Underpayment of wages is not a new phenomenon. However, the recent proliferation of what is being called
wage theft is occurring across a range of occupations, labour market segments and
business models.
Employers who underpay workers could be forced to name and shame themselves with public signs admitting their wage theft as part of industrial relations reforms Attorney-General Christian Porter is considering.
Businesses which fail to prevent wage underpayment could also be banned from hiring migrant workers for a period of time, and company directors disqualified from holding office.
The process of calculating, managing, recording, and analyzing employee’s compensation is called payroll accounting. All the employees of an organization receive their payments through the payroll department. It is the responsibility of payroll accountants to make sure records are filed correctly, so that the employees can receive proper earnings for the work completed and that financial operations are being carried out fluently.
Complete Guide to Payroll Management in 2024 | ShrmproShrmpro
By implementing a payroll management system, you can easily overcome your challenges of inefficient payroll processing and focus on making your organization's vision and mission a reality.
So, if you are looking for a cloud-based HR software that can simplify workforce processes and provide solutions to all your HR problems, SHRMpro is the one-stop location for you.
With a user-friendly interface, we have automated tasks like Payroll Management, Application Tracking, Employee Data Management, Attendance Management, Training Sessions, etc., catering to all HRMS problems, to all our clients across the globe.
To know more about our Payroll Management System and how we can solve your Payroll processing challenges in your HR, book a demo of our HR software today!
More than any of us may be aware, payroll systems date all the way back to the 14th century. Any company necessity that has that type of tenacity won't pass away very soon. Payroll software, however, makes the procedure simpler and more effective owing to the advancement of technology.
Read more about the payroll services: https://vakilsearch.com/online-payroll-management
In most business, administrative and back-office activities such as payroll are non-core function.
A non-core function is one of that is not a profit center. A non core function may be essential, but doesn't differentiate your business strategically from competitors.
Business consultants have long advocated outsourcing non core value functions.
Underpayment of wages is not a new phenomenon. However, the recent proliferation of what is being called
wage theft is occurring across a range of occupations, labour market segments and
business models.
Employers who underpay workers could be forced to name and shame themselves with public signs admitting their wage theft as part of industrial relations reforms Attorney-General Christian Porter is considering.
Businesses which fail to prevent wage underpayment could also be banned from hiring migrant workers for a period of time, and company directors disqualified from holding office.
The process of calculating, managing, recording, and analyzing employee’s compensation is called payroll accounting. All the employees of an organization receive their payments through the payroll department. It is the responsibility of payroll accountants to make sure records are filed correctly, so that the employees can receive proper earnings for the work completed and that financial operations are being carried out fluently.
Complete Guide to Payroll Management in 2024 | ShrmproShrmpro
By implementing a payroll management system, you can easily overcome your challenges of inefficient payroll processing and focus on making your organization's vision and mission a reality.
So, if you are looking for a cloud-based HR software that can simplify workforce processes and provide solutions to all your HR problems, SHRMpro is the one-stop location for you.
With a user-friendly interface, we have automated tasks like Payroll Management, Application Tracking, Employee Data Management, Attendance Management, Training Sessions, etc., catering to all HRMS problems, to all our clients across the globe.
To know more about our Payroll Management System and how we can solve your Payroll processing challenges in your HR, book a demo of our HR software today!
More than any of us may be aware, payroll systems date all the way back to the 14th century. Any company necessity that has that type of tenacity won't pass away very soon. Payroll software, however, makes the procedure simpler and more effective owing to the advancement of technology.
Read more about the payroll services: https://vakilsearch.com/online-payroll-management
In most business, administrative and back-office activities such as payroll are non-core function.
A non-core function is one of that is not a profit center. A non core function may be essential, but doesn't differentiate your business strategically from competitors.
Business consultants have long advocated outsourcing non core value functions.
A payroll administrator definitely makes these complex procedures a lot easier for the company and at Streamfix payroll services in nagpur, we can help you find one.
A payroll administrator definitely makes these complex procedures a lot easier for the company and at Streamfix payroll services in nagpur, we can help you find one.
Business demand is never constant. There are times when there is a surge in demand which may be seasonal or due to a major project that you have secured. These are temporary phases when you need extra staff and once the demand falls or the project is over, they are no longer required.
The Role of Outsourced Payroll in Cost Savings for Businesses.pptxpaysquare consultancy
Every business or company regardless of size needs to have a payroll system in place. Among other things, it entails managing employee salaries, benefits, and taxes. Payroll management, however, may be a time-consuming and challenging chore for organizations that diverts attention from other crucial business operations. Payroll requirements can cause businesses problems with their cash flow, costs, and compliance. Thus, Outsourcing payroll help in this situation.
