THE IMPORTANCE OF PAYROLL MANAGEMENT
Payroll is an integral part of any business and it is an important HR / accounting function that needs to be handled with the utmost caution and confidentiality. While payroll processing is known to be very time consuming and hectic, making sure that this process is as efficient and streamlined as possible plays an important role in protecting your company’s reputation by ensuring compliance with various legislations as well as labor laws in your country.
HERE ARE SOME IMPORTANT PAYROLL FACTORS TO KEEP IN MIND:
- Types of Pay
Most companies have different types of Pay Schemes, such as salaries, wages
and commission. The way each person in the company gets paid varies based
on the type of their employment contract including full-time, part-time,
freelancers, contractors…etc
- Tax Withholding
Companies must withhold taxes from each employee’s salary or wage according
to local taxes and social security laws.
- Benefits and Deductions
Any benefits and deductions you provide your employees with and you add to their employment contracts such as health insurance, childcare, education assistance, overtime pay, or any other item should be included in calculating payroll precisely.
Resource Sponsored By
Please fill out the form to access the content