Payroll management is essential in spite of the number of employees you may be having in your organization. Proper Payroll Software Singapore management comprises various functions that help you comply with the government regulations and pay your employees on time.
Even though payroll management is more than just paying employees, Proper paycheck processing is a vital function to the business. Employees do not take paycheck errors lightly. Thus, payroll managers need to keep verifying details that pertain to employee’s compensation. The details a payroll manager needs to verify pertaining to an employee include working hours and overtime hours.
Handling payroll taxes
Paycheck errors are costly mistakes for an organization. The government collects the highest percentage of the annual revenue from payroll taxes. Thus, failure to pay payroll taxes as expected can cost an organization payroll tax penalty. Payroll managers should consider some factors when determining tax deductions. A region determines tax deductions an employee combined with the salary of an employee receives. Employees are also requested to fill some forms which determine the employment taxes an employer should pay.
Apart from complying with government regulations, payroll management is essential when it comes to record-keeping. The fair labor standards act (FLSA) demands that all employers should keep records of each of their employees. The records should include an employee’s full name, hours worked, address, date of birth, days and hours an employee works in a week, wages paid weekly, total wages, and deductions made. The FLSA standards require that the payroll data should be kept in a manual or electronic file for three years. Records about wage computation of an employee need to be kept for about two years. These records include documents, schedule s, and time cards. The documents should be kept safely where the department of labor can access them anytime they need them.
Apart from the documents being available for the DOL, employees need to access their payroll information. Thus, employers should come up with an online employee portal such as the GMS connect, which gives workers an online platform where they can get their personal information, which may include Direct deposit details, benefits summaries, paid time off, check history time clocks and 401 (K)summaries. On the other hand, GMS connects employees a chance to print some important documents such as payroll inquiries, W-2s, and change tax settings.
In conclusion, managing payroll has never been an easy task. However, small business owners may not have a human resource department to handle payroll issues. This does not mean that you have to do payroll management on your own. You can choose to outsource payroll management to various professional employee organizations, which can ease the burden that comes with payroll management. Payroll management issues are related to human resource functions. Thus, these two departments should work closely. In the modern world, payroll functions are now being carried out by payroll management software. This software makes work easier. Therefore, businesses need to embrace them.