BIPOs, or Business Intelligence Platform Operators, are companies that provide businesses with data management and analytics tools. BIPO collects employee taxes and forwards the money to the appropriate government agency. Similar to other technology providers, BIPO has an employer of record.
What is Employer of Record?
What is Employer of Record? BIPO is the business entity responsible for assigning a unique Employer of Record (EOR) to each new business entity created in the United States. The EOR is used to manage tax reporting and other compliance issues. The EOR is used to collect tax reporting and other compliance issues. BIPO assigns an EOR based on information provided by the applicant, such as the applicant’s name and organizational structure.
Records of an employee’s employment with the company must be kept on file by the employer of the form. This can entail setting up and keeping track of a personnel file, paying employees, and handling benefit claims. In the past, taxes were frequently collected on behalf of the employee by the company.
It’s crucial to remember which company is an employee’s official employer if they work for multiple companies. The new employer must inform the previous employer of an employee’s employment change to appropriately handle any tax responsibilities and other perks. In some circumstances, such as when a person quits their job voluntarily or due to retirement, the previous employer is not required to act. But keeping track of who your staff is working for is always a good idea so you can respond to any inquiries down the road.
What are the Obligations of an Employer of Record?
An employer of record is an organization designated by the bank as the responsible party for specific account and payment processing activities. This designation allows the bank to process certain payments on behalf of the employer, including direct deposits into employee bank accounts, Wage Payments/Eligible Insufficient Funds (WPEIF) payments, and other financial transactions.
The responsibilities of an employer of record vary depending on the type of account and payment processing activity being handled. For example, an employer of paper for a payroll account may be required to process WPEIF payments and direct deposits into employees’ bank accounts. An employer writing for a merchant account may be responsible for processing credit card transactions.
To become an employer of record with BIPO, you must submit a completed Employer Identification Form (EIF) and provide supporting documentation. Once your application has been approved, you will receive specific instructions regarding setting up your account with the bank and taking advantage of our services.
BIPO’s Employer of Record is the organization for which BIPO provides administrative, accounting, and legal services.
Established in 2010 and headquartered in Singapore, BIPO is a global payroll and people solutions provider. Designed for businesses of any size from SMEs to MNCs, our total HR solutions include Human Capital Management solutions, Global Payroll Outsourcing, and Employer of Record service across 150+ global markets.
One-all-one HR global platform with integrated features to manage your business.