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Payroll Management

Background

An employer, regardless of the number of workers they employ, must maintain all records pertaining to payroll taxes (income tax withholding, Social Security and other details). Altogether, various kinds of employment records must be kept just to satisfy legal requirements. Those records include, among others, details such as name, address, amount and date of each payment for compensation, amount of wages subject to withholding in each payment, amount of withholding tax collected from each payment, reasons that the taxable amount is less than the total payment, statements relating to employees' nonresident status, market value and date of noncash compensation paid and agreements for employment etc.

 

Payroll management, its calculation and maintaining required records can be challenging for new entrepreneurs and small and medium sized businesses. It's important to run payroll process in a professional manner. Employees are most valuable asset and they deserve the best systems a company can provide for payroll and to ensure a well-managed payment process. In addition, without proper knowledge of payroll procedures, it's easy to make mistakes. The employees need to be paid in full, on time, and in a proper manner.

The Challenge

Common challenges faced by companies include;

 

  1. Maintaining employees files and records as per legal requirements

  2. Time consuming and complex calculations

  3. Risk of non-compliance with relevant laws

  4. Delay in processing of payroll and demotivating employees

  5. Managing change in payroll structures and employee benefits

  6. Complex and performance related benefit structures

  7. Requiring extra resources and cost in addition to finance team to handle payroll

  8. Very common payroll fraud and its detections and avoidance

  9. Time consuming and always having strict deadlines

  10. Meeting internal confidentiality requirements

Solution by ABL

The Company will provide end to end payroll management and processing including creating employee files, setups based on their contracts, calculation of various payroll elements such as employee pay, taxes, advances, deductions, issuing pay slips and recording payroll in the relevant financial records.

 

ABL, subject to client agreements and requirements, will make sure that all the requirements are met. The services will include inter alia;

 

  • Maintaining employees files and records in an adequate software environment

  • Calculating and processing simple and more complex salaries

  • Processing and fulfilling the standard and senior executive (confidential) pay slips

  • Providing advice about and implementing calculations and agreements based on performance or other incentives

  • Preparing regularly occurring summaries of salary administration and cost analyses

  • Offering integrated international payroll solutions

  • Online digital archive to manage your personnel and salary administration

  • Managing an employee self-service system

  • Integration of payroll system with chart of accounts to enable automated accounting entries in relevant cost heads

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