The process of documenting records for employee compensation is known as payroll accounting. Payroll accounting consists of filing and tracking employee compensation data like money withheld from each pay check and taxes and benefits the employee receives. Payroll accountants use financial journal entries to summarize an organization's transactions and total cash flow. Payroll entries fall under the scope of a general ledger that sorts all financial information. Once all payroll information is documented on an employee, human resources can pull this data and send it to their manager to add it to their performance.
Challenges
Streamlining and paying your employees has never been easier. Since employee payments is often the biggest expense for a company, processing payroll needs to be done with pinpoint accuracy. Even the smallest mistakes can be costly and take time to fix.
Common Payroll Problems
• Organizational inconsistency.
• Incorrect tax withholding.
• Over-and-under payments to employees.
• Employee misclassifications.
• Overtime calculations.
• Processing payroll late.
• Processing payroll incorrectly.
• Inadequate backup systems.
• Not enough trained staff.
• Inexperienced payroll staff.
• Poor record keeping and data entry.
• Staying within deadline.
• Invalid RTI (Real Time Information)
Why DAX?
Time spent on the tiresome process of payroll; whether it is a limited company, a partnership, a landlord, a contractor, or a family business will be better spent on expanding sales and market share. DAX helps eliminate the tedious task of calculating and filing your own payroll taxes. You also get rid of clerical errors. Local and national taxes are always changing, we make sure you are complying with regulation, while you get to focus on the bigger picture.
DAX Accountants eliminates the need to search for an all-encompassing accountancy firm. Our corporate headquarters in Putney, London provide practical and efficient solutions to all your accounting needs.
Our skilled tax and finance professionals work diligently to make your life simpler by reducing financial stress and making business models more lucrative and efficient in accordance with up-to-date regulations.