3 types of speciality payroll processes

Payroll must be accurate and consistent in order to ensure the efficiency of a business. The employees are the engine of a business, so prioritising their payments by ensuring that they are paid on time and what is due to them is an important way of improving employee morale and assuring stakeholders that the business is profitable. 

There are different ways of maintaining payroll systems as well as managing them in the best ways. There are also speciality payroll processes. 

More about speciality payroll processes: 

Certified payroll 

This is a subset of a traditional payroll system and pertains to just one job. It specifies the number of hours worked including labour costs for a particular job. This type of payroll has data that is presented daily and also includes work classification.  If an individual has been hired for just one job, then a company may use this type of payroll system. 

Internal payroll 

This is one of the most popular types of payroll processes and is usually suitable for companies with a small number of employees. It’s generally easier to maintain and manage. When using this type of payroll process, it’s important to be aware of the various laws and taxes that apply, in order to ensure full compliance. If you opt to use software to help you with the process you need to choose software that is affordable and suitable for the size of your business. You will want to make sure that it saves you as much time as possible too. The internal process will include you collecting data from employees which will be input into the software. It will then calculate everything for you. 

External management 

One of the most popular speciality payroll processes includes enlisting professional help externally. This may mean that an accountant is hired for the purposes of ensuring that a company’s payroll process is accurate, consistent and compliant. This professional brings expertise that a business’ management does not have.