At PEO Broker LLC, we understand the difficulties and bottlenecks for finding the right PEO for your business. That’s why we devise an outstanding plan for PEO Human Resource Management running through multiple checks, comparisons, and industry insights. We help you with our transparent PEO Payroll Services through one-point contact. You can reach us at 713.822.1508.
Why Payroll Compliance is Critical for Manufacturing Companies.pdfpaysquare consultancy
Payroll compliance is essential for manufacturing companies due to their distinct operational structure and diverse workforce. It encompasses the adherence to legal and regulatory mandates governing employee compensation, tax obligations, benefits administration, and meticulous record-keeping...https://paysquare.com/why-payroll-compliance-is-critical-for-manufacturing-companies/
Outsourcing payroll also comes with additional data security as these consultancies will be equipped with highly updated resources and strategies to protect the sensitive information of employees.
Tax saving reimbursements, the way India Inc perceives it.
Services:
Tax Saving Reimbursements
Fuel reimbursement
Rewards & Recognition
Petrol allowance
Contact for More Details...!! +91 8066905995
Mail: support@zeta.in
Website: www.zeta.in
If you are a business owner, HR manager, or payroll administrator in India, understanding payroll processing is essential for your business’s smooth operation. From calculating employee salaries to managing taxes and deductions, payroll processing is a critical aspect of any business.
Myhrsoft is an HR services based company which provides Payroll outsourcing Solutions and it is a leading in providing solutions across the HR solutions.
Human Resource Compensation and Benefits.docxEssay Writers
1. What is the difference between exempt and nonexempt jobs? Explain according to the law.
2. Will the new 2020 overtime rule solve this manager's overtime problem? How much he will receive for the regular shift and overtime? Can he be considered for meal period leaves? Please, provide your calculations.
3. If you had been this manager, what argument might you have made, in 2019, that even though you were earning more than the then-minimum of $23,660 per year, you should not have been considered an exempt employee? Explain your answer.
4. Access relevant websites to determine what equitable pay ranges are for these jobs: chemical engineer, marketing manager, and HR manager, all with a bachelor's degree and 5 years of experience. Do so for the following cities: New York, New York; San Francisco, California; Houston, Texas; Miami, Florida. For each position in each city, what are the pay ranges and the average pay? Does geography impact the salaries of the different positions? If so, how?
pressure on wages.
Research the unemployment rate and laws of your state. Write a summary detailing your state’s unemployment laws. Assuming Company X has a 30% rate of personnel terminations, calculate Company X’s unemployment tax rate in your state. Explain how you would go about minimizing Company X’s unemployment insurance tax.
Payroll management or administration is one of the most critical processes in any business, regardless of size, business model or industry.
It is one of the most important but time-consuming, cumbersome administrative tasks that every organisation performs daily.
While it doesn’t generate revenues for businesses directly, it is still an important activity that every business need to carry out accurately - as such, ensuring that your process is smooth and efficient must be a priority.
As a leader, you’re responsible for ensuring your organisation’s payroll management process is streamlined to ensure you save time and money. The question then is, how much do you understand and apply the best method to manage your payroll to legally keep your organisation compliant and ensure employee satisfaction?
In this deck, you will learn the fundamentals of payroll management and how it can benefit your business. You will also learn:
• The most important reasons you need to manage your payroll properly
• The top three (3) ways to manage your payroll
• The best payroll management solution that ensures your organisation remains legally compliant
• The most effective payroll management tips.
Payroll administration is an essential function for any business that employs staff. It involves the process of managing and processing employee compensation, including wages, salaries, bonuses, and deductions. Payroll administration can be complex, especially for larger organizations with many employees. In this blog post, we’ll explore what payroll administration is, its importance, and the key components involved.
How to Employ Recruitment Technology For Modern HiringExela HR Solutions
Unlock potential of efficient hiring with our guide on leveraging cutting-edge recruitment technology. Discover strategies to elevate your talent acquisition.
A payroll administrator definitely makes these complex procedures a lot easier for the company and at Streamfix payroll services in nagpur, we can help you find one.
A payroll administrator definitely makes these complex procedures a lot easier for the company and at Streamfix payroll services in nagpur, we can help you find one.
Business demand is never constant. There are times when there is a surge in demand which may be seasonal or due to a major project that you have secured. These are temporary phases when you need extra staff and once the demand falls or the project is over, they are no longer required.
