The course uses commercially available computerised software, giving the candidate the necessary underpinning knowledge and skills to record financial payroll transactions in a manual and computerised environment and line with Real-Time Information requirements
Payroll processing involves the calculation of employees' salaries, taxes, and deductions, as well as the issuance of paychecks or direct deposits. The process can be done manually or using computerized systems.
Here's an overview of Manual and Computerized Payroll at Level 1:
- Payroll Software:
- Use basic payroll software to automate calculations and streamline the process.
- Data Entry:
- Enter employee information, including hours worked and any changes in salary or deductions.
- Automated Calculations:
- Allow the software to automatically calculate gross pay, deductions, and net pay based on predefined rules.
- Tax Calculations:
- Utilize the software's tax calculation features to automatically deduct and withhold the correct amount of taxes.
- Direct Deposit:
- Implement direct deposit options for electronic fund transfers to employees' bank accounts.
- Reporting:
- Generate payroll reports, including pay stubs, tax summaries, and other relevant documentation.
- Record Keeping and Compliance:
- Maintain electronic records for auditing purposes and ensure compliance with tax regulations and labor laws.
- System Updates:
- Regularly update the payroll software to incorporate the latest tax rates and legal requirements.
- User Training:
- Train users on the payroll software to ensure accurate data entry and processing.
As you progress to higher levels, computerized payroll systems can offer more advanced features, integrations, and customization options.It will provide opportunities to acquire work-related skills and have the opportunity to work at a junior level in the payroll field.
What related qualifications can you progress to?
On achievement students can progress to level 2 Award in Payroll for Business
