less than undertaking it internally and is the most affordable solution. Also it saves the time of the HR team and this time can be used elsewhere where necessary. A payroll service provider is a third-party company hired to process a company’s payroll.

Third Party Payroll Services usually involves a different company that caters to the business payroll-related needs. A third party payroll service allows the organization to cut back on costs of additional resources, software etc. It also helps to reduce the pay to each hire as they are not hired on the company payroll. Many companies use Third Party Payroll Services due to their many benefits for both small and large businesses. The procedure makes use of technology with clear rules, enabling organizations to do the payroll work. Companies may decide to use third party payroll services for the following reasons:

Businesses that use contract staffing firms in India also provide Third Party Payroll Contract to handle the pressure of onboarding, compliance monitoring, issuing offer letters to temporary employees and termination requirements. Third party payroll provides a range of advantages for employers. It relieves employers of the burden of managing payroll taxes and other paperwork, freeing up their time to focus on their business. It can also save businesses money by providing access to bulk discount rates. Finally, third party payroll gives employers added peace of mind by providing a guarantee that payroll is compliant and accurate. HR Outsourcing may help businesses lower health costs, reduce HR expenses, process fewer workers compensation claims, reduce turnover, and help generate higher revenue growth. With the help of a third party HR provider, there are often fewer concerns about hiring, retaining and motivating employees.

A Third Party Payroll Company acts as a third party to hold deeds, documents and funds involved in completing transactions. The company deposits the funds in an account on behalf of the buyer and the seller. A third party payroll company may also hires a collection agency for securing payment of a company debt. Company invoices or initial customer contracts typically state at which time a collection agency may be used for securing outstanding payments. The schedule depends on the market and the company’s relationship with the clients. Companies hire on third party payroll because they do not want to manage the very difficult process of payroll or lack the resources for it. They also do not need to provide any of the benefits that are otherwise due to permanent employees. All these benefits make third party payroll systems more attractive that in-house payroll. Third Party Payroll Outsourcing means entrusting an external service provider with the administration of the payroll processes instead of handling payroll in-house. While some businesses use payroll services for their domestic workforce, the real value of outsourcing third party payroll lies in simplifying global payroll management.

Seven Consultancy provides the specialized service of Third Party Payroll. We do provide solutions of end to end Third Party Payroll Services across PAN India based on the need and demand of the differnt organization of all types of Industry. We carry out Recruitment, HR, Payroll & Compliances of employees and put in client organization as deputation. We do it in very economical way as we do all activites in house.
Journey of Seven Consultancy started in 2007. Now it has crossed many milestones and added many feathers in its crown. Currently having operations in different cities of India and abroad to provide solution to Human Resource domain to our clients. It made us one of the topmost HR Consultancy in India. We provide not only resource recruitment services but also a complete solutions related to all the activities of Human Resource Management. We are one of the Top Payroll Outsourcing provider across PAN India.