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Managed Payroll is a service that lets companies outsource all payroll duties to an external provider.
This provider handles payroll, including calculating wages, managing tax deductions, and distributing payments.
Companies can mitigate risks and avoid costly errors by entrusting payroll tasks to experts.
Managed payroll services can be tailored to accommodate permanent and non-permanent workers, such as contractors and freelancers.
What Is Managed Payroll?
Companies can choose between two primary service levels: fully managed payroll and partially managed payroll.
How Does Managed Payroll Work?
Each approach has its own pros and cons, which can affect costs, control, and operational efficiency.
Managed Payroll
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Payroll Software
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Businesses should consider cost, control, and service requirements when deciding between managed payroll and payroll software.
Ultimately, the best solution depends on the companys resources, payroll complexity, and desired level of control.
