Introducing
Your new presentation assistant.
Refine, enhance, and tailor your content, source relevant images, and edit visuals quicker than ever before.
Trending searches
PAYROLL SYSTEM
17
PAYROLL SYSTEM
In a company, payroll is the sum of all financial records of salaries for an employee, wages, bonuses and deductions. In accounting, payroll refers to the amount paid to employees for services they provided during a certain period of time. Payroll plays a major role in a company for several reasons.
BENEFITS OF PAYROLL SYSTM
Payroll systems can be programmed to perform manual human resources tasks, freeing up time for you to run or grow your business. They can be used to archive your employee slips and monthly reports, giving you a concrete payment history. And as an automated program, payroll systems pay your employees on time and according to the parameters that you set, leaving little margin for human error.
DISADVANTAGES OF PAYROLL
A distinct advantage of a payroll system is that it allows the employer to process its payroll and comply with payroll tax and record-keeping laws. The payroll system can be manual, outsourced or in-house computerized. Each system enables payroll compliance, but each also has its disadvantages.
ADVANTAGES OF PAYROLL
For employees to get paid, the employer must have a payroll system in place. The type of system is up to the employer and should be based on his needs. He may use a manual, in-house computerized, or external (outsourced) payroll system. A payroll system provides a number of benefits.