The Role of Outsourced Payroll in Cost Savings for Businesses.pptxpaysquare consultancy
Every business or company regardless of size needs to have a payroll system in place. Among other things, it entails managing employee salaries, benefits, and taxes. Payroll management, however, may be a time-consuming and challenging chore for organizations that diverts attention from other crucial business operations. Payroll requirements can cause businesses problems with their cash flow, costs, and compliance. Thus, Outsourcing payroll help in this situation.
At PEO Broker LLC, we understand the difficulties and bottlenecks for finding the right PEO for your business. That’s why we devise an outstanding plan for PEO Human Resource Management running through multiple checks, comparisons, and industry insights. We help you with our transparent PEO Payroll Services through one-point contact. You can reach us at 713.822.1508.
Why Payroll Compliance is Critical for Manufacturing Companies.pdfpaysquare consultancy
Payroll compliance is essential for manufacturing companies due to their distinct operational structure and diverse workforce. It encompasses the adherence to legal and regulatory mandates governing employee compensation, tax obligations, benefits administration, and meticulous record-keeping...https://paysquare.com/why-payroll-compliance-is-critical-for-manufacturing-companies/
Outsourcing payroll also comes with additional data security as these consultancies will be equipped with highly updated resources and strategies to protect the sensitive information of employees.
Tax saving reimbursements, the way India Inc perceives it.
Services:
Tax Saving Reimbursements
Fuel reimbursement
Rewards & Recognition
Petrol allowance
Contact for More Details...!! +91 8066905995
Mail: support@zeta.in
Website: www.zeta.in
If you are a business owner, HR manager, or payroll administrator in India, understanding payroll processing is essential for your business’s smooth operation. From calculating employee salaries to managing taxes and deductions, payroll processing is a critical aspect of any business.
Myhrsoft is an HR services based company which provides Payroll outsourcing Solutions and it is a leading in providing solutions across the HR solutions.
Human Resource Compensation and Benefits.docxEssay Writers
1. What is the difference between exempt and nonexempt jobs? Explain according to the law.
2. Will the new 2020 overtime rule solve this manager's overtime problem? How much he will receive for the regular shift and overtime? Can he be considered for meal period leaves? Please, provide your calculations.
3. If you had been this manager, what argument might you have made, in 2019, that even though you were earning more than the then-minimum of $23,660 per year, you should not have been considered an exempt employee? Explain your answer.
4. Access relevant websites to determine what equitable pay ranges are for these jobs: chemical engineer, marketing manager, and HR manager, all with a bachelor's degree and 5 years of experience. Do so for the following cities: New York, New York; San Francisco, California; Houston, Texas; Miami, Florida. For each position in each city, what are the pay ranges and the average pay? Does geography impact the salaries of the different positions? If so, how?
pressure on wages.
Research the unemployment rate and laws of your state. Write a summary detailing your state’s unemployment laws. Assuming Company X has a 30% rate of personnel terminations, calculate Company X’s unemployment tax rate in your state. Explain how you would go about minimizing Company X’s unemployment insurance tax.
Payroll management or administration is one of the most critical processes in any business, regardless of size, business model or industry.
It is one of the most important but time-consuming, cumbersome administrative tasks that every organisation performs daily.
While it doesn’t generate revenues for businesses directly, it is still an important activity that every business need to carry out accurately - as such, ensuring that your process is smooth and efficient must be a priority.
As a leader, you’re responsible for ensuring your organisation’s payroll management process is streamlined to ensure you save time and money. The question then is, how much do you understand and apply the best method to manage your payroll to legally keep your organisation compliant and ensure employee satisfaction?
In this deck, you will learn the fundamentals of payroll management and how it can benefit your business. You will also learn:
• The most important reasons you need to manage your payroll properly
• The top three (3) ways to manage your payroll
• The best payroll management solution that ensures your organisation remains legally compliant
• The most effective payroll management tips.
Payroll administration is an essential function for any business that employs staff. It involves the process of managing and processing employee compensation, including wages, salaries, bonuses, and deductions. Payroll administration can be complex, especially for larger organizations with many employees. In this blog post, we’ll explore what payroll administration is, its importance, and the key components involved.
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Discover how AI is reshaping payroll security, fortifying financial defences and changing the game for businesses. Explore the role of AI in payroll protection.
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From Complexity to Simplicity: Navigating the Payroll Function with an End-to-End Approach
1. From Complexity to Simplicity: Navigating the Payroll Function with an End-to-End Approach | Exela HR Solutions
From Complexity to Simplicity Navigating the Payroll
Function with an End-to-End Approach
Direct deposit, introduced more than four decades ago, is a significant innovation in the world of
payroll processing that stood out as a true game-changer.
It revolutionized the way employees receive their hard-earned money.
