Payroll reports are prepared to record the employee details and to notify the government about their tax liabilities. Every information regarding the taxes held from the employee wages and the tax contributed by the company to the state and federal taxes are entered in these reports. The payroll reports mainly include:
- Payroll Register & Payroll Reconciliation
Every detail regarding the working period of the employees will be taken into account for payroll registration, from total working hours, number of days worked, overtime wage, total earnings, to date, place and time of the payment. A register in the given format for the wage period must be maintained by the employees for calculating payroll. Payroll reconciliation on the other hand is an examination and comparison of the current month’s payroll with the previous month’s payroll to check the accuracy of the payroll process.
- Gratuity computation
The details and computation of gratuity of each employee is recorded in customized formats.
- Vacation Accrual Register
Vacation accrual register is the record of leave of the employees during the wage period. The number of leaves taken by the employees and the number of leaves pending are all recorded here.
- Payroll JV
The complete information on the salary to be paid to the employees and loans are provided by the accounts department in the JV (Journal Voucher).
Outsourcing of payroll processes can be beneficial for your company in so many ways as it is:
- Reduce costs
- Alleviate pain
- Availability of team of experts
- Reduce technology headaches
- Eliminate fraudulent activities
Buchprufer, with a decade of experience in the HR and payroll administration fields, offer best quality services available. We always keep ourselves updated on the government and organizational policies to stay ahead in our processes. Our team of experts take great care in looking into the needs of our clients and we prioritize the security of our clients’ data and information. We at Buchprufer aims to make things lighter for you through our prowess.
Frequently Asked Questions
What is Payroll?
Payroll can be anything from paying your employees and calculating income taxes and deductions, to filing necessary taxes and ensuring compliance obligations are met. Payroll can either be carried out in-house or entrusted to a reputable provider like Buchprufer.
Why should you outsource Payroll function?
Cost-effective: Buchprufer offers payroll services at affordable rates which will lower your staff cost considerably, thereby, increasing profits.
Saves time: Our team of professional handle all the hassles that come with payroll and admin services. This reduces your involvement in trivial day to day activities, thereby, allowing you to focus on your business expansion needs