Payroll is an integral part of business of any size for legal and financial reasons. It is far more than just issuing payroll cheque.
Payroll processing includes deduction of taxes and remittance of the withheld taxes. Other aspects are handling other deductions like pension, national housing fund (NHF), national social insurance trust fund (NSITF), and union dues.
Top most financial burden among small business owners is payroll tax. It is as well difficult to administer.
For legal and ethical factors, it is important that a business keeps a precise record of its payroll. In Nigeria, for instance, companies are required to keep payroll records for upwards of six years.
Our HRMS is borne out of the need to help businesses to have accurate, timely and consistent payroll. In that way, they would be paying employees accurately, withholding the correct amount of taxes, and have a better understanding of their cash flow.
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