In general, the term ‘payroll’ means the computation of all monetary accounts of salaries for employee’s remuneration, bonuses and deductions in companies. However, in accounting, ‘payroll’ refers to the total amount of payment given to employees for functions they performed throughout a specific period of time. The notion of payroll plays a significant role in companies for various reasons.
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In one sense payroll is a critical service, this is because payroll and payroll taxes have an effect on the net earnings of most corporations and they are also regulated by certain laws and regulations. From an ideology in business perspective payroll is a vital part as employees are quick to respond to payroll errors and irregularities. Good quality of morality of employees is required payroll to be paid timely and precisely.
While running a company or business, there are mainly two options available to pay the employees either it can be done independently or through appointing a payroll service. Where the employer has not adequate knowledge of accounting particularly on payroll, then hiring a payroll service is likely the finest choice.
Hiring an outsider service for payroll give the opportunity to avoid hiring a fulltime payroll officer, this is an also cheaper option for paying employees and this also offers the employer additional time to concentrate on other features of business.
Since payroll processing requires specific knowledge which employers might not have, it may result in extra effort being given by the employer and can be very stressful. Payroll service providers help establishments by designing their systems so that they can better cater to the specific needs and requirements of the businesses. While the payroll is being taken care of by the payroll service providers accurately and timely, the employers can focus on other important tasks instead of being constantly worried about the payroll procedure.
Another aspect of payroll service is that many payroll service providers also provide services regarding employee’s gratuity and deposits. Beside these some of them provide administration information, analyze employee tax responsibility and prepare for submission to National Board of Revenue (NBR). Another advantage of hiring payroll service is accuracy and is up to date about recent changes of laws; this is because they always try to do their job accurately in order to maintain a long term business with the employer. Skilled payroll service providers can also make sure that overseas businesses are compatible with regulations and taxation laws of Bangladesh.
It is for the benefit of employers to hire payroll service providers who are responsible for calculating the monthly total salaries of all employees taking into considerations, among other, factors such as overtime being done by employees, leave taken, miscellaneous expenses, etc. The service providers will further be responsible for depositing the salaries directly into employees’ accounts and finally providing a summarized report to employers.
We have assisted both large and small establishments by providing complete payroll service to our valuable clients on accurate and timely manner relieving our clients from all unnecessary distress.