This article is about how employers of record make your job easier. Witness the advantages and benefits: you’ll be free to focus on other tasks, save time for yourself and your employees, and get an extra tax break.
What is the employer of record?
An employer of record is a legal entity that is designated as the primary payer of employee wages and benefits. This designation can improve administrative efficiency, compliance monitoring, and overall financial management for your business. Additionally, having an employer of record can help protect your company’s liability in case any employee claims wage or hour violations.
There are many reasons why it may be beneficial to designate an employer of record for your company, but here are a few key advantages:
- Improved Administrative Efficiency: Having an employer of record can streamline the payroll process by taking on some of the burden associated with paying employees. This can free up time and resources to focus on other aspects of your business.
- Compliance Monitoring: Having an employer of record can help ensure that you’re complying with all applicable laws and regulations surrounding wage and hour issues. This includes ensuring that you’re providing accurate payment information to employees, as well as meeting other regulatory requirements.
- Financial Management: Designating an employer of record can help manage your company’s finances more efficiently. This includes tracking employee payments and expenses, as well as managing tax obligations related to employee income.
There are many factors to consider when choosing an appropriate entity to be the Employer Of Record for your business. If you are unsure about it, please contact BIPO.
