What Are the Basic Functions of the Payroll Phase in the HR

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The Answer is The payroll phase's objective is to accurately calculate and disburse all salary and wage payments due to employees.This involves ensuring that all working hours are recorded in an accurate and timely manner,that correct salary and wage rates are applied to pay calculations,and that payroll payments are made on time and in the manner preferred by the employee.Payroll related activities provoke a high incidence of fraudulent payments,strong effective control of all salary and wage disbursements is crucial.In addition,it is vital to ensure any monies deducted from employees' wages,such as taxation instalments and superannuation contributions,are correctly accounted for and forwarded to relevant third parties in a timely fashion.The payroll function also controls the recording of accumulated leave balances,including adding leave as it accrues,and deducting leave as it is taken.Activities involving recording employee leave entitlements affect not only the individual employee,they are an important liability that is represented on a company balance sheet.Incorrect calculation and disclosure of employee leave related liabilities can have serious consequences.

What Are the Basic Functions of the Payroll Phase in the HR

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What Are the Basic Functions of the Payroll Phase in the HR

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Correct Answer:
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