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.
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!