In this day and age of intense competition and market uncertainty, there are no guarantees that our professional lives will turn out according to our careful planning. However, there is one aspect that every hardworking employee looks forward with certainty i.e. their monthly paycheck. Having stated this, employees expect their employers to utilize a systematic approach in dispensing their salaries and wages on time, every time. Many large scale companies have their own payroll department that processes salaries and
cheap insanity workout dvds wages. Some small and medium scale companies choose to outsource their payroll activities to an outside agency. There are certain small scale companies that opt for manual method of computing and disbursing salaries.
?Payroll' constitutes complete records of all financial entities like salaries, wages, bonuses, tax components and retirement benefits. Payroll has two stages, Payroll Accounting and Payroll Administration. Accounting involves computing all the salary components and Administration is managing the process. There are monthly payroll cycles which dispense the monthly salaries and payouts. The yearly payroll cycle deals with yearly increments and bonuses.
Large scale companies choose to maintain their own payroll department as they can afford to hire highly skilled professionals. They adopt advanced computerized, payroll accounting software. This accounting software supports large amounts of data. They are automated systems that calculate amounts payable and imbibe the taxation policies already fed into it. Monthly salary slips are generated at a relatively faster rate. The biggest advantage lies in the error free results and smooth functioning of the system. The main challenge is to keep the employee data correct and up-to-date. Accounting software is usually built into separate modules, each with its definite function. There are taxation modules which assist in computing tax factors for each individual employee. Leave modules records all the leaves taken and keeps a register of the same. Employees' modules which maintain employee date of joining, names and daily attendance. Complex modules exists which keeps track of incentives, bonuses, LTA, commissions and overtime. Each of these modules are updated separately and then integrated, where they can exchange data and present superior performance.
They can provide an intranet portal facility to the employee where they can view their basic details and modify them if allowed. Timesheets can be entered directly by the employee and processed by the management at the end of every month. Salary slips can be viewed, downloaded and printed if necessary. They can apply for leaves through
cheap p90x the web and seek approval of the same from their supervisors. Intranet facility provides options for investment declarations and views their tax forms. Employee can post their payroll related queries on the portal and get responses quickly.
Certain medium and
cheap p90x small scale companies hire the services of a third party to reduce their effort on support functions. These firms have an experienced team of people who manage the complete payroll cycle with accuracy and speed. They normally provide end-to-end solutions with zero problems. They are legally liable to provide the best of their services.
There are several advantages in hiring a third party agency:
- They are capable of maintaining high levels of accuracy with the help of their specialized tools and applications.
- Cost-effective to the company as it need not maintain a set of highly trained personnel. This will in turn, require payroll accounting software which are normally quite expensive.
- All salary slips intended to the employee must be generated and dispatched (electronically or through post) on time, without any problems.
- These agencies hire highly trained professional who are well aware of payroll cycles, salary components, deductions, taxation, insurance claims and retirement benefits.
- These agencies are liable to compensate for any errors and mismanagement of records. They are also responsible to keep the employee information confidential and up-to-date.
- This enables the company to concentrate on their core area of business completely.
There are small scale companies which continue to use the manual method or paper-based salary computation. This is feasible only if there are few employees in that company. All public holidays, loans and leaves taken by employee must be diligently recorded. Manual methods are
cheap p90x usually prone to human error; tend to be risky and tedious.
Accountants are also hired to assist in payroll activities. They are chartered accountants who are specialized in payroll management. They usually are well informed in the tax laws and insurance clauses for that region. They are aware of components such a provident fund, gratuity and final settlements. Hiring accountants is again a manual method of salary computation.
Companies can adopt any of the methods to manage payroll processing. It depends on the size of the company and their specific
cheap p90x field of business. One can never slacken on payroll management
insanity workout dvds and must implement industry proven best practices to attain efficiency and most importantly, ensure employee satisfaction.
Payroll Processing
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