What does payroll processing involve?
Payroll processing involves paying employees accurately for their work. It includes an accurate calculation of payroll payments, benefits and statutory deductions. The process consists of pay stub generation, managing payroll taxes and compliance with employer record-keeping rules.
To help ensure employee paycheck accuracy and meet statutory compliance requirements, companies need to manage payroll processing needs periodically – daily, weekly, bi-weekly, or monthly, depending on the payroll cycle and pay frequency. Many companies use payroll software to help ensure payroll is processed efficiently and accurately.