However, fortunately, recent years have seen technology permeate the payroll realm, bringing
forth exciting developments in time reporting and flexible payment options. The future of payroll
is poised for further transformation, ensuring a seamless and rewarding experience for both
employees and employers.
Handling payroll is a vital but intricate task for businesses. In today's unpredictable economy,
ensuring timely and error-free delivery of employee paychecks has become a paramount concern.
Organizational leaders must offer their staff clear, concise, and comprehensive guidance on
accessing payroll information to minimize payroll mishaps.
Additionally, HR departments must remain vigilant about staying abreast of evolving government
policies or consider leveraging the services of a global payroll provider, particularly in a hybrid-
remote work environment, to streamline payroll information for employees residing in different
states or countries. By adopting these practices, businesses can navigate payroll management
challenges with confidence and efficiency.
While payroll processing may appear daunting initially, rest assured that paying your employees
doesn't have to be complex.
2. From Complexity to Simplicity: Navigating the Payroll Function with an End-to-End Approach | Exela HR Solutions
Simplifying Payroll: Definition, Standard Terms, and Processes
Payroll processing refers to the process of calculating and distributing employee compensation,
including wages, bonuses, and deductions. It involves ensuring accurate payment calculations, tax
withholding, compliance with labor regulations, and maintaining records of financial transactions
related to employee compensation.
Here are some standard payroll terms you will encounter while dealing with your company's
payroll function.
Standard Payroll Terms
Gross Pay
The gross salary is the complete sum of all the elements of an employee's compensation
package. It represents the total salary amount before any compulsory or optional
deductions, such as income tax, provident fund contributions, medical insurance premiums,
and other similar deductions.
Net Pay
Once the gross pay has been determined, it is necessary to deduct government-mandated
withholdings, such as income tax and provident fund, from the gross pay. The remaining
amount that an employee receives after these deductions is referred to as net pay or net
salary.
Overtime
Overtime is the additional hours worked by an employee in a company that exceeds the
standard hours set by government regulations. The policies established by the company
determine the compensation or additional remuneration an employee receives for working
overtime.
Pay Period
Pay periods are specific timeframes during which employee wages are calculated and
payslips are issued. These periods are scheduled and repeated either every two weeks or
every month.
Compensation
Payroll management encompasses administering, analyzing, and calculating employee
compensation, including salaries, benefits, and performance-related bonuses.
3. From Complexity to Simplicity: Navigating the Payroll Function with an End-to-End Approach | Exela HR Solutions
Contractual Employees
These individuals are typically engaged temporarily and do not hold permanent employee
status. The specifics of their employment arrangement are outlined in the contractual
agreement.
Also Read: Effective Tips on How to Structure Your Company's Payroll Function
Payroll Processing: An End-to-End Approach to Elevated Payroll
Payroll management is an essential aspect of any organization.
It involves complex calculations, compliance with legal regulations, and timely processing of
employee payments. As businesses grow and the workforce expands, managing payroll becomes
increasingly challenging.
However, you can streamline your payroll function and ensure accurate and efficient processing
with the right approach and measures. Here are steps to consider while building a robust payroll
processing function, simplifying the entire process, and saving valuable time and resources.
Understanding State and Federal Payroll Laws
Irrespective of your industry, you must be aware of and comply with the payroll laws at the
state, federal, and local levels.
It is advisable to conduct thorough research to understand the specific laws that apply to
your situation.
Take the time to ascertain the minimum wage set by your state, the method for calculating
overtime, the provisions for paid or unpaid leaves, the requirements for workers'
compensation, and the frequency at which paydays should occur according to your state's
regulations.
Additionally, it is crucial to determine whether you are obligated to withhold funds for
disability insurance and local income tax. By familiarizing yourself with these legal
requirements, you can ensure that your payroll processes adhere to the applicable laws and
regulations.
Choose a Payroll Schedule
Typically, there are four primary pay schedules available: weekly, biweekly, bimonthly, and
monthly.
4. From Complexity to Simplicity: Navigating the Payroll Function with an End-to-End Approach | Exela HR Solutions
It is crucial to carefully assess the advantages and disadvantages associated with each
schedule before finalizing your decision. Several factors, including the nature of your
workforce, industry, budgetary considerations, and payroll procedures, should be
considered when determining the most suitable payroll schedule for your organization.
Considering these variables, you can choose the optimal pay schedule that aligns with your
business requirements.
Collect Employee Paperwork
Payroll processing requires specific forms from both current and new employees.
