Payroll Calculation
Payroll calculation in Ukraine is an essential component for all companies that have hired employees. Proper calculation and taxation not only influence employee motivation but also help avoid issues with regulatory authorities and significant penalties for violations. Our accounting firm offers PAYROLL outsourcing services and ensures timely and accurate payroll calculation. For companies with a significant number of employees, such services become indispensable.
Payroll calculation may include the following services:
- Gathering information about each employee, data affecting the salary (position salary, tariff grid, experience, rank, etc.);
- Processing timesheets, production statements;
- Keeping track of vacations;
- Processing sick leave notes;
- Gathering information about tax social benefits for specific employees;
- Calculating bonuses, additional payments, and other motivational and incentive payments;
- Calculating accruals and deductions, such as piece-rate payments, overtime compensation, alimony payments, medical insurance, etc.;
- Payroll calculation, compiling a payroll statement;
- Calculating personal income tax, military tax, unified social tax;
- Calculating payments when dismissing or reducing the number of employees;
- Conducting wage indexation;
- Report generation: we provide all necessary reports, including reports on wages, taxes, social insurance deductions, and other reports you might need for reporting to state agencies;
- Support: our payroll experts are always ready to assist you with any labor payment-related questions and provide consultations on taxation and social insurance;
- Audit of payroll accruals for previous periods;
- Other individual tasks related to the company employees' payroll calculation.
Advantages of outsourcing payroll calculation include:
- Time and effort savings: using an outsourced payroll accountant frees the company from calculations, report work, and employee record-keeping. Our experts are always available and quickly address all your questions and requests;
- Efficiency: professional payroll accountants providing outsourced payroll calculation services have extensive experience and knowledge in payroll accounting, ensuring a quality and efficient calculation process. Our specialists are familiar with all the nuances of payroll accounting and continuously monitor changes and additions in current legislation;
- Legal protection: working with a professional accountant providing outsourced payroll calculation services guarantees accurate calculations according to all requirements and legislation, reducing the risk of issues with the tax service and other regulatory authorities. We are responsible for the accuracy of the provided accounting services;
- Cost savings: using outsourced payroll accounting services can reduce the company's expenses on maintaining its accountant, as well as lower costs on software and other accounting and reporting tools;
- Flexibility: Using outsourced payroll calculation services allows the company to flexibly respond to changes in the number of employees and changes in taxation and reporting legislation;
- Modern software ensures quick and accurate payroll calculation for a large number of employees, considering all bonuses, sick leaves, vacations, etc.;
- Support during inspections by regulatory authorities;
- Confidentiality preservation: outsourcing payroll calculation can ensure a high level of confidentiality since our company has a strict policy regarding the processing of confidential information. This is especially important since payroll contains employees' personal information.
Payroll calculation is the process of determining the amount of money a company should pay its employees for the work they have done over a certain period. Timely and accurate payroll accrual and payment are essential components of business management. It helps motivate employees and improve their performance, affecting the overall business result.
Payroll calculation can be a complex and time-consuming process, especially for companies with a large number of employees and complex payment systems. It can take a lot of time and effort from a company's accountant or financial director, so many companies turn to outsourcing companies for their employees' payroll calculation.
Timely and accurate calculations, as well as payroll reporting, help managers analyze labor payment efficiency and optimally allocate resources in the future.