What is payroll?
Payroll is an important administrative task that requires careful consideration. It involves the compiling, tracking, and processing of salaries and wages for an organization's personnel. This includes keeping detailed records of every employee’s income and deductions as well as other payroll taxes, deductions and benefits.
Why payroll is important?
The payroll process is important for businesses, as it is a legal requirement to pay employees for their work, and failure to do so can result in fines or other penalties. Payroll is also important for employees, as it is their primary source of income and it affects their financial stability and well-being.
How payroll is managed?
Payroll can be managed in-house by a business, or it can be outsourced to a payroll service provider. Outsourcing payroll can be especially helpful for small businesses that do not have the resources or expertise to manage payroll on their own.