Payroll is the sum of all financial records of salaries, wages, bonuses and deductions. Management of payroll saves time as it reduces the hours spent in producing payroll information and preparing payroll registers on quarterly and year to date payroll reports. Leading companies generally, outsource their payroll to accounting professionals for better management. Companies keep a record of payrolls which are based on the objective criteria that includes time cards/ time sheets etc., and accountants can perform related calculations and also issue pay checks to employees. Companies just require to update changes in pay rates and deductions of individual employees.
• Less paperwork
• Higher accuracy
• No errors
• Cost effective
• Time saving
• Highly committed professionals
• Management can concentrate on other important issues