payroll system
Employee compensation software
A payroll system is the combination of processes, software, and records an organization uses to pay its employees.
It tracks hours worked, calculates wages and deductions, issues payments, and maintains tax records.
The company switched to an automated payroll system last year.
Small businesses may use simple software; large corporations employ complex systems handling thousands of employees across multiple jurisdictions.
- tax codesLaws governing levied amounts
- W-2 formEmployer-issued income summary
- withholdingKeeping from another
- labor lawsStatutes governing workplace conditions
- audit trailsRecorded history of actions
deductions · pension schemes · year end bonus · exempt · data encryption · net pay · take home pay · FICA · garnishment · gross pay · cash flow management · commission · unemployment insurance · social security contributions · direct deposit · budgeting · stub · employee benefits
- Accounting Softwareaccounting software, QuickBooks, general ledger, Sage, SAP
- Accounting Toolscalculator, ledger, spreadsheet, general ledger, balance sheet
- corporate infrastructureheadquarters, office building, data center, server room, conference room
- Workplace Assetsdesk, computer, phone, printer, office chair
- recordsbirth records, world record, record, Guinness, documents
- IT systemssoftware, server, hardware, servers, databases
payroll systembilling system
Software managing payment requests
sales receipts · accounts receivable · revenue collection · income stream · collections