People expect to get paid correctly. When there are payroll problems it can cause major issues within a company and can even lead to litigation. While these problems are rarely intentional, all issues related to salary, wages or taxation are of great concern to employees.
To deal with such problems, disputes or employee frustration it can be wise to involve experts in payroll calculation and payment. Such specialists typically have extensive accounting experience as it is needed to understand all the intricacies of the payroll process and the advanced skills to identify and correct problems.
The list of skills of such experts includes:
Knowledge on how to audit wages
Principles of tax preparation
Skills in cash flow analysis
Preparation of financial statements
Accounting for emerging costs
Such specialists can also work on the preparation of relevant documentation, as well as create and implement specific policies regarding the dismissal and payment of employee wages.
Such specialists generally have the ability to conduct:
- Analysis of financial statements and preparation of results
- Provision of forensic accounting services
- Calculation of damage when related to litigation
You can typically count on years of work experience in accounting departments or accounting firms.