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Why Payroll Accounting is Important Prepared for: Elizabeth Owens Prepared by: Teresa Parker December 3, 2010

What is Payroll Accounting? : 

What is Payroll Accounting? Payroll Accounting is the sum of all financial records of salaries for an employee, wages, bonuses and deductions. In accounting, payroll refers to the amount paid to employees for services they provided during a certain period of time.

Payroll = Money : 

Payroll = Money Payroll can be completed daily weekly bi-weekly (once every two weeks) semi-monthly (twice per month) monthly Less common payroll frequencies include: 4-weekly (13 times per year) bi-monthly (once every two months) quarterly (once every 13 weeks) semi-annually (twice per year) and annually

Employers must also make a decision on how and when to pay employees. : 

Employers must also make a decision on how and when to pay employees. How and when will you pay overtime Will you pay your employees for holidays, vacation days, or sick days How will you require hourly employees to keep track of their time What paid time off will you provide for hourly employees What will you pay hourly and salaried employees

Employers Withhold Taxes : 

Employers Withhold Taxes All employers must withhold appropriate taxes from employees. These taxes include the federal, state, and local taxes the employees must pay, and the employee's portion of Social Security and Medicare taxes.

According to www.accounting-software-review.toptenreviews.com, some of the most popular web based software’s which cover the aforementioned accounting fields are: : 

According to www.accounting-software-review.toptenreviews.com, some of the most popular web based software’s which cover the aforementioned accounting fields are: Peachtree Complete Accounting Software MYOB Business Essentials Accounting Software QuickBooks Pro Accounting Software NetSuite Small Business Accounting Software Cougar Mountain Accounting Software BookKeeper Accounting Software Simply Accounting Accounting Software CYMA IV for Windows Accounting Software Dac Easy Accounting Software Bottom Line Accounting Software

Things To Know About Software : 

Things To Know About Software Which ever software you choose should be able to work with your bank and perform automatic or direct deposits, as well as create checks and deposit forms.

Payroll Out Sourcing : 

Payroll Out Sourcing Many business have found that processing payroll by using an outside payroll company is more cost effective than doing the processing in-house.

Payroll Out Sourcing : 

Payroll Out Sourcing It's estimated that 60% to 70% of the small businesses that decide to outsource payroll each year do so effective January 1 which is the best time to change over

Payroll Is Important : 

Payroll Is Important With out a successful payroll every employer who has employees will not be able to succeed.