Payroll companies provide a range of services to help businesses manage their payroll processing and related tasks. Here are some of the key functions that payroll companies perform:

Payroll Processing: Payroll companies process payroll by calculating employee wages and salaries, taking into account factors such as overtime, bonuses, and deductions. They also handle tasks such as issuing paychecks or direct deposits to employees and providing pay stubs.

Tax Compliance: Payroll companies help businesses stay compliant with tax laws and regulations by calculating and withholding payroll taxes, filing tax forms, and making tax payments on behalf of the business. They also keep up-to-date with any changes to tax laws and regulations to ensure compliance.

Employee Benefits Administration: Payroll companies can manage employee benefits administration, including enrolling employees in benefits programs, making changes to benefits plans, and handling benefit-related paperwork.

Time and Attendance Tracking: Payroll companies can provide time and attendance tracking services, which can help businesses track employee hours, absences, and other time-related information. They can also integrate this data with payroll processing systems to ensure accurate pay calculations.

Reporting and Analytics: Payroll companies can provide businesses with detailed reporting and analytics on payroll-related data, such as employee compensation, tax liabilities, and benefits costs. This data can be used to make informed business decisions and improve payroll processing efficiency.

Compliance and Risk Management: Payroll companies help businesses manage compliance and minimize risk by staying up-to-date with changing payroll laws and regulations, providing training and support to employees, and maintaining records and documentation.

Overall, payroll companies can help businesses streamline their payroll functions, reduce errors, and minimize risks while ensuring compliance with applicable laws and regulations.