Payroll

This is for businesses looking for advice on payroll.


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A payroll is a company's list of its employees, but the term is more commonly used in reference to:

  • The total amount of money that a company pays to its employees
  • A company's records of its employees' salaries and wages, bonuses, and withheld taxes
  • The company's department that calculates and pays these.

Payroll in the form of money paid to employees plays a major role in a company for several reasons.

Martyn is incredibly knowledgeable, not only on financial / accounting matters but also on issues...
James Pryce
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Basingstoke
14/02/2017

From the perspective of accounting, payroll is important due to payroll and payroll taxes considerably affect the net income of most companies also because they are subject to laws and regulations.

From the viewpoint of human resources, the payroll department is important due to employees being very sensitive to payroll errors and irregularities. The primary mission of the payroll department is to ensure that all employees are paid accurately and timely with the correct withholdings and deductions, and that the withholdings and deductions are remitted in a timely manner.
This includes;

  • Salary payments
  • Tax withholdings
  • Deductions from paychecks

We chose to work with Magma because of the wealth of financial expertise available to us.

Simon
Rothwell
Managing Director
Roftek Ltd T/A Flexmort
Birmingham
15/05/2017
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