In a business, payroll is the sum of all financial records of salaries, bonuses and deductions for an employee. In accounting, payroll is the amount paid to employees for services they provided during a certain period of time. From a business perspective, payroll is a key area as employees are reactive to payroll errors and issues. Employee morale is dependent on payroll being paid in a timely and accurate fashion. From an accounting perspective, payroll is critical because payroll and payroll taxes affect net income and are subject to strict laws and regulations.
Categories: FAQ