A lot of people don’t understand what payroll really is, who is behind it, and why it’s an important skilled job. In this blog, we’re busting some payroll myths by letting you know what’s true and what’s false.
Payroll is a one-day-per-month task: FALSE
Payroll is an essential function within a business or an outsourced payroll company. The people who work in payroll don’t just make sure you’re paid regularly for what you’re owed each month, they also make sure the business is compliant with laws and regulations and manage payment processing daily.
Payroll is all about numbers: TRUE… kind of.
Yes, you need to be good with numbers to excel in this job, but it’s also very important for you to be an excellent communicator, and great with the organization. New tax regulations and changes in the law, all require accountants, finance officers and payroll companies to be on the front foot when it comes to making sure businesses are compliant.
Payroll only take care of salaries: FALSE
Payroll staff take care of so much more than just making sure you’re paid. They also cover:
Calculating correct statutory deductions
Ensuring monies due are received and more.