Land & Tenant Management
Land & Tenant Management Software
What is Land & Tenant Management?
Payroll is the process by which employers pay an employee for the work they have completed. Any business with employees should have a payroll process established; payroll is often the largest expense for a business. An effective and efficient payroll process will ensure that employees are paid accurately and consistently, keeping them satisfied with this aspect of employment and allowing HR to focus on other areas.
Payroll seems simple at its core, but becomes complicated because of the various deductions that come into play. Employers must withhold taxes from each paycheck and make sure accurate funds are paid to the correct government agency. Employers may also be responsible for deducting and paying premiums for insurance and depositing funds into retirement accounts or to selected charities.
Payroll processing duties can create a huge burden and unwanted stress for small business owners and can be overwhelming for large businesses. A missed deadline or incorrect filing of taxes can result in fines or jail time. To avoid these issues, small, middle-sized, and large businesses can all benefit from using payroll systems.
Choosing the right payroll software can save your time, efforts and increase productivity becoming organization’s unique asset and your best friend.
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What is a Payroll System?
A payroll system is software designed to organize all the tasks of employee payment and the filing of employee taxes. These tasks can include keeping track of hours, calculating wages, withholding taxes and deductions, printing and delivering checks, completing direct deposit, paying premiums to insurance carriers, and paying employment taxes to the government.
Payroll software often requires very little input from the employer. The employer is required to input employee wage information and hours—then the software uses the information to perform calculations and deduct withholdings automatically. Most payroll software is automatically updated whenever a tax law changes and will remind employers when to file various tax forms.