Payroll Functions You Should Outsource

Payroll processing for temporary employees is a time-consuming endeavor and one fraught with risks. As a business leader, your time is better spent focused on big-picture responsibilities—marketing plans, sales strategies, operating procedures, and motivating your employees. But handling payroll functions can consume a large portion of your week. Preparing W2s, tracking withholding, and maintaining compliance with federal and state regulations are cumbersome tasks, but ones that must be done. By partnering with an organization like The Panther Group, you can free up considerable time, reduce costs, ensure compliance and security, and more.

Here are some payroll functions The Panther Group handles for you.

1. Payroll and Benefits

The Panther Group is responsible for all administrative tasks associated with payroll and benefits of the temporary employees you place on our payroll. This includes maintaining payroll records, filling out forms and consents, and withholding deductions to create paychecks. Then, distributing those paychecks to employees—usually through secure direct deposit—submitting payroll tax reports, and paying unemployment taxes and workers’ comp.

2. Maintaining Compliance

Local, state, and federal laws frequently change, and it is imperative to remain current. It’s complicated, and if you don’t have the time to devote exclusively to compliance, errors can occur, leaving your organization vulnerable to audits, fines, and penalties. At The Panther Group, we make it our business to keep up with changing rules and regulations and understand every aspect of tax laws and regulations. The dedicated payrolling professionals at The Panther Group can save you time and protect you from fines and audits.

3. Co-Employment Liability 

Co-employment is when two or more employers have legal responsibilities for the same employee. If your company performs a role that a staffing firm should play for a temporary employee, such as withholding taxes or maintaining payroll records, you could be considered the employer of record. In other words, treating a temporary or contract employee as a permanent employee can potentially obligate you to provide full-time employee benefits. Partnering with The Panther Group removes that risk.

4. FTE Census Mandates

Calculating your company’s lull-time equivalent—the workload of an employed person—in a way that makes workloads comparable across various contexts is complex. Employers must offer health insurance to 95% of their full-time employees and their children, up to age 26. If you make a mistake, your company could be subject to fines and penalties.

5. Risk Mitigation

If a miscalculation occurs, pinpointing the source of the miscalculation is time-consuming and complicated. Even a simple math error can affect your bottom line or expose your company to risk if you overpay or underpay your tax obligation.

Payroll processing involves a great deal of personal information, placing this information at risk. The Panther Group uses secure digital software, minimizing security risks and keeping sensitive documents safe.

Looking for ways to better manage your workforce?

For more information on outsourcing your payroll, contact our team at The Panther Group.