PAYROLL MANAGEMENT SERVICES IN NIGERIA
WHAT IS PAYROLL MANAGEMENT?
According to Wikipedia, a company’s payroll is the list of employees of that company that are entitled to receive pay and the amounts that each should receive along with the amounts that each employee should receive for time worked or tasks performed. Payroll can also refer to a company’s records of payments that were previously made to employees, including salaries and wages, bonuses, and withheld taxes and other relevant items
As a business owner or employer of a business organization, no matter the number of employees you have at your disposal (whether small or big), there must be maintenance of all records of all employees pertaining to payroll taxes. A payroll system is an important compliance for every business organization whether small or big. Not being able to pay the salaries of your staffs of time can be due to lack of proper payroll management and this will negatively affect the morale of the company’s workforce.
Payroll management refers to the process of administration of a company’s employee’s financial records. This would include details of the employee’s salaries, incentives, bonuses, deductions, and net pay. An employer must maintain and keep these records as dictated by the law. Not complying with the Income Tax laws in Nigeria (Pay As You Earn) pertaining to employee records can be grounds for legal consequences.
HOW DOES EFFECTIVE PAYROLL MANAGEMENT AFFECT YOUR EMPLOYEES?
An effective payroll management offers organization and consistency to your employees. A good payroll management system can help you in the following ways:
- It improves the morale of your employees
Whenever an organization doesn’t pay their employees on time, they might start to look towards your competitors and other organizations. A good payroll management will ensure that any glitches and manual errors are taken care of which will in turn boost the morale of your employees
- Lower tax bills
If the employees records are not properly managed, the organization my end up in a situation where they will have to pay more than what they are supposed to pay due to mismanaged records. Proper and efficient payroll management will also reduce the chances of paying legal fines to the tax authority in Nigeria
- It aids new start-up owners
Start-up companies who outsource their payroll management to companies like Business Cardinal will reduce manual errors and allow the start-up firm to focus on other activities
- It keeps proper records
Proper payroll management ensures that payroll data of employees are properly recorded and kept. Some of these records includes the following information:
- Employee’s full name
- Birth date
- Sex and occupation
- Time and day of week when employee’s workweek begins
- Hours worked each day
- Total hours worked each workweek
- Basis on which employee’s wages are paid
- Regular hourly pay rate
- Total daily or weekly straight-time earnings
- Total overtime earnings for the workweek
- All additions to or deductions from the employee’s wages
- Total wages paid each pay period
- Date of payment and the pay period covered by the payment
FEATURES OF AN EFFECTIVE PAYROLL MANAGEMENT PROCESS
An effective and efficient payroll management process should include the following characteristics:
- It should be able to generate automatic payrolls
- It should be able to keep proper records
- It should help in creating accurate and fast Invoices and quotes
- It should be useful in filing Tax forms
- It must contain basic tax reporting tools
- It must contain tools for Vendor and contractor payments
- It should make compliance with regulations easier
WHO WE ARE?
Business Cardinal is a member of Matog Consulting group with over 18 years in Taxation, Accounting, business advisory including payroll management services.
Efficient payroll processing services have become a necessity for every organization in order to streamline payroll, optimize productivity and improve administration. Business Cardinal ensures smooth payroll management services that can help achieve better resource management and save you the hassles and time-consuming tasks of payroll processing. Business Cardinal is recognized as one of the leading payroll processing companies in Nigeria, with years of experience in handling corporate payroll services and the ability to tailor a solution to specifically suit the needs of any organization.
Managing complete payroll processing in addition to your core business processes can become quite overwhelming and often result in payroll issues. Outsourcing payroll management services to Business Cardinal can assure impeccable payroll processing and permit you to focus your time and energy on your core business functions.
