A payroll is a list of employees of a company who are entitled to receive compensation as well as other work benefits, as well as the amounts that each should obtain. Along with the amounts that each employee should receive for time worked or task performed, payroll can also refer to a company's record of payments that were previously made to employees, including salaries and wages, bonuses and withheld taxes, or the company's department that deals with compensation. Payroll can also refer to the list of a company's employees and the amount of compensation due to each of them. Payroll is a major expense for most businesses and is almost always deductible, meaning the expense can be deducted from gross income lowering the company's taxable income. Payroll can differ from one pay period to another because of overtime, sick pay, and other variables. People always ask a basic question like What is the difference between payroll and third party payroll?. Payroll is the process of paying a company's employees, which includes tracking hours worked, calculating employees' pay, and distributing payments via direct deposit to employee bank accounts or by check. However, companies must also perform accounting functions to record payroll, taxes withheld, bonuses, overtime pay, sick time, and vacation pay. Payroll is the process of paying compensation to a company’s employees for work done in a certain period of time. It is a critical business function that involves multiple departments like finance and HR.

Payroll as a function encompasses the following-
1. Establishing payroll policy and process within the organization.
2. Releasing salary and payslips to the employees.
3. Accounting for payroll-related expenses.
4. Defining payslip components like basic and variable pay, HRA, LTA and more.

In the world of business, payroll is one of the most crucial yet complicated processes. It is a process that transforms an employee’s time and effort into tangible financial rewards, keeping them motivated and morale high. Payroll encompasses a range of tasks – calculating gross wages, deductions and complying with tax and labour regulations. Payroll involves intricate calculations, legal considerations and meticulous attention to detail. Payroll outsourcing is using a service provider to handle the administrative and compliance functions related to paying employees. Payroll outsourcing is one way of paying workers in different locations through a third party. It is significant to note that payroll service providers do not provide local employers. This means that local incorporation is required, and experts must handle the other aspects of employing workers. There are various reason why people ask What is the difference between payroll and third party payroll?. Payroll service providers do not offer local employers, which is important to note. This means that the local incorporation is necessary , and professionals must handle the rest of the employment process.

Affirmatively your staff strength will increase yearly as your company does. It is preferable to get in touch with a contractual staffing company that offers third-party payroll services in such a situation. To meet the increased demand, startups, corporations, and small and medium-sized businesses use third party payroll services for employees. There are a lot of benefits. Third party payroll outsourcing companies are proficient. They are highly skilled and proficient staffing who knows what is best suited for the company. A lot of advantages can be seen if a company tie up with a third party payroll company. These are-
1. Better growth in business
2. Cost saving
3. Time saving
4. Better compliance

Compared to hiring in-house payroll staff, third-party payroll save companies up to 18% on payroll costs. It is also advised to use an external payroll firm rather than a third-party payroll consultant because you’ll save thousands of rupees. Outsourcing payroll to a third-party supplier has helped organizations to focus more on their core business activities and performance and achieving higher growth rates. The security of data in payroll processing is critical for your organization, whether in-house or outsourced. When your employees’ data is in the hands of a third-party organization, you must exercise extreme caution because it can be exploited in various ways, posing a significant threat to your company and employees. So there are many reliable answers to the question What is the difference between payroll and third party payroll?. The payroll service provider must be able to handle any payroll or tax concerns that arise in your company. You should examine the accuracy and reaction time of the service provider using the references provided by the provider.

Seven Consultancy provides the specialized service of Third party payroll. Journey of Seven Consultancy started in 2007. Now it has crossed many milestones and added many feathers in its crown. Currently having operation in different cities of India and abroad to provide solution to the Human resource domain to our clients. It made us one of the topmost trusted HR Consultancy in India. We provide not only resource recruitment services but also a complete solution related to all the activities of Human Resource Management. We are one of the Top Third Party Payroll Service Provider in PAN India.