Payroll Processing

A successful business run is the outcome of mutual affection between an employee and a corporation. A company expects the worker to do their fullest associate degree and an employee reciprocally an honest and customary incentive package from the organization end. The management of employee salary in a company is handled by the payroll management system. The salary and other allowances to employees, loan deducting costs like everything that comes in a company are done by the payroll processing system.

The moment you contact us with your payroll requirements, we will schedule your face-to-face meeting with one of our specialists. This is because understanding the client’s business is what lays the foundation of any payroll system. During the client consultation, you share your specific needs and transfer your existing employees’ payroll data & we offer you payroll solutions that are tailor-made for your business. Once you agree upon the suggested HR services and discussed timelines, we’ll embark on your project. There’s more to it! Our team will perform a trial payroll processing before integrating it with the original database to ensure a seamless transition.

Associated Terms Of Payroll Processing

There are so many terms associated with payroll outsourcing services but the most common terms, which every payroll administrator must know include:

An employee is a person who has agreed by contract to perform specified services for another called the employer in exchange for compensation, conventionally monetary.

Compensation has to do with everything an employer gives to an employee in exchange for their services; such as salary, bonuses, benefits, and other packages.

Overtime is when an employee works above the regular schedule. The overtime rate is normally one-and-a-half times the regular rate of pay.

The commission is a reward or compensation based on employee performance. You can pay employees a commission based on sales or on how many tasks an employee completes. A commission can be a percentage of a sale or a fixed amount per sale.

The deduction is the amount an employer withholds from employees’ compensation as required by laws such as tax deduction or voluntary deduction on wages for health insurance, retirement plans, life insurance, etc.

Garnishment is a court-ordered procedure that requires an employer to withhold wages from an employee. The withheld wages may be used to pay a debt, such as unpaid taxes, defaulted loans, child support, etc.

Gross wages are an employee’s total wages before subtracting any deductions. The amount an employee takes home is less than his or her gross wages.

Net wages equal the amount of money an employee takes home. Net wages are an employee’s total wages after deductions.

The pay cycle is the length of time over which employee compensations are prepared for payment. The pay cycle may be monthly, semi-monthly, weekly, or bi-weekly.