The term”payroll” really refers to the list of employees that receive reimbursement from a company. But most companies generally use the term to refer to the cash that’s paid to the employees or the records that detail how much each worker has made. Payroll can also refer to the company, division, or software which is used to process paychecks and taxes or to the process of calculating and distributing employee paychecks.
Processing payroll is a really important function of any business and demands an understanding of current regulations, detailed tax knowledge to ensure appropriate withholding and filing, and a highly organized system that could be relied upon to pay each worker the right amount of money. For many organizations, utilizing payroll systems or outsourcing payroll can help to mitigate stress and minimize mistakes.
Time Keeping and Payroll
Time and attendance tracking is valuable to payroll. Whether employees are salaried or hourly, time and attendance tracking can help to ensure that employees are being paid the correct amount for time worked and can cover a business from a legal standpoint. When time and attendance tracking functions and payroll functions are done electronically, it can be very helpful to connect the systems so that hours worked can be seamlessly imported into the payroll system. For Payroll, we recommend you payroll services in australia at onecore.
An hourly employee’s gross pay is calculated by simply multiplying the amount of hours worked by the hourly wage. For salaried employees, the amount of gross pay is the salary per pay period. The actual amount received by each employee is net pay, however, which is the gross pay minus any deductions.