Payroll Compliance for Independent Contractors
Payroll is one of the most seriously regulated aspects of business
Your payroll compliance solution should be just as serious
Independent Contractor Compliance Best Practices
In the context of hiring independent contractors and contingent workforce regulations, PayReel pays close attention to all employer obligations at the federal, state and local levels, independent contractor payrolling compliance considerations, including wage and hour rules, per diem, ACA tracking, and sick leave mandates.
It is imperative for PayReel to:
- Stay up to date with the Affordable Care Act (ACA) and closely manage all health benefits for its employees
- Track and keep accurate records of all employees’ hours accrued, time used and sick leave available in order to maintain compliance with legislation in locales where sick leave is mandatory
- Regularly monitor changing wage and hour laws, and stay ahead of the compliance curve related to minimum wage and overtime eligibility
- Remember that an independent contractor’s classification might change depending on his or her engagement or project. This requires monitoring the ongoing work environment to maintain compliance with classification regulations
Security and Risk Mitigation Best Practices
Secure payroll solutions and insurance measures helps mitigate risk. Vendors to large corporations must be held accountable to any client security program that helps to protect the company from threats. PayReel has installed, and pays close attention to, strict security measures and the demands of our client security environments.
PayReel maintains:
- Expanded insurance policy packages necessary to manage various risks involved in working with contingent workers across multiple countries
- HIPAA-based technology and operational security to protect your company’s and your workers’ information at the highest level
- The ability to adapt to client security requirements and processes
- Ongoing system testing to detect vulnerabilities, unauthorized access or malicious activity
- Closed network and storage that maintains and protects data integrity
- Employee management and awareness of employers’ physical goods such as laptops and key cards to limit unnecessary access to company information by contractors
Diverse Coverage Options to Meet Your
Only best-in-class payroll providers create the coverage profile with policy levels necessary to meet the needs of large corporations. A payroll partner’s insurance structure is crucial to the success of a contingent workplace.
PayReel’s policies:
- Workers’ Compensation
- Employment Practices Liability
- General Liability
- Professional Liability
- Cyber and Drone Insurance
- Auto, Foreign and more