![]() Once the possible cost savings of the practice became clearer, there was no turning back. It wasn’t until the late 1980s that many companies, hindered by bloated internal structures, began to see broad strategic value in “hiring away” work once completed in-house. This mindset of vertical integration extended into companies’ internal processes as well. Economic theories of the day advocated growth in all reasonable directions to exploit economies of scale. ![]() What Is Outsourcing?įor most of the 20th century, companies strove to own and exercise control over all business functions and assets. ![]() In the modern business context, however, payroll most often refers to the process of paying employees or to the entities responsible for carrying this out. The term “payroll” can describe both a company’s list of employees to be paid and also the total amount an employer owes in wages and salaries. It also includes managing information relevant to the tax process such as health insurance and workers’ compensation claims. Payroll “functions” include gathering employee information, setting up automatic payments and direct deposits, tracking hours or timesheets, calculating wages owed, distributing pay stubs and even garnishing wages as directed by court order. The process begins with the integration of employees into a payroll system and extends through end-of-year tax responsibilities. ![]() It encompasses a variety of tasks, not all of which are necessarily carried out by the same entity. Payroll involves much more than simply mailing checks. ![]()
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