Payroll
Accounting
A company's payroll is a
series of accounting transactions that includes financial records of
salaries, wages, commissions, bonus, overtime pay, pay for holidays,
vacations and sickness, payment for piece work, value of meals and
lodging and other substitutes for money etc. It includes disbursements
of funds to management and employees for a particular time period.
Managing a company's payroll can be a cumbersome and time consuming job
because of different types of employees in an organization, eg:
full-time, part-time, salaried exempt, salaried non-exempt, contractual
labor etc.
Accounting consultancy and Chartered accountants make this task easier
by providing professional services for making a company's payroll.
Leading companies these days, outsource their payroll to accounting
professionals for better management. Companies keep a record of payroll
that is based on objective criteria including time cards/ time sheets
etc and accountants can perform related calculations and issue pay
checks to employees. Companies just need to update changes in pay rates
and deductions of individual employees.
Advantages
- Less paperwork
- Cost effective
- Time saving
- Higher accuracy
- Management can concentrate on other important issues
- Highly committed professionals
- No errors
