Accrued payroll is a major accounting concept that enables a company to properly account for the obligation it has incurred with its employees. This ensures the correct accounting of employee’s wages and benefits within the incurred period, even if the actual payment occurs in a subsequent period. In this regard, an understanding of accrued payroll is very important in ensuring proper maintenance of financial statements and adherence to accounting standards. …

A big part of payroll management in an organization is to make sure to comply with tax laws, compensation requirements, and employment regulations. But apart from these, payroll compliance meets on various other crucial aspects, such as following the deadlines for reporting and submitting and withholding the payroll taxes or making payroll compliant. Ensuring payroll compliance is critical for running a business, as organizations must stay proactive to avoid penalties and ensure…

What is payroll processing? Payroll processing encompasses the complete sequence of steps necessary to calculate each employee’s total remuneration. This process typically includes three to four stages and involves tasks such as defining salary structures, gathering employee data, accounting for components like deductions and allowances, and setting up necessary policies related to taxes and other adjustments. Beyond disbursing salaries, payroll processing also involves filing, reporting, and providing payslips to employees,…

HR and payroll service divisions within a corporation typically handle distinct tasks. HR often oversees employee relations, while payroll is responsible for managing employee salaries. To learn about the specific distinctions between payroll and HR responsibilities, take a read through the rest of this blog. There’s a fine line between HR and payroll, which make employee pay decisions, and the team that processes employee pay. Sometimes, it’s indistinguishable. The difference…

Payroll outsourcing services in Pune: Payroll management is an essential function of every organization. Getting the right payroll is vital for a growing business. Payroll, essentially, is what you pay your employees for the work they do for your organization. It includes the disbursement of salaries on time and accurately withholding taxes, the payment of benefits and compensation, social security payments, and other perks, if any. By outsourcing payroll services…