When discussing payroll compliance, it may seem like a complicated and costly process, if not done right. That’s why we’re here to break down what compliance is and discuss the importance of partnering with the right payroll provider.
What is Payroll Compliance?
Payroll compliance is a part of the compensation and benefits feature of an employer. It is a combination of activities that make up the production for payroll and includes in-depth reporting into the exact distribution of payroll funds. Considering that payroll is one of the most regulated functions in an organization that must meet federal, state, and local jurisdictions requirements, understanding the payroll structure’s calculations is crucial. It can determine the appropriate monetary value for work contracts, work shifts, deductions, declarations, and legal procedures.
Who handles Payroll Compliance?
Nearly a decade ago, the accounting or the finance department managed payroll compliance, which made sense because they all focused on the money within the business. Now, many factors go into payroll, including temp workers, appraisals, benefits, etc. Since more employee-related elements align with payroll processes, the HR department primarily oversees payroll within organizations.
The Human Resource department gives the employees physical and emotional interaction into sensitive details about their benefits, deductions, and other allowances associated with their payroll within the business. Hence the importance of HR departments partnering with a trusted payroll provider. The HR department is exceptionally hands-on, focusing on the resources for the employees and wearing multiple other hats to maintain the organization’s flow. Depending on HR managers to focus on the payroll structure and the other HR administrative tasks, it can lead to compliance errors that can have long-term effects on the business in the future.
Your payroll provider should be skilled in time and labor functions and up to date on all policy and procedure changes. Essentially helping free up time for the HR department and allowing them to show up for their employees. Partnering with the right payroll provider can save the company money and unnecessary legal issues later down the road.
MVP Payroll assists HR departments with their everyday payroll tasks. We act as an extended part of your business, providing a complete back-office suite of scalable, enterprise-level managed services. Our skilled FPC and CPP professionals oversee your payroll, ensuring that payroll is being processed accurately and timely and eliminating uncertainty from your business’s riskiest part.
Our highly-trained payroll representative understands your business and readily available to give you direct answers to your questions about your payroll over the phone or via email. OurCPAs ensure that we are accurate and compliant with all federal and state guidelines. Our scale and resources give us the ability to have expertise in almost every niche tax area. Our trusted team helps HR departments focus on the human resource aspect and avoid typical wage or hour mistakes that can happen if they are unaware of the recent changes in payroll policies and procedures.
The last thing you want to do is leave your business vulnerable to litigation. MVP has over 20 years of experience helping companies to stay out of the legal minefield that surrounds HR administration. Let us help you too. Contact us today to discuss partnership opportunities.