How Employer of Record Services Work?

 If you are a business planning to hire employees for work, you would surely assume the tasks, cost, and share of responsibilities associated with them. However, there’s a lot of effort involved in all these tasks that may eat up your time, and thus many businesses don’t want to take up this responsibility

Well, you don’t need to worry much as there is another great option available called the employer of record services. Now, you might be wondering what employer of record services are? Don’t worry, in this blog we have covered this important query of yours. So, without further ado, let’s begin!

What are Employer of Record Services and How does it Work?

An employer of record services covers EOR which is a third party contracted by the client company to take important responsibilities related to core compliance of an employer. In this type of service, the third party takes over as the legal employer of your workplace. The best part of these services is that it is cost-effective and more compliant as compared to setting up a whole new subsidiary in any other country.

The core services provided include:

●      Payroll related to processing and funding

●      Depositing taxes

●      Filing taxes like professional or personal income tax returns

●      Transfer pricing Ukraine

●      Issuing forms W-2

●      Handling onboarding of new employees

●      Handling termination of employees

●      Creating and maintaining records

●      Helping in background checks and employee screening

●      Administration

Other than this, there are many services related to taxes and law that are being undertaken. If you are also looking forward to the employer of record services, consider checking B Petterson & Benett right now.