Posted on: February 21 2019, By : NEHA KENI
Payroll is the process by which employers pay an employee for the work they have completed. HR Payroll Training is one of the key modules in Human Capital Management. Any business with employees should have a payroll process established, payroll is often the largest expense for a business. An effective and efficient payroll process will ensure that employees are paid accurately and consistently, keeping them satisfied with this aspect of employment and allowing HR management to focus on other areas. Payroll seems simple at its core, but becomes complicated because of the various deductions that come into play. Employers must withhold taxes from each paycheck and make sure accurate funds are paid to the correct government agency. Employers may also be responsible for deducting and paying premiums for insurance and depositing funds into retirement accounts or to selected charities. Payroll processing duties can create a huge burden and unwanted stress for small business owners and can be overwhelming for large businesses. A missed deadline or incorrect filing of taxes can result in fines or jail time. To avoid these issues, small, middle-sized, and large businesses can all benefit from using payroll systems.
The Payroll Management process offers organization and consistency to your employees. It also gives them a dedicated system for grievance compensation. A good Payroll Management system can help a business with the following:
• Improve the morale of employees: If your employees feel like their job is not stable and they are not being paid on time, they might start to look elsewhere. A Payroll Management system will ensure that all last-minute glitches and manual errors are taken care of so that your employees’ morale is always high.
• Lower tax bills: If you do not manage your employee’s records, you may end up in a situation where you have to pay fines for mismanaged records. It is important that taxes and TDS be deducted from the salary and all of these be recorded properly. In this sense, Payroll Certification Courses Management software can be of help and help you reduce the chances of paying legal fines.
• It helps even new startup owners: If you are a new startup owner, you will have to make efforts in the initial stages. One of them is managing payroll. Now, instead of doing this on your own and risking manual errors, you can use an established management software and handle your company’s finances.
• It can reduce overheads: Instead of outsourcing your payroll to someone else, doing it in-house will save you a lot of money. Plus you’ll have better control of your own finances.
Many payroll activities are related to HR issues, so the payroll and human resources departments must coordinate shared functions. This includes recruitment, salary increases, bonus payments, benefit deductions, vacation leaves and firing employees. The human resources department must be sensitive to the time devoted to payroll processing because as the champion of employee relations, they’ll face issues directly if paychecks aren’t processed correctly and on time. The payroll and HR departments are privy to confidential employee data, including financial information, social security numbers and home addresses. The two departments must work together to ensure that this information doesn’t fall prey to unauthorized individuals or companies.
The Payroll Management Training & Certification Program
The Payroll Management Training & Certification Program helps beginning and intermediate HR professionals learn the basic payroll requirements.
Besides the basics, you'll also learn:
• To hire, train, and manage successful payroll professionals
• To establish and maintain self-service, direct deposits, and paycard systems
• To select and implement a payroll system
• To handle and work with audits and disaster recovery plans
• To implement anti-fraud plans
• To comply with the various record retention requirements
• Organizations enrolling three or more individuals also receive our Management Interface at no cost.
Payroll Systems Course: Common topics in payroll courses are taxation, how to classify employees, compliance with state and federal regulations, accounting, and recordkeeping. Often divided into different tracks, payroll systems courses are a must for anyone responsible for complicated personnel processing systems. Through this course, students learn how to generate reports on payroll functions necessary for various regulatory and management tasks. Students are also introduced to leave accrual and hiring or separation policies. Some courses also cover the unique payroll requirements of non-resident workers.
Payroll Accounting Course: Payroll accounting courses are designed to allow students to compute potential employee wages and salaries and the amount withheld for income tax, unemployment compensation and social security. Students gain hands-on experience preparing the proper tax forms so they can help clients. Likewise, students track payroll records so they can fully grasp how much money goes into paying employees.
Payroll Administration Course: Payroll administration courses address taxation methods, including the filing of forms. In these payroll courses, students will study advanced topics in involuntary deductions, third-party sick pay reports, and the taxation of non-monetary benefits. Student will be involved in many hands-on demonstrations with a variety of payroll systems as part of the course's curriculum. These courses also discuss the relationship of payroll on other departments within a business system, such as human resource management.
Payroll Management Course: Hr payroll courses discuss the myriad legal, ethical and technical issues inherent in managing a payroll processing system. Students analyze the legal ramifications of payroll forms adjustments and corrections, mergers, acquisitions and involuntary deductions. As part of the management aspect of such payroll courses, students will learn how to manage the costs of operating a payroll department, including hiring policies, methods for increasing payroll efficiency and new payroll technologies.
Labor Redistribution And Processing Course: Through this labor redistribution and processing course, students learn how to adjust pay to reflect employee sick time or overtime. Making any necessary changes to the workflow. The course goes over scenarios where it's necessary to adjust the schedule so more or fewer people are working, which is often coupled with exercises in readjusting the schedule properly and making sure employees and employers are notified in a timely manner. Payroll classes can be found in a variety of different programs aimed to help business professionals develop the skills needed to maintain payroll records and systems. You can also take help with top education consultant in Mumbai to become pace payroll certifications and training.
Calculation of gross salaries and deductible amounts is a tedious task which involves risk. Some of the organizations use the traditional manual method of payroll processing and some go for the advanced payroll processing software. An organization opts for any of the following payroll processing methods available:
Manual System: Manual payroll system is the traditional payroll system which involves pen and ink, adding machine, spreadsheet, etc instead of computers, software and other computerized aids.
Accountant: The process adds costs to the organization. It involves paying someone who is responsible for calculating the salaries of others. The financial control regarding salary goes in the hand of accountant.
Payroll Software: In today’s computerized environment, payroll system has also developed itself into automated software that performs every action needed by the payroll process. It helps in calculating the payable amounts and deductions very easily. It also helps in generating the pay slips in lesser time. Automated calculations result in no errors. Data is validated automatically by the software. It needs professionals to make use of the software for its efficient working. The automation of things like Core HR payroll, salary records and benefits has taken away much of the work, and freed up HR pros to focus on more strategic initiatives and analytics. Customized Software can also ensure smooth deployment and help organize HR Practical training to get everyone up to speed on how to best utilize the latest HR software.
Payroll Outsourcing: Payroll outsourcing involves a third party (an outsourcing company) in the calculations of salaries and deductions. The outsourcing organization is responsible for all the activities of the payroll accounting. It saves time and cost for the organization. If there is more number of employees (say more than 900-1000) in the organization, payroll hr process outsourcing would be very much beneficial. The data is provided to the consultants/outsourcing firms. The various payroll functions undertaken by the outsourcing organizations are as follows:
• Analysis of Payroll records, payroll taxes
• Medical claim processing
• Employee Insurance & Provident fund processing
• Quality Audit procedures & planning