What is Payroll?
The term hrpayroll actually refers to the list of employees that receive compensation from a company. However, most companies generally use the term to refer to the money that is paid to the employees or the records that detail how much each employee has made. Payroll may also refer to the company, department, or software that is used to process paychecks and taxes or to the process of calculating and distributing employee paychecks.
Processing payroll is a very important function of any business and necessitates an understanding of current regulations, detailed tax knowledge to ensure proper withholding and filing, and a highly organized system that can be relied upon to pay each employee the right amount of money. For many organizations, using hrpayroll systems or outsourcing payroll can help to mitigate stress and minimize errors.
What is the Function of HrPayroll?
Payroll refers to the process by which employees receive their salary. Functions involve
====> The balancing and reconciling payroll data and depositing and reporting taxes.
====> The payroll department takes care of wage deductions, record keeping and verifying the reliability of pay data.
====> The payroll department delivers payroll checks, maintains compliance with tax laws, records paperwork for new hires and edits existing employee files.
====> HrPayroll professionals are also responsible for calculating reimbursements, bonuses, overtime and holiday pay.
What is the Function of HR?
Managing people within the organization, the human resources department aims to bring out the best in employees, thus contributing to the success of the organization.
====> The primary responsibility of the human resources department is to hire new employees and this involves attracting the right candidates for available positions.
====> They bring on new employees, HR professionals must make sure the employees deliver according to expectations.
====> The HR department is also responsible for motivating employees and to this end, they reward employees by developing compensation packages that may include holiday or midyear bonus awards and salary increments.
====> HR also develops training programs and ensures that employees follow a general direction by reminding them of the organization’s goals.
HrPayroll and Form W-4
Form W-4 is required for each employee and helps to keep their information and tax filing status straight. Form W-4 should be filled out by each employee at the time of hire to ensure compliance with tax laws and other regulations.
Form W-4 can be filled out and signed electronically using paperless on-boarding functionality through some HRIS solutions, which can help to eliminate clutter and ensure more accurate and organized records.
Payroll must be processed on a recurring basis and must be accurate each and every time. Since payroll is the single largest expense for most companies, it is very important that hrpayroll be processed in a way that is efficient and reliable. There are several options for processing payroll.
Processing payroll manually is an inexpensive option, but can be arduous. The IRS provides tax tables that you can use to calculate withholdings, but voluntary deductions must be figured out, as well. Keeping good records, organizing information, and ensuring consistent accuracy may be more difficult when payroll is processed manually.
Outsourcing payroll is an expensive option, but may save you labor time and prevent costly errors. A payroll company will take care of all of your taxes and other payroll issues, ensuring a high degree of accuracy and reliability. A pay roll company may also be able to help answer any questions that you have.
HrPayroll software is a good middle of the road option, affordable for most companies and simple to use so it saves some labor time. There are many different payroll software options, so you can select the amount of assistance that you need with payroll. Since payroll is still taken care of in-house with pay roll software, it may be easier to make changes and retrieve historical data, which may also be a bonus over payroll outsourcing.
An hourly employee’s gross pay is calculated by simply multiplying the number of hours worked by the hourly wage. For salaried employees, the amount of gross pay is the salary per pay period. The actual amount received by each employee is net pay, however, which is the gross pay minus any deductions.
Payroll deductions include many different items, including:
====> Federal income taxes
====> Social security taxes
====> State income taxes
====> Local tax withholdings
====> Health insurance
====> Dental insurance
====> Charitable contributions
Where the Two Functions Overlap
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 also 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.
Payroll and Human Resources Software
Payroll and HR Software services provide a solution that simplifies and takes care of your company’s pay roll processing and procedures and any other Human Resources related matter such as talent management and/or benefits.
This way you and your people can focus on the work you do best and will help save time and money instead of having to worry about any HR-related matters.
If you were to ask your employees to rank the three most important aspects of their careers, compensation would most likely land high on, if not at the top of, that list. People who perform well for your company and for your customers expect to be rewarded financially for their efforts.
As a company, it is imperative to pay your people accurately and on time, every time. But with so many important and intricate facets of running a business to focus on each day, how can you ensure compensation remains a priority? The answer is with payroll and HR software.
UltiPro is cloud-based pay roll and HR services software engineered with a commitment to putting people first. That means providing a solution that simplifies and takes care of your company’s payroll processing and procedures, so you and your people can focus on the work you do best, instead of worrying about HR-related matters.
Pay roll can be complex, but it doesn’t have to be. With UltiPro pay roll and HR software, you can manage your people’s compensation and pay them with ease, from navigating diverse tax codes to configuring your own payroll models. Need to make an adjustment? No problem! UltiPro even lets you issue off-cycle checks or make post-payroll changes.
Employees, too, benefit from UltiPro’s easy-to-use platform and extensive hrpayroll features, such as the “Model Your Paycheck” calculator that helps estimate take-home pay. And because UltiPro is a cloud-based solution, your people can view their paychecks and pay statements from anywhere on the go, using their smartphones or tablets.