OUR PAYROLL MANAGEMENT SERVICES
Every business has to process salary for its employees in an accurate and timely manner; however, it is not the simplest thing to do. At Business Cardinal we offer the following payroll management services
- Calculation of payroll and issuing payslips to staffs
- Full support with bank account set up
- Monthly, quarterly and annual provision of statistical reports
- Handling communications with the bank representatives
- Payroll consultancy
- Personal Income Tax (PIT) consultancy
- Pay As You Earn (PAYE) consultancy
- Assistance and representation during payroll audits whether internal or external
- Full support for your finance and human resource team
- Pension payment of employees
- Provision of management reports
- Monthly Individual Income Tax calculation and filing
- Employees’ Annual Individual Income Tax filing
- Registration of tax-deductible items with the tax authority
- Verifying official receipts for tax deduction purpose
- Tax liability
- Labour allocation
- Time off tracking
- Accrual balances
- Custom payroll management services
- Wage garnishment administration services
- Payroll tax reporting
- Job costing
- Yearend processes
- Liaison support with payroll technology vendors.
- Coordination with key stakeholders to gather all relevant payroll information.
- New employee set up and terminations.
- Change of status updates and garnishments.
- Maintenance of any direct vendor feeds / integrations.
- Updates to fields for rate changes, taxes, banking, etc.’
- Manual check calculations.
- Compliance review to ensure payroll practices are in concert with any changing federal, state, or local laws
- Off-cycle payroll transmissions (i.e. bonus payrolls)
- Reports of all kind relating to the payroll operations
ADVANTAGES OF HIRING BUSINESS CARDINAL FOR YOUR PAYROLL MANAGEMENT SERVICES
Outsourcing your payroll operations saves the time spent on calculating payroll, determining tax obligations, and providing management reports. The following are the advantages:
Tax regulations are ever dynamic and constantly changing and this makes errors more prolific. Outsourcing your payroll management operations will alleviates the issues of knowing the latest tax rules, filing before deadlines and filling government forms
- Tax Expertise
We will also offer you the tax expertise at our disposal. A number of businesses in Nigeria pay penalties each year due to late or incorrect filings and payments. In order to avoid this, we offer the best payroll management services as we ensure that our client will incur no penalties. This will save a lot of costs for the organization
Outsourcing your payroll operations to Business Cardinal will boost the productivity of your organization since they will put their focus on their other relevant activities. Outsourcing can free your staff’s time to pursue more important value-added and revenue-generating activities. Because payroll management is a time-consuming activity, removing this burden can allow your employees to focus on more productive items within their realm of expertise
- Saves your business money
Hiring us will help your business to save a lot of time as well as expenses. We will help your business to stay afloat longer
- Saves a lot of time
No matter how many employees you might have, having them company payroll actions is going to demand a lot of attention. A lot of data and keying goes into payroll, so you have to know the details and be sure that you are checking your work. If you don’t have a department for that within your business, it will take away from other things the employees need to be doing
Outsourcing the payroll demands to Business Cardinal will give owners and employees a lot of extra time to really focus on customers and the needs of the business.
- Financial reporting
We will also offer reports such as summaries on earning statements, payroll on departmental basis, time sheets, expenses and other relevant reports
- Increased security
Payroll processing is quite complex a process which involves loads of monitoring due to inherent risks involved. Theft of personal information can cost you a fortune. Yes, your employees are trustworthy; however, it requires extensive monitoring and security. We don’t disclose such information gotten from our clients to any third party
- Professional team of experts
Outsourcing payroll accounting gives you access to professional team of experts who study and research a lot about government regulations. Business Cardinal has an experienced team of experts who can manage benefits and deductions in payroll system.
- Robust Human resource management system
Having a robust HRM system is essential for any enterprise today. Outsourcing your payroll accounting to Business Cardinal equips you with a robust human resource management system offering faster processing of information and better employee management than an in-house manual human resource management system.
- Elimination of bulky paper work
Companies have to roll out paper checks every month and also have to manage plenty of paper work to keep a record of rolled out payroll checks. Outsourcing payroll allows you to eliminate plenty of paper work and also eliminates the possibility of any fraud.
Business Cardinal, an expert payroll outsourcing company, has an experienced team with deep expertise, to deliver outstanding payroll services and differentiate you amongst your business competitors. We not only save you from worrying about fines and penalties pertaining to late or incorrect filings, but also facilitate cost reductions in payroll management services.
As one of the leading payroll management firms in Nigeria, we will handle this operation while you focus on what you do best which is running your own business. We understand how it is important for your organization to ensure an error free payroll management system. Business Cardinal has simplified payroll processing for many clients located across Nigeria in various sectors and industries. For your payroll management services you can contact us on 08023200801, 08075765799, Email: email@example.com