Accounting and payroll processing are the two key pillars of the complex business finance dance. Although they are usually interrelated, they are different, but complementary processes that are essential in the smooth running of an organization and legal regulations. It is important to understand their personal functions and operate in harmony with each other to be successful in the long run. Mention has to be made about OCPBIZ that brings you solutions to all your predicaments.
Accounting process is a methodical journey starting with the process of the origination of a financial transaction. So, whether it is a sale, purchase, an expense or not, and the end product of the systematic process of accounting is the careful finalization of the financial records over a given period.
This is a cyclical process that should be carried out every time a business undergoes transactions. This way the financial health of a business can be properly traced and comprehended. It entails the identification, categorization, documentation, generalization and conveying financial occurrences. This kind of a sequence offers critical information about revenue collection, spending habits, profitability, and the financial status of the venture in general.
This means that rightly performed accounting process would convert the raw data into actionable intelligence. This would guide the strategic decision-making process and would create confidence in the investors.
On the contrary, payroll processing is concerned with the payment of employees on the basis of their labor. It is the basic process through which companies make good their duty to compensate the employees.
A payroll of a company is not merely a list of employees, but it is the whole of financial pay, comprising of salaries and wages, bonuses, and essential tax withholdings. Payroll processing is not just a matter of operation, but it is a legal requirement that is done accurately and in time. Otherwise, it may result in unhappy employees, legal consequences and huge fines in case of improper handling. Don’t worry OCPBIZ is here to handle all that for you!
Having realized the importance of these financial activities, Overseas Corporate Professional (OCP) or OCPBIZ provides its Accounting and Payroll Processing services to the existing businesses. We cater to the major regions of the world such as USA, Canada, Europe, the UK, Dubai and India.
OCPBIZ provides high quality and professional solutions, which includes back-to-back payroll accounting and processing. Our skills will help business firms to navigate the challenges of these areas skillfully, with resources and channels aligned with the main business goals.
The integrated approach allows OCPBIZ to have an expediency and a uniform accounting and payroll process. Our large service provisions include:
Accounting System Setup
The setting up of strong and efficient accounting structures.
Ledger Management and Financial Reporting
The management of correct ledgers and production of meaningful financial statements and management reports.
Payroll Tax Filing
Processing all matters of payroll taxes returns.
Payroll Reporting
Preparation of the necessary payroll reports to be analyzed and used in compliance.
Quarterly and Annual Tax Reporting
Preparation and filing of all required tax reports.
Specific Tax Forms
Preparation and submission of such important forms as 940s and 941s.
W-2 and W-4 Reporting and Filing
Making sure that the tax documentation of employees is in order.
Time and Attendance System Integration
Making life easier to track the number of hours worked by the employees.
Check Processing and Delivery
Making sure that the employees obtain their payment on time and without errors.
Direct Deposit and Paperless Payroll
The provision of efficient payment solutions of the modern type.
Employee Insurance Deductions
The administration and processing of employee benefits deductions.
Introduction of outsourcing payroll to specialized companies such as OCPBIZ is useful to small businesses especially. Such a strategic step simplifies payroll and bookkeeping, and one is able to have a single concentrated focus on the growth and innovation. Always, remember that the effects of wrong or late remuneration, wrong taxation calculations, or omissions of deductions may be harsh, which is subject to government fines.
OCPBIZ offers fast, reliable, and precise services, eliminating these risks to the latter. OCP ensures you get all your Accounting and Payroll Processing needs in the USA, Canada, Europe, UK, Dubai and India.
Contact us at info@ocpbiz.com or contact us directly on the phone at +1 917-722-2435 or +91 95588 10195.
