Payroll management and its processing is a big aspect of every company and organization. Various steps are required with correct calculations to pay every employee his or her periodic salary depending upon their pay period and work hours. While calculating the payroll several other factors like pay rate, taxes and deductions are processed. Thus correct processing of payroll ensures employees’ correct salary based on their employment status and other Department of Labor (DOL) requirements.
The basics of payroll procedure
- Updating employee master file.
- Setting pay period
- Entering time worked
- Entering manual payments
- Calculating termination pay
- Altering deductions
- Calculating pay
- Issuing payments
- Depositing taxes
Megatherm ERP brings to you its SAP enabled software that helps you process payroll in simple steps with great accuracy and efficiency.