Compliance is hard, time-consuming, high-stakes work. Many companies are finding that keeping on top of the ins and outs with an in-house team gets harder as laws change (and then change again). Whether you hire a payroll service or build a team to do the job, you want to be sure they’re fully in position to protect you and your company.
Here’s what to look for when you think it might be time to hire an employer of record
They Diffuse Legal Landmines
Contractor/freelancer payment and compliance regulations are ever-changing. Hedging your bets on the legal front means:
- Mitigating compliance risks
- Making sure you are compliant
- Educating yourself on practices that could compromise you
- Tracking benefits eligibility
- Tracking changes in minimum wage and sick leave policies in each state you operate
- Answering questions, including whether or not you can pay once a month or fill timesheets out ahead of time. Hint: you can’t.
Quick And Accurate Payment
Beyond compliance, services with the following features make payroll a breeze.
- Online management for employees and managers
- Fast payment
- Overtime tracking
- Education on overtime policies so employees don’t make a habit of working overtime without getting prior approval
- Benefits eligibility
They’re Ready For Changes
The most effective teams have someone who researches changes as they happen and takes the necessary steps. They read forums like a boss and stay up to date on payroll regulations. Navigating the increasingly complicated waters of payroll services means making sure you’re following all regulations, rules, and federal and state laws.
The bottom line
Labor laws and fair pay standard practices are in a constant state of change. The gig economy and the worker classification challenges it brings to the forefront are top-of-mind topics for the government, employers, and employees alike. Pick someone who can stay ahead of the curve so you never even have to think about payroll services and compliance. Life and work is chaotic enough.
PayReel makes compliance and payroll the easiest part of your day with a full range of services. We make sure our clients are able to hire who they want, when they want and see that everyone is paid properly. Contact us anytime at 303-526-4900 and meet the PayReel team here!
The post Want to Hire an Employer of Record (EOR)? What You Need to Know. appeared first on PayReel .