There aren't many positions in a company that are as vital as a CEO. Payroll management, however, ranks up there. This position is crucial to your company in many ways and it is important to have this department running at optimal levels.
The perfect payroll management team will have years of experience in the areas of financial accounting, payroll, outsourcing partners, software support in accounting, and preliminary work on financial statements. Other services available are things like balance sheet accounting, payroll accounting, personnel management control, business advice in payroll, creating business plans on a budget, audits, billing/invoicing, payments, and cash management.
It takes a lot to get an efficient and effective payroll department going. There are some processes, however, that can often be simplified and improved to make the department more efficient. If you are looking for a few ways to streamline your payroll management in Singapore, take a look at these ideas:
1. Try to Update Payroll Records.
Basic info is the key but it isn't everything. Make sure you keep your systems updated to keep everything in order and tell your employees to come to you if there are any changes to their life that you should be aware of.
2. If you need Help, Get it.
If there is a chance that you could be wrong about a deduction, find a specialist that will know the answer.
3. Accountants Know Payroll Systems.
Banks and CPAs love to crunch numbers and they love to manage payroll – it is what they do. You can always lighten your workload by using Peachtree or QuickBooks or any other accounting software.
4. Keep Your Deadlines in Mind.
Corporations have the same deadlines every year. March 15th is when taxes are due and by Jan.31st, businesses should have all W2's and any other documentation to their employees.