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Payroll Management

Payroll management involves administering employees' salaries, wages, bonuses, deductions, and taxes. It requires maintaining detailed records for at least 4 years and tracking 20 different types of employment records to comply with federal requirements. These include employee names, payments, taxes withheld, and other payroll-related information. Proper payroll management is important but complex due to regulations, so many businesses outsource it or use automated payroll systems.

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Manisha Singh
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85 views

Payroll Management

Payroll management involves administering employees' salaries, wages, bonuses, deductions, and taxes. It requires maintaining detailed records for at least 4 years and tracking 20 different types of employment records to comply with federal requirements. These include employee names, payments, taxes withheld, and other payroll-related information. Proper payroll management is important but complex due to regulations, so many businesses outsource it or use automated payroll systems.

Uploaded by

Manisha Singh
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Payroll Management

Definition: The administration of the financial record of employees' salaries, wages, bonuses,


net pay, and deductions
An employer, regardless of the number of workers they employ, must maintain all records
pertaining to payroll taxes (income tax withholding, Social Security and federal unemployment
tax) for at least four years after the tax becomes due or is paid, whichever is later. Altogether, 20
different kinds of employmentrecords must be kept just to satisfy federal requirements.
Income Tax Withholding Records
1. Name, address, and Social Security number of each employee
2. Amount and date of each payment for compensation
3. Amount of wages subject to withholding in each payment
4. Amount of withholding tax collected from each payment
5. Reason that the taxable amount is less than the total payment
6. Statements relating to employees' nonresident alien status
7. Market value and date of noncash compensation
8. Information about payments made under sick-pay plans
9. Withholding exemption certificates
10. Agreements regarding the voluntary withholding of extra cash
11. Dates and payments to employees for non-business services
12. Statements of tips received by employees
13. Requests for different computation of withholding taxes
Social Security (FICA) Tax Records
1. Amount of each payment subject to FICA tax
2. Amount and date of FICA tax collected from each payment
3. Explanation for any difference

Federal Unemployment Tax (FUTA) Records


1. Total amount paid during calendar year
2. Amount subject to unemployment tax
3. Amount of contributions paid into the state unemployment fund
4. Any other information requested on the unemployment tax return

Payroll for a small firm is a simple task with a good one-write system. Any office supply store can
show you samples of one-write systems, which most accountants recommend because they
reduce errors and save time in making payroll entries.

Payroll management can be quite a challenge for the new business owner. There are many
federal and state laws regulating what you have to track related to payroll. Failure to do so could
result in heavy fines--or worse.

Many business owners use outside payroll services. These companies guarantee compliance
with all the applicable laws. This keeps the business owner out of trouble with the law and saves
time that can be devoted to something else in the business. If you choose to do your own payroll,
it's recommended that you purchase an automated payroll system. Even if the rest of your books
are done manually, an automated payroll system will save you time and help considerably with
compliance
Payroll Management ERP - Overview
Human Resource is the most fundamental resource for any organization. It is responsible for each and
every decision taken, each and every work done and each and every result. Employees should be
managed properly and motivated by providing best remuneration and compensation as per the industry
standards. Payroll processing is the backbone of an organization's employee operational and satisfaction
focus.

Payroll is defined as a method of administrating employees' salaries in the organizations. The process
consists of calculation of salaries and tax deductions of the employees, administrating the retirement
benefits and disbursements of salaries to employees. It can also be called as an accounts activity which
undertakes the salary administration of employees in the organization. Administrating the employees'
salaries is not a simple task, the HR and accounts department work together to calculate and give out
the salary to the employees. Thus, payroll management can be further subdivided into two sub
processes, i.e. Payroll accounting and payroll administration.

No matters to whatever companies you belong to, whether a one-person company or a several
thousand-person company, time is an issue. Profmax Payroll Management ERP guarantees you to save
time by reducing the hours spent producing payroll information and preparing payroll registers,
quarterly, and year to date payroll reports. With the growing market hold, Profmax Payroll Management
ERP has become a value for money choice for a wide range of the market. The product is intelligent and
efficient to be able to process a few hundreds to multi thousands of employees' records.

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Payroll Accounting
Payroll accounting in Profmax Payroll Management ERP, involves calculations of employees' salaries and
tax deductions. It also undertakes the activities such as preparation of tax returns, maintaining the
payroll records, etc.

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Payroll Administration
Payroll Administration in Profmax Payroll Management ERP, involves managerial activities such as
maintaining employees' records, referring employment laws. Here, the HR comes into picture which
maintains the daily record if employees attendance.

Profmax Payroll Management ERP solution stores complete details and records of the employees related
to their salary, Generates Pay-slips, Computes all allowances and deductions, Manages salary
adjustments, bonus and arrears, Calculates and records overtime, Manages Provident Funds and
Gratuity and generates all sorts of MIS reports.

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Features & Benefits


Operational and HR managers often lack accurate and timely information to make informed personnel
decisions. Through the use of Profmax Payroll Management ERP with integrated suit of Profmax Human
Resource Management (HRM) solution, organizations can aggregate and view employee data in one
location - regardless of where the data resides. This can enable managers to simplify tasks, reduce
paperwork, optimize workflows, and make better and faster decisions.

Profmax Payroll Management ERP can handle complex payroll processes in compliance with current legal
regulations in multiple countries. Predefined reports can help you address various legal and compliance
issues, increase the visibility and transparency of your HR processes, and simplify overall management
of compliance-related concerns.

Profmax provides the foundation for process excellence on one, consistent platform. By enabling real-
time data, global reach, and integration within and outside of HR systems, Profmax can help you
improve collaboration and efficiency across your entire organization.

Profmax Payroll Management ERP with integrated Human Capital Management (HCM) and Talent
Management solution enables you to:

 Standardize and automate local and global HR processes to increase efficiency


 Manage an increasingly global, diverse workforce
 Reduce the time and costs associated with HR administration, while setting the stage for talent
management processes and future innovation
 Increase visibility and transparency into your HR processes
 Increase compliance with ever-changing legal regulations
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Add-on Features
 Connectivity to multiple locations through WAN, Web, Wireless etc.
 Integration with Third party applications
 Bio-metric/ Smart Card integration for Attendance and Security Purposes
 SMS Alert System
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