Payroll Service Providers

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A payroll service provider’s primary service is the preparation and outsourcing of payroll for other businesses. Typical services include:

  • Printing of employee pay checks on time for payday
  • Direct deposit of pay into employee bank accounts
  • Calculation and withholding of federal, state, and local taxes
  • Calculation of payroll taxes to be paid by employer
  • Filing of quarterly and annual payroll reports
  • Depositing of withheld amounts with tax authorities and employer sponsored 401K plans
  • Printing and filing of year-end employee tax documents

With payroll being such an important function, many businesses will not even consider contracting with a payroll service provider if they do not have a SSAE 16. If payroll is processed incorrectly, it can have a material impact on the user organizations financial statements. Additionally, the payroll process is considered to be “in-scope” in terms of SOX compliance. If the payroll service provider does not have a SSAE 16, they may have to endure several audits by accounting firms throughout the year.

 

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SSAE 16 Professionals has assembled top tier leadership to help our clients through the SSAE 16 (SOC 1) and SOC 2 audits.  For further information regarding SSAE 16 reports or to request a fee proposal from SSAE 16 Professionals, please visit our Contact Us page  to submit an informational form or call 866.480.9485 today.  We look forward to hearing from you!