What is payroll statement?
The payroll statement is mainly used to reflect the economic status of the enterprise and the composition of labour costs and fluctuations. It is the prerequisite for the enterprise to formulate and adjust the payroll budget.
The importance of payroll statement
Through payroll statements, employers or HR can correctly judge whether the current payroll is reasonable, whether the costs of various departments and positions are within the budget, and predict the future trend. Various indicators can accurately reflect the expenditure and serve as an important basis for cost control and payroll analysis.
Notice of payroll statement
In order to ensure the quality of data and give full play to payroll statement, the statement should meet the following basic standards:
- Authenticity, that is, the data in the payroll statement must be real and reliable to truly reflect the costs and expenses incurred by the enterprise.
- Importance, that is, important cost/expense categories should be listed separately in the payroll statement; for secondary categories, you can choose to display them in combination.
- Correctness, that is, the data in the payroll statement need to be calculated correctly, and the data in each payroll statement should be consistent; the data of the current period and previous period should be connected with each other.
- Timeliness, that is, make the payroll statement on a regular basis according to the specified date to ensure the timeliness.
The accurate business analysis reports can often make payroll data more valuable and help make the best business decisions.
Workstem’s HR data analysis function can compare the company’s past financial data and imported market data to help employers gain real-time insights into the changes of costs, examine and predict labour cost trends, furthermore, to adjust business strategy reasonably and realise the maximum output of employee value.