The Value of the Payroll Team
The Value of the Payroll Team
Payroll is a vital function and not just for the obvious reasons.
HR professionals will have lost count of the number of times they have begged their colleagues in payroll to make an ad hoc payment, outside of the shut down or cut-off period - and without the payroll team, a business could not function.
The payroll staff has plenty of continually-revised government legislation to contend with. They are responsible for keeping up-to-date and complying with these rules and regulations, however many there might be. Failure to adhere to these can cost the business thousands in fines.
Payroll software has made the calculation process much easier, however, there are still many manual payments that the payroll team will have to input before the BACs run can be sent off. Irregular payments such as overtime, jury service, ad hoc bonuses and secondment enhancements need to be entered and checked.
Payroll administers sick pay, often having to keep a log of how much statutory sick pay an individual has already received and possibly reporting back to HR advisers if the allowance has expired. They also make maternity, adoption and paternity payments, which are often very tricky to calculate.
Payroll of course also deals with taxes and national insurance contributions for the entire company. They calculate employer and employee deductions, reverting to HMRC. Annually, they will need to file a tax return on company expenses, categorising and challenging many claims that have been put through during the last twelve months so that the company cannot be fined for misrepresentation.
Some payroll teams will be accountable for pension schemes, be it the running of a company scheme or the facilitating of employee contributions to a dedicated external scheme.
There must be a good relationship between payroll and HR. They are related after all; part of the same industry. They depend on each other for support and guidance and should show a mutual respect. In any HR process or policy changes, it is always a good idea to consult payroll specialists for any impacts to their work or to current legislation.
While some smaller companies might choose to outsource all or a portion of the function, the fact still remains that a business cannot exist without the payroll service. Is Selling the Same as Helping People Buy? How to do comparison shopping when shopping online Never Pay For Cable Again Reasons to Buy Newtonian Reflector Telescopes Caring For Your Feet Pays Dividends Collectible Coin Buyers Beware! Why Buy A Tablet PC Sleeve? Abs Dresses Online Shopping The Truth about Six Pack Abs - Buyers Guide Should You Buy The H Miracle? Find Out Here Five Key Steps To Decide If You Should Buy Or Not Options to Buy Euro Millions Ticket in Different Formats Buy Iraqi Currency without any Hassles