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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.


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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
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