What Is Payroll Accounting? Benefits & Easy Steps to Follow
What is Payroll accounting, you ask? Payroll Accounting involves the recording of all transactions in your books. Payroll accounting also consists of filing and tracking employee compensation data like money withheld from each paycheck, taxes, and benefits the employee receives. What Does Payroll Accounting Include? Employee compensation Payroll taxes Employer taxes The employer portion of […]
What Is Salary Revision? Factors & Tips for Effective Implementation
It’s easy to confuse salary revision with terms like a salary increase, increment, structure and the like, so what is salary revision? Salary revision involves modifying a pay structure, including all primary salary components — before paying salaries to employees within an organisation. This payroll modification is a broader term for comprehensively reviewing all salary […]
Pay As You Earn (PAYE) vs Direct Assessment Tax in Nigeria
Tax is imposed on persons either in employment or is running their small businesses under a business name or partnership. PAYE and Direct Assessment are ways of assessing individuals to tax in Nigeria. The Personal Income Tax Act (Cap P8 LFN 2004) is the legislation guiding the taxation of personal income in Nigeria. Under the […]
How to Create an Annual Payroll Budget for Your Company
Annual payroll budgeting focuses on manpower It tells you what staffing you need to help your company accomplish your desired objectives in the next 12 months and whether you have the money to accommodate them. Before the budgeting process, an organisation should have collected various kinds of data. From an HR perspective, the data needed […]
Doing Business in Nigeria: A Payroll Management Guide
Payroll Management in Nigeria — Delving into payroll management requires that we return to a few basics to appreciate the breadth of the discourse fully. So we begin with payroll itself… What Is Payroll? The financial records of an organisation’s employees’ salaries, wages, bonuses, allowances, and deductions are handled by payroll. It also refers to […]
9 Employment Laws in Nigeria that Sketch the Labour Landscape
Employment Law — Nigeria has become a leading business hub in Africa in recent years, making it attractive for international organisations interested in expanding. However, in establishing any organisation, employment contracts that abide by the country’s laws must be carefully drawn up and followed to the letter. In Nigeria, employment laws are primarily responsible for […]
11 Best Practices for Effective Payroll Management
Effective payroll management sits on a very tender spot between HR and finance, and as a result, it could be pretty complex. If you’re looking to optimize your payroll management process, it is essential to implement best practices to ensure you are fully compliant and save time, money, and energy. There are many payroll best […]
How to Do Payroll Reconciliation & Avoid Payroll Mistakes
No matter the size of the business, happy employees are crucial to business growth and development. And one critical factor that drives happiness is an employee’s remuneration. This is why payday is vital in an employee’s work-life. Prompt and accurate payment of salaries is one sure way to induce happy employees. What Is Payroll Reconciliation […]
5 Critical Benefits of a PEO in Global Business Expansion
Benefits of a PEO — Business expansion across borders can be exciting. From putting together your global expansion plan to hiring more employees, reaching more customers and expanding your product/service reach, this exciting growth can, however present with a variety of changes. Without matching the need to grow profitably with the effective management and planning […]
9 Key Qualities of a PEO Service Provider
PEO service providers — One integral requisite for any business seeking to transition or expand its operations overseas is to get the services of a standard PEO provider. According to the National Association of Professional Employer Organisations (NAPEO), companies that work with a PEO grow 7 to 9% faster than those who don’t. PEO […]
