Payroll, which may also be known as remuneration, is the activity and financial records that are associated with salaries, wages, commissions, bonuses, vacation time, and other substitutes for money that may be paid to employees. Many corporations outsource payroll to companies that specialize specifically in full-service payroll processing. These services include instant calculations, direct deposit, tax forms, online pay stubs, and custom reporting.
There are also companies that offer software modules that plug into existing accounting packages to help you manage your payroll accounting. Payroll processing can be complicated, especially for small and medium-sized businesses that can't afford dedicated resources. In many cases, outsourcing saves both time and money as wel as helping to avoid unnecessary headaches.