Payroll management is a critical function that ensures employees are paid accurately and on time while meeting all statutory obligations. At Paygence, we provide comprehensive payroll solutions designed to streamline payroll operations, enhance compliance, and reduce administrative burden. Our services cater to businesses of all sizes, ensuring seamless payroll processing while adhering to local tax regulations.

Our Payroll Services Includes

1. Payroll Processing

We handle every aspect of payroll processing with precision, ensuring that employees are paid correctly and on schedule. Our services include:

• Timesheet validation and attendance tracking
• Gross-to-net salary calculations
• Tax, social security, and benefit deductions
• Processing payroll for various pay cycles – weekly, bi-weekly, or monthly
• Compliance with labor laws and statutory regulations

2. Payroll Accounting

Accurate payroll accounting is crucial for financial reporting and compliance. Our payroll accounting services cover:

• Recording payroll transactions in the general ledger
• Reconciling payroll liabilities with actual payments
• Generating payroll-related financial reports
• Ensuring payroll expenses align with accounting records

3. Payroll Tax Reporting

We ensure full compliance with tax authorities by handling payroll tax calculations, filings, and remittances, including:

• Preparation and submission of statutory tax returns
• Timely remittance of payroll taxes to government bodies
• Filing PAYE, social security, and pension contributions
• Avoiding penalties through accurate and timely reporting

4. Payroll Tax Reconciliation

To maintain compliance and financial accuracy, we conduct regular payroll tax reconciliations, ensuring:

• Payroll journal entries match tax filings and payments
• Payroll records align with company financial statements
• Any discrepancies are identified and corrected promptly