Business readiness

Payroll Register

What is a Payroll Register?

A payroll register records information on the gross and net salaries paid to your employees for a specific time period. The records can be in the form of hard copies, electronic documents or a part of a payroll software program.

Inclusive of:

  • Personal Details: Names, addresses, contact numbers, emergency contact details of your employees
  • Employment Details: Employee IDs, dates of joining and employment status (e.g. permanent or temporary)
  • Hours Worked: The number of hours in aggregate, including overtime and leave without pay
  • Gross and Net Pay: Gross and net compensation provided to your employees, after accounting for deductions
  • Deductions: Amount withheld from employees’ earnings for contribution to social security, donations, superannuation, unions and medical insurance
  • Taxes: Amount deducted from employees’ earnings for federal, state, and local income taxes
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Why is Payroll Registers important for business today?

A payroll register enables your company to:

  • Provide accurate compensation to your employees by accounting for leaves, deductions and taxes
  • Evaluate historical and current compensation of your employees and measures any variations
  • Track the number of hours worked by each employee and assess the associated overtime costs
  • Review and correct any irregularities or discrepancies in payroll details
  • Calculate, record and reconcile employee entitlements in accordance with legislative requirements
  • Contact family or relatives, in case of an emergency

Why is Payroll Registers important for an event tomorrow?

A payroll register is important for an event tomorrow, as it helps:

  • Assess the distribution of employee costs amongst departments and individuals
  • Forecast payroll expenses by leveraging historical trends
  • Evaluate any variations in your employees’ compensation and analyze its impact on your financial performance
  • Assess the tax compliance of your company related to your employees’ compensation

Pros of addressing Payroll Registers

  • Timely and accurate salary payments to your employees
  • Mitigation of litigation risk by complying with regulatory and legislative compensation and tax requirements
  • Plan and manage your company’s cash flow effectively
  • Improvement in the decision-making process related to promotion and appraisal of employees
  • Accurately validate historic payment calculations of your employees

Cons of not addressing this topic

  • Negative impact on the financial health of your company as employees’ compensation costs are not tracked
  • Increased difficulty in retaining and managing talent
  • Increased potential for filing inaccurate taxes on behalf of your employees

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We've worked with companies like yours for more than a decade, and on over 30,000 deals. From these experiences, we’ve learned that for a business to succeed, it must know what it has and where it’s going. Download our readiness guide for total confidence in decision making when it comes to your company. Realize your value. Own your future.
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