In an organization, payroll is the sum of all financial records of salaries for an employee, wages, bonuses and deductions. Payroll accounting refers towards amount paid to employees for solutions they provided during a certain time frame. Payroll accounting is really a tricky, tiresome but crucial task like a minor mistake inside accounting process can damage the entire issue. Though this payroll running has nothing to do with the main production of an organization, it can impede its growth or can establish unnecessary problems.
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