noun the total amount of money paid in wages by a company
Payroll is a crucial function within Human Resources departments, responsible for calculating and distributing employee salaries.
Payroll is an important aspect of accounting, as it involves tracking and recording all financial transactions related to employee compensation.
In business management, payroll plays a key role in budgeting and financial planning, as it represents a significant portion of operating expenses.
For small business owners, payroll management is essential to ensure compliance with tax regulations and timely payment of employees.
Payroll is closely tied to labor law, as it involves adherence to regulations regarding minimum wage, overtime pay, and employee classification.
In the publishing industry, payroll is used to compensate authors, editors, and other staff members.
Psychologists may use payroll to manage salaries for their employees or staff members working in a private practice or clinic.
Accountants often handle payroll for their clients, ensuring that employees are paid accurately and on time.
HR managers are responsible for overseeing payroll processes, including calculating wages, deductions, and issuing payments to employees.
Business owners use payroll to manage the compensation of their employees, including salaries, bonuses, and benefits.