Compensation for services given is an administrative task. It also keeps track of employee gross earnings, payroll deductions, and net pay, as well as the employer's payroll tax liability.

Payroll management software

Outsourcing

Excel

The information provided above should serve as a wake-up call to any company considering outsourcing its payroll computation and remittance so that they can reap several benefits while avoiding many of the challenges that existed previously.

Payroll activities include attendance data for a particular month to capture the pays and the accurate attendance of the employees, details of new employees and employees left, the salary structure of new joiners and their bank account details, if there is any advance or incentive to be paid and if there are any special changes that are to be made to the salary structure.

Payroll comes under both the HR and the finance departments.

The Human resource office prepares the payroll since they hold the records of the attendance and the overtime that is rendered by the employees, the accounts department prepares the payment and is subjected to approval from the head of the Agency or the representative.