Importance of Payroll, Corporate Tax, Bookkeeping
In this chapter, we are going to have the opportunity to talk about the various benefits of payroll, corporate tax, and bookkeeping. Reason why payroll is very important to the business and also to the employees is because it is the center of the employees working and this means that most employees go to work because of the economic benefit and therefore it is important that an organization make sure that they are able to pay their employees on time and also the dues that they deserve so that they may have their morale boosted and be able to be more productive. Another benefit that comes with payroll is definitely the compensation packages that they are able to prepare and this is not only in monetary terms but this includes medical benefits and also other benefits such as having your children being paid for school fees and this is a very good way to encourage your employees to work for you and not end up moving to competing organizations.
When it comes to corporate tax it is quite important because it enables the government to be able to raise significant amount of money for the public service and this is very crucial because the government is able to use the corporate tax to be able to pay salaries for the government workers so that they may also be encouraged to the kind of work that they are doing. Corporate tax is quite beneficial to both the government and also the citizens and this is because the money that is collected in form of tax is able to be used in common resources and also in the development of the various structures of the country which include roads and medical facilities and also other kinds of developments.
Bookkeeping is basically whereby businesses or organizations ensure that their documents are well organized and also stored in the best accounting and financial aspects so that may be able to avoid audit penalties which may really eat up into their revenues. When it comes to bookkeeping this are accounting tools or financial tools that are very important in any organization or business and this is because they provide a financial direction to the business or the organization and therefore they will be able to know which road they are following whether they are making profits or loss or if they should continue with that road or they need to take a different direction and they will also be in a position to know what they need to cut down on or reduce. In this chapter, we have had the opportunity to look at the various ways in which payroll, corporate tax and also bookkeeping are quite beneficial to individuals and also to the organization and reasons why it is important to maintain these three activities well.