Why Organizations Should Use Unified Accounting And Payroll Solution?
Undoubtedly, accounting and payroll are the most fundamental aspects of any business.Payroll &accounting involves company’s recording of its employees’ compensation including: · gross wages, salaries, bonuses, commissions, and so on that have been earned by its employees · withholding of payroll taxes such as federal income taxes, Social Security taxes, Medicare taxes, state income taxes (if applicable) · withholding of the employees’ portion of health insurance premiums, employees’ contributions to savings plans, garnishments of salaries and wages, employees’ contributions to United Way, etc. · employer’s portion/expense for Social Security taxes, Medicare taxes, state and federal unemployment taxes · employer’s portion/expense of fringe benefits such as health and dental insurance, paid holiday Though, payroll and accounting is of utmost importance yet many companies still rely on manual processes and disconnected systems to perform these functions. ...