These forms include the W-4, I-9 Employment Eligibility Verification, and State Tax
Withholding (if applicable for state income tax withholding). Additionally, if you opt for
direct deposit, you will need the banking information of each employee. Some payroll
services allow employees to submit these forms electronically for additional convenience.
Calculate Pre-tax Pay
Now it's time to perform some calculations to determine the gross pay for your employees,
which is the amount they will receive before taxes. The specific calculations will vary
depending on the types of workers you employ.
o For hourly employees: Multiply their hourly pay by the number of hours they worked
during the pay period. Be sure to deduct any hours they didn't work if they took time
off.
o For salaried employees: Divide the annual salary by the number of pay periods in
your yearly payroll schedule.
o For commission employees: Determine their hourly or salaried base pay and add
their commission earnings for that particular pay period. The commission earnings
will be based on your unique commission structure.
Figure out tax withholding
The paperwork provided by your employees will indicate the amount of earnings to be
withheld. Typically, this includes federal, state, and possibly local income taxes and FICA
taxes encompassing Social Security and Medicare. It may also involve deductions for court-
ordered child support and tax levies. Moreover, if your state mandates unemployment
insurance, it is essential to calculate this amount, as you will be responsible for paying it on
behalf of the employer.
Determine net pay
Net pay, or take-home pay, is the actual remuneration employees receive after deductions
from their gross income. To determine the net pay, you can subtract the applicable
deductions from the gross revenue. For instance, if an employee has a gross salary of
$5,000 and $1,250 is withheld for taxes, their net pay will amount to $3,750, which is the
amount they receive on payday.
5. From Complexity to Simplicity: Navigating the Payroll Function with an End-to-End Approach | Exela HR Solutions
Distribute paychecks
The next step is to distribute the net pay owed to your employees after processing your
payroll. Various methods are available for this purpose, with direct deposit being the
preferred choice for many. To proceed with direct deposit, ensure you have the bank details
provided by your employees. However, it's important to note that some employees may still
prefer traditional paper checks. If that's the case, you can simplify the paycheck distribution
process by utilizing a payroll service. To explore the top payroll services suitable for small
businesses, find out more about the subject here.
File taxes
As an employer, you must fulfill your tax obligations on behalf of your W-2 employees.
These obligations include paying taxes to the IRS, state tax collection departments, and local
government, depending on your operational location. Additionally, you are responsible for
FICA (Federal Insurance Contributions Act) or Social Security and Medicare taxes, which are
divided between you and your employees. Another tax you must pay is the FUTA (Federal
Unemployment Tax Act) tax, which covers unemployment insurance at a rate of 6% for each
employee. Fortunately, deducting the taxes paid for your employees is possible, providing
some relief.
Pay into benefits
When it comes to employee compensation, a portion of the funds withheld from their
paychecks is allocated towards employee benefits, provided that your organization offers
them. These benefits encompass various offerings, such as health insurance, health savings
accounts, retirement plans, and flexible spending accounts. It is your responsibility as an
employer to ensure accurate and timely payments towards these benefits, depositing them
into the appropriate accounts on a per-pay-period basis.
Maintain payroll records
According to the Fair Labor Standards Act (FLSA), it is mandatory to maintain specific payroll
processing records for nonexempt employees for a period of three years. Nonexempt
employees are eligible to receive minimum wage and overtime pay if they work beyond 40
hours in a week. These records should include information such as employee pay rates,
hours worked, vacation pay, overtime payments, and holiday pay. To ensure convenient
accessibility, storing all employee records securely in a centralized human resources system
is recommended. This allows for easy retrieval whenever necessary.
6. From Complexity to Simplicity: Navigating the Payroll Function with an End-to-End Approach | Exela HR Solutions
Conclusion
Simplifying your payroll function is a strategic move that saves time and resources, minimizes
errors, and ensures compliance.
We at Exela HR Solutions provide a wide range of services, including accurate payroll calculations,
efficient tax processing, and seamless HRFM (Human Resources and Financial Management)
integration. By leveraging our extensive expertise, strategic approaches, and state-of-the-art
technology, we are dedicated to handling your administrative tasks with utmost precision and
effectiveness.
Here are the benefits of choosing Exela HR Solutions as your HR services partner:
Ongoing management of payroll operations
Mass data corrections and uploads
Management of compensation, benefits, and annual talent cycles
Proficiency in legal and compliance matters
Efficient risk mitigation
Speak with our experts to learn more about our services.
DISCLAIMER: The information on this site is for general information purposes only and is not
intended to serve as legal advice. Laws governing the subject matter may change quickly, and
Exela cannot guarantee that all the information on this site is current or correct. Should you have
specific legal questions about any of the information on this site, you should consult with a
licensed attorney in your area.
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