In a company, payroll is the sum of all financial records of salaries, wages, bonuses and deductions. In accounting,payroll refers to the amount paid to employees for services they provided during a certain period of time.Payroll plays a major role in a company for several reasons.
From an accounting point of view, payroll is crucial because payroll and payroll taxes considerably affect the net income of most companies and they are subject to laws and regulations from ethics in business viewpoint payroll is a critical department as employees are responsive to payroll errors and irregularities; good employee morale requires payroll to be paid timely and accurately.
The primary mission of the payroll department is to ensure that all employees are paid accurately and timely with the correct withholdings and deductions, and to ensure the withholdings and deductions are remitted in a timely manner.
This includes salary payments, tax withholdings, and deductions from a paycheck. In Samtek Systems we work for our customers to found out the cost effective Payroll solution not only accounting but for all the application of payroll.