Services > Payroll Functions
Payroll focuses on managing employee compensation and ensuring accurate and timely payment. Key payroll functions include:
Salary and Wage Calculation:
- Gross Pay:EnsureCalculating total earnings before deductions.
- Deductions:Accounting for taxes, benefits, and other withholdings.
Payroll Processing:
- Tax Withholding:Deducting and remitting payroll taxes to the government.
- Tax Reporting:Preparing and filing payroll tax returns
Tax Compliance:
- Preparation:Compile data from sales and purchase records to prepare VAT returns.
- Submission:Submit VAT returns to the tax authorities within the specified deadlines.
Benefits Administration:
- Health Insurance:Managing employee health benefits and deductions.
- Retirement Plans:Administering pension and retirement savings plans.
Record Keeping:
- Payroll Records:Maintaining accurate records of all payroll transactions.
- Audit Preparation:Ensuring records are available for internal and external audits
Collaboration Between HR and Payroll
HR and payroll functions often overlap and require close collaboration to ensure smooth operations. For example:
- Employee Data:HR provides payroll with necessary employee information such as salary, benefits, and tax details
- Compliance:Both departments work together to ensure compliance with labour laws and tax regulations1
