Payroll processing involves a lot more than simply issuing a check to your employees for hours worked.
While pay and tax calculations are a significant part of payroll, there’s a lot more to it. This includes setting up your business as an employer and making sure tax withholdings and reports are submitted on time and to the proper tax authority.
For HR managers, ensuring everyone is paid correctly and on time is a critical responsibility. Even a small mistake puts employee trust and the company’s reputation at risk. There’s simply no room for error.
In this guide, I’ll discuss payroll processing in detail, and share some best practices and useful tools to help you effectively and efficiently navigate your payroll obligations every time.
What Is Payroll Processing?
Payroll processing refers to the process of managing employee payments, starting from adding an employee to your payroll to giving them their paychecks.
It involves several steps to ensure the payment is calculated properly, tracked, and doled out and that the correct amounts for tax, company benefits, and other deductions are withheld. Typically, payroll is managed and administered by a dedicated payroll professional in your company’s accounting department, but it can also fall under the purview of an HR manager.
My recommendation? Buy a reliable and efficient payroll solution that can help your organization ensure payroll complian… Read More