Payroll encompasses the entire process of managing and compensating employees, including calculating wages, deducting taxes, and ensuring compliance with laws and policies.
Businesses often outsource payroll to reduce workload; however, managing it internally through HR can streamline processes, minimize errors, and enhance employee satisfaction.
An effective payroll system involves not just payment but also adherence to regulatory requirements, company policies, and crucial data management.
Payroll processes may vary across organizations based on size, industry, and local regulations, but the fundamental steps remain congruent across different contexts.
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