Payroll is one of the most critical departments of a firm. In terms of finance and accounting, payroll is the sum total of benefits, compensations, perks and deductions of salaries of all the employees in a company. If there is no fixed system to calculate wages or salaries of employees, it would be cumbersome for the company to handle payment of salaries leading to chaos in the financial department of the firm. Besides that, are another important feature of payrolls that affect the net revenue or income of the company, at the end of the fiscal year. That is why companies need to maintain an effective payroll management system. For large firms and companies, outsourcing of payrolls has become a norm in the recent years. Why has outsourcing payroll become so popular? Are there any risks associated with it? Let us find more about it, in the following paragraphs.
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