Payroll accounting is essentially the calculation, management, recording, and analysis of employees’ compensation. In addition, payroll accounting also includes reconciling for benefits, and withholding taxes and deductions related to compensation.
Payroll accounting is essentially the calculation, management, recording, and analysis of employees’ compensation. In addition, payroll accounting also includes reconciling for benefits, and withholding taxes and deductions related to compensation.
The calculation of payroll is highly influenced by each country’s legal requirements(it may also depend on state or local city requirements).
Payroll costs are related to obligations(expenses) assumed by an employer. They fund compensation paid to employees for their direct labor or as a consequence of mandatory benefits defined by legal requirements.
The sum of all the concepts listed above forms the accrued expense for keeping an employee on the payroll. Under accounting principles, all accrued expenses must meet the matching principle.
The matching principle states that all expenses need to match in the period when all the related revenues are reported (it does not depend on the payment date).
For example, if an employee is hired on the first day of December but paid on the first week of January, the expense related to the labor of the employee must be recognized in December.
With this course, you will understand various types of deductions such as PF, ESI, PT, etc. Proper computation and Filing of PF, ESI & PT return is crucial for every business organisation. Delay in filing or non-filing attract penalty provisions. Therefore role of an Accountant or HR is very important in this regard.
Fincurious® was started with an aim to bridge this gap and upskill our youth to make them employable and create entrepreneurs. In a country, with more than 25 lakhs registered Companies / LLPs, with 1.4 Crores+ GST registrations, we have only ~4 Lakh+ finance professionals (CA, CS, CMA) to handle the herculean task of compliance in an efficient manner.
There is a pertinent need of good skilled and qualified accountants, compliance officers and managers to run the show. More so with the advent of technology.
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