Payroll Cycle Deciphering: Business and HR Perspectives

The human resource department of an organization is generally the one who is responsible for the preparation and maintenance of payroll records in an organization.

A company’s payroll refers to all the activities associated with payment to employees, such as remuneration provided for their work, hours they have worked for the organization.

At the same time, it is essential from the part of the organization to keep track of these transactions that are provided as remuneration.

It is a fundamental principle that employees are the backbone of every organization. The overall productivity and, thereby, profit of every organization is primarily dependent on how employees work.

Payroll management thus allows the organization to accurately track various data relating to employee remuneration and other aspects.

Payroll preparation provides the organization with accurate data related to remuneration so that accuracy can be brought in making the payment to employees.

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