Ensures right pay at the right time
Payroll processing is an important function for any business no matter how small it’s likely your company’s largest expense, and the most time consuming HR work performed each month. A company's payroll is the list of employees of that company that are entitled to receive pay and the amounts that each should receive.
Along with the amounts that each employee should receive for time worked or tasks performed, payroll can also refer to a company's records of payments that were previously made to employees, including salaries and wages, bonuses, and withheld taxes, or the company's department that calculates and pays out these amounts.
Payroll can also be outsourced to a full-service payroll processing company. When a company chooses to outsource their payroll, timesheets, wage calculations, creating pay checks, direct deposits, and tax payments can be handled all, or in part, by the payroll company.
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