Operational Bookkeeping and Payroll Management is a key area that we get to provide consulting and advisory accounting services to small and medium sized businesses. Talk to us before making any new job appointments, first to make sure that your business is in line with current employment legislation, and second, to make sure you take all the associated costs for a new appointment hire into account when you are deciding on salaries and benefits.
Why Payroll management?
The payroll management process, in a nutshell, refers to the process of administration of a company’s employee’s financial records. This would include details of the employee’s salaries, incentives, bonuses, deductions, and net pay. An employer must maintain and keep these records as dictated by the law. Not complying with the Income Tax laws pertaining to employee records can be grounds for legal consequences.
How does effective Payroll Management affect your workforce?
The Payroll Management process offers organization and consistency to your employees. It also gives them a dedicated system for grievance redressal. A good Payroll Management system can help a business with the following:
Improve the morale of employees:
If your employees feel like their job is not stable and they are not being paid on time, they might start to look elsewhere. A Payroll Management system will ensure that all last-minute glitches and manual errors are taken care of so that your employees’ morale is always high.
Lower tax bills:
If you do not manage your employees’ records, you may end up in a situation where you have to pay fines for mismanaged records. It is important that taxes and TDS be deducted from the salary and all of these be recorded properly. In this sense, a Payroll Management software can be of help and help you reduce the chances of paying legal fines.
It helps even new startup owners:
If you are a new startup owner, you will have to don many hats in the initial stages. One of them is managing payroll. Now, instead of doing this on your own and risking manual errors, you can use an established management software and handle your company’s finances.
It can reduce overheads:
Instead of outsourcing your payroll to someone else, doing it in-house will save you a lot of money. Plus you’ll have better control of your own finances.