Payroll is one of the most important items in a company's personnel department . This document has several purposes, from the most operational – such as, for example, organizing the company's accounting – to fiscal and accounting paper.And every month companies need to do the closing and calculation of monthly payments for employees. This requires numerous calculations that can be done automatically with the right platform.
That's why we've created a complete article on payroll, with everything you need to know about legislation, the most common mistakes and how to make day-to-day payroll processes easier.
What is Payroll?
The payroll is a document issued monthly by companies to their employees and reflects information on the working hours, tax, accounting and labor of each employee in values. It accounts for all the amounts that the company owes to employees, to service providers. At the end of the preparation of the payroll, the payslip is issued .
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What is payslip?
The payslip is a document that contains salary information and payroll deductions for the employee. It works as proof that the employee received the salary properly.
What is Payroll for?
The payroll gathers information from the employee and the company, generating a document that indicates all the values of remuneration, taxes, discounts and bonuses of workers. Thus, it ensures that employees receive their remuneration correctly, without delays or absences.
See below all the items that must appear on a payroll:
• Employee salary (fixed amount, determined in the contract);
• Additional night ;
• Additional for unhealthy and hazardous conditions ;
• Commission and bonuses;
• Overtime;
• Absences and delays recorded at the point control;
• Family salary;
• Meal ticket;
• Transportation vouchers;
Efficiently managing the payroll is one of the pillars for the smooth running of the company, especially for the financial health of the business.
Mistakes made during the preparation of the sheet can cause problems for employees, in addition to many headaches for employers. This means that preparing the payroll requires extra attention and expertise Payroll services in UAE.
Ahmad Alagbari Chartered Accountants
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