What is the meaning of statutory compliance?

The word statutory means “of or related to statutes”- rules and regulations. Compliance means adherence. Thus, Statutory Compliance means adhering to rules and regulations. Statutory Compliance in HR refers to the legal framework that an organization should adhere to in dealing with its employees.

What is the role of statutory compliance?

Avoiding penalties and other legal implications – Statutory compliance ensures that an organization can avoid penalties, disqualifications, confiscation of a license, fines, lawsuits, etc. In other words, complying with the prerequisite regulations and norms ensures that the business has to face no legal implications.

What is payroll accounting and compliance?

1 Lesson 22: Payroll Accounting and Compliance The term Payroll refers to a series of accounting transactions involved in the process of paying employees for the services rendered after taking all the statutory and non-statutory deductions into account, in conformance with the terms of employment, company policy and …

What is payroll statutory?

What is statutory compliance in payroll? Statutory compliance refers to the legal framework put in place by the central or state government to regulate business operations. In this case, it’s the framework surrounding payroll.

What is payroll compliance?

Payroll compliance or statutory compliance in India refers to the legal framework which companies or organizations must adhere with regard to the treatment of their workers or employees. Most of the company’s money and time goes into safeguarding compliance with these laws.

What is payroll bookkeeper?

Payroll accounting involves recording your payroll transactions, including the following: Salaries, wages, bonuses, commissions, etc. Payroll taxes withheld from employees’ paychecks, including federal and state income taxes, Social Security tax, and Medicare tax.

Do accountants handle payroll?

At tax and payroll service companies, accountants work with organizations to process tax and payroll documents. With the government, they find work as budget analysts or auditors, ensuring the compliance of outside organizations.

What is payroll example?

It might also refer to the amount of money the employer pays its workers. We often use the term when we are talking about the process of calculating workers’ pay and taxes. For example, an accountant may say the following to her husband: “I will be home late tonight. I am doing payroll.”

Can a bookkeeper do payroll?

Process Payroll In some cases, bookkeepers are also the ones who handle payroll, which is the process of paying a company’s employees. Bookkeepers must also keep payroll records for each employee, however much of this is now automated with payroll software.