Want to know more about the role of a payroll accounting function within business management?
One of the most important factors in your business administration process is ensuring that your workers are paid the correct amount, on time. For any business owner this is imperative if you want your organisation to succeed.
Watch the video below to find out exactly why you need to know more about payroll accounting, and, if you want to formalise your skills, find out more about the University of Cape Town Payroll and Tax Administration online short course.Payroll accountants are responsible for tracking salaries and wages, taxes and deductions Click To Tweet
Payroll accountants’ responsibilities include:
- Approving and delivering gross wages, salaries, bonuses, commissions, and so on that have been earned by employees
- Withholding of taxes such as income tax and state-administered funds
- Withholding of employee contributions to health insurance and savings plans
- Adding employers’ contributions to employee fringe benefits such as health and dental insurance, paid holidays, vacations and sick days, pension and savings plan contributions and worker compensation insurance
Want the payroll tax skills to manage, record and administer company-wide remuneration?
Become an expert in payroll administration with the UCT Payroll and Tax Administration online short course.
Payroll accounting is basically recording the transactions for paying your staff. So if a business has employees or staff they need to generally pay them if they want to keep them and to be able to do that, there is necessarily some recording which needs to be done when you are actually paying them. The payroll accounting is tracking things like salaries and wages, taxes and deductions, which need to come off of that as well and making sure that employees are being paid the correct amount at the end of every month, and that that’s being recorded correctly for the business’s bookkeeping and accounting purposes.