Most companies generally use the term Payment refer to the money that is paid to the employees or the records that detail how much each employee has made. Processing Payment is a very important function of any business and necessitates an understanding of current regulations, detailed tax knowledge to ensure proper withholding and filing, and a highly organized system that can be relied upon to pay each employee the right amount of money. As the salaries are usually the major part of companies’ expenses, it is of crucial importance to analyze and manage the payment preparation process.
Introduction to the HR function
Introduction to accounting function
Introduction to finance function
Payroll as a link between HR and accounting and finance
Understanding the hiring process documentation
Contract professionals
Full-time employees
Temporary help
Outsourcing
Determining the right calculation basis for payroll
Elements of risk leading to payroll mistakes
Managing increments and deductions
Payroll approvals & schedules
Access to employee benefits
Controlling access to loans
Reporting on loan status
Calculating end of service benefits for the company and employees
Reporting on benefit plans
Recording payroll expense and liabilities
Recording payroll and benefits costs to assets or inventory
Recording payroll related contributions and liabilities
Reconciling receivables from and payables to employees with payroll department
Reconciling liabilities with social security and other governmental agencies
Reconciling payments with bank accounts transactions
Introduction to internal audit and external audit
Auditing the payroll
Budgeting for payroll department expenses
Preparing the yearly budget for payroll and contributions for the company
Budgeting for employee loans and other benefits
Determining contribution expense for individuals & corporate contributions
Reporting results to the accounting department & Coordinating regarding payment process and control
Reporting to ministry of labor, social security authorities & other regulatory agencies
Explain how the HR and accounting and finance functions contribute to their success
Prepare the monthly payroll and review it for accuracy
Calculate employee benefits, loans vacations and End of Service Benefits (EOSB)
Reconcile payroll with accounting and audit the supporting documents for payments
Develop monthly and annual payroll budgets
Design periodic payroll management reports and analysis
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