30.01.2024
Payroll accuracy is important for several reasons, and its importance extends to both employees and employers. Accurate payroll ensures that employees are paid the correct amount and on time and this contributes to building trust and maintaining high morale among employees. When people receive the correct compensation for their work, they feel valued and motivated.
Legal and tax compliance are also important factors. Mistakes in payroll can lead to legal issues, fines, and penalties. Staying compliant with employment laws is not only a legal requirement but also a way to avoid legal disputes and financial consequences. This helps in building a good company reputation and aids as well at employee retention as news of payroll mistakes or delays can spread quickly and negatively. Payroll accuracy is not only about ensuring that employees are paid correctly but also about maintaining legal compliance, financial stability, employee trust, and the overall well-being of the organisation.
Outsourcing payroll services to a reputable accounting firm or service provider is a common practice that can offer several advantages for businesses in terms of expertise and compliance, time saving, cost efficiency, access to accounting software, customised reporting, and more. Reliable payroll services can give you peace of mind and enhance your reputation for accuracy and timely payslips.
Aspects of payroll in Malta include firstly an application for the Permission to Employ number (PE number), the Jobsplus registrations and terminations forms, the FS5 form that is submitted monthly to the commissioner for Revenue in order to declare and pay the tax, SSC/NI and maternity leave trust fund contributions, the FS3, which is the Statement of Earning for all employees of a business, and the FS7, the Annual Reconciliation Statement. It’s important to know that the submission deadline of such documents, (FS3s and FS7s), is the 15th of February of the following year.
Having these valuable insights from a payroll service provider like Fairwinds Management and Accounting Services will drive growth to your company. Let us support and enhance payroll services for your business. More info about our services can be viewed here: https://accountingservices.com.mt/services/payroll-services/ or get in touch with Mr Conrad Meli on cmeli@accountingservices.com.mt. We guarantee to be accurate and efficient, whilst complying with the local legislation and maintaining your personnel’s data confidentiality.
Fairwinds Management Limited is a MFSA licensed firm offering Business Solutions in Malta. As part of our services, we offer Accounting, Administration, Corporate and Legal solutions. Fairwinds Management also manages the brand Accounting Services. More information about us and our key services please visit our website. You may reach Fairwinds Management on +356 2704 0903 or info@fairwindsmanagement.net.
Article written by Ms Charlene Sciberras, B.A. (Hons), guest writer, a marketing and business administration specialist with a special focus on corporate, accounting, and legal matters.