Duties Of A Payroll Management Department
Payroll management is related to an HR department's functionality. The data tracked in payrolls are wages, salaries, calculation of extra hours worked, bonuses and annual appraisal amount. The payroll processing department's responsibility is also to keep a track of employees who have resigned, left or have retired from the organisation. Apart from this, the department also keeps track of employee updates such as hiring, training, promotions and terminations.
Difference Between HR and Payroll management
HR department and payroll is different in a way that HR department prepares benefits, deductions, it tracks attendance and conduct events. With hiring, new employee records and with resignation, old employee records are updated. However in payroll management department, the HR records are updated for pay, deductions, attendance and events and the payroll management department calculates payrolls at one go. This means once the foundation is laid, it is easy to calculate pay/salaries of an employee.
Frequency Of Tasks
Some tasks may be performed daily, some weekly, some monthly, some quarterly and some annually. Seldom it happens that a task is performed bi-annually but it happens half-yearly such as half year employee bonus calculation.
Steps In Calculating Payrolls
- To begin with payrolls, the base records of employees joined or joining the organisation are already present with the company. The number of hours/ days an employee worked are calculated.
- Once hours / days are calculated the salary is calculated monthly.
- After calculation, salary is credited through electronic fund transfers (EFT) to employees or through cheques if employees do not use EFTs.
How Boundless Helps You ?
We help you in payroll data maintenance and computation along with periodic legal compliances at local and national level. At Boundless, you will be saved from calculating payrolls and thereby from any changes further to the employee record system. For more details, call at +91 8459136607 ; +91-9717771415 or e-mail at firstname.lastname@example.org or visit us at http://www.boundlessindia.com.