Is Payroll Management Still a Problem to your School ?
Payroll mistakes can happen faster than you think. For a moment, think about the employees for whom monthly salary is the only source of income. Imagine what if the salary is not paid accurately or there is a delay in releasing salary. Such irregularities can take a toll on the morale of the employees and ultimately affect business productivity.
To make sure that your employees are happy and you are law compliant, you need to have a proper understanding of what payroll is and how to run payroll effectively. Payroll is a list of employees who get paid by the company. Payroll also refers to the total amount of money employer pays to the employees
The equation for calculating the net pay
Net pay = Gross income- gross deduction
Where,
Gross income or salary = All types of regular income + allowances + any one-time payment or benefit
Gross deduction = All types of regular deductions + statutory deductions + any one-time deductions
the whole process of preparing payroll is summarized by three stages
- Pre payroll activities
- Actual payroll activities
- Post payroll activities.
In order to make an effective payroll, its very important to understand the whole process and make the most use of them. Pre payroll activities include defining payroll activities, gathering inputs and inputs validation, Actual payroll activities include payroll calculation. Post payroll activities include statutory compliance, payroll accounting, Payout, and reporting.
The above stuff are no a problem anymore, with ShuleSoft you can manage payroll automatically with no problem, make your school modern by utilizing the best features from ShuleSoft systems. You don't have to worry about compliance, computation errors, accounting principles to consider as ShuleSoft is already automated to take care of that
Written by Chriss Enock
Edited by Ephraim Swilla
For more information: https://blog.shulesoft.com