A paymaster is an individual or entity responsible for disbursing funds, particularly for salaries, wages, or other financial obligations. They manage payroll, track employee compensation, ensure timely payments, and often handle tax withholdings and benefits administration. Paymasters may work in various settings, from large corporations to small businesses, or even for governmental organizations and the military. The role requires meticulousness, accuracy, and a strong understanding of financial regulations and accounting practices to ensure fair and compliant financial transactions.
Paymaster meaning with examples
- The company's paymaster efficiently processed the bi-weekly payroll, ensuring each employee received their correct salary, reflecting all deductions. This included health insurance premiums, 401k contributions, and federal/state income taxes. Her attention to detail meant errors were rare, and employees were always paid on time, keeping the workforce satisfied.
- As a paymaster for the construction project, the contractor had to carefully track all labor hours and material costs. They then calculated the sums due to subcontractors and suppliers to manage all project costs. The meticulous management by the paymaster helped the project stay within budget.
- The military paymaster ensured that soldiers and officers received their salaries, allowances, and any special payments. This was crucial for troop morale and financial stability. The timely distribution of funds was handled on schedule, following strict protocols and regulations to guarantee integrity and accuracy.
- Following the acquisition, the merged companies integrated their payroll systems, with a designated paymaster overseeing the transition. This was to streamline payroll administration, ensuring a smooth and seamless process for employees to receive their paychecks under the new company structure.
- The non-profit organization's paymaster handled the disbursement of funds for program activities and staff compensation. This ensured that funds were allocated in line with the organization's mission and budget constraints, while maintaining complete financial transparency and accurate record-keeping.