Overview:-
Payroll management process is the way a business handles the financial records of its employees. This would contain information on the employee's wages, incentives, bonuses, deductions, and net pay. The law mandates that an employer must maintain these records up to date. If the employment records for income tax requirements are violated, there can be legal implications.
Benefits:-
- Upkeep of records.
- Payroll processing from beginning to end.
- Quicker salary computation and payment.
- Improved data security
- Insightful reports on the payroll and staff.
Documents Required:-
- Job Sheet
Time recorders - Payroll registers
- Pay in slip
- Personal information
- Salary information
- Tax codes
- Enrolled benefits
- Amount of working hours
- Banking information
- Anything else relevant to your organization.
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