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One in five U.S. payrolls contains errors, each of which costs an average of $291 to fix, according to Ernst & Young. It doesn't take much to make a mistake. A misplaced period, a four that looks like a nine, a wrong box checked — these are the kinds of small errors that can end up costing your business, not only financially but also by eroding employee trust, disrupting your operations, and tarnishing your organization's reputation. Understanding how errors like these occur is crucial to preventing them.
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Given the choice of adding more in-house staff or contracting third-party personnel to complete tasks, more and more organizations find co-sourcing is a better alternative. The Business Dictionary defines co-sourcing as "the combining of services from within and outside a business to achieve the same goal."
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