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What is Payroll Management Service?

Payroll is processing an employee’s pay from the employer. It is not confined to salaries, deductions, or net compensation; however, it keeps a record of the employee. Every business requires payroll service, even if it has one employee. So stay tuned to know the payroll management service. 

Brief Overview of Payroll

A payroll management service is a financial record of employee salary, net pay, deduction, and bonuses. Outsourcing payroll is the third-party company that manages your employee pay and administrates tasks. One can also use payroll software to manage their tasks or aid in managing payroll within less time. 

You can also manage other administrative tasks: 

Importance of Payroll Management Service

We can comprise the importance of payroll in the following points:

Phases of Payroll Management Service

In basic learning, the student will learn about the phase of payroll management service, which includes 

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    Prepayroll

    The process mainly comprises preplanning the event. In addition, it includes tasks like setting up salary structure by gathering data for the entire month.

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    Calculation

    Payroll accountants calculate hourly salary wages and then gross salary wages. Moreover, conduct deductions and necessary tax subtractions.

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    Post payroll

    Once the salaries are paid, post payroll takes place. Generally include tasks like reviewing, generating and issuing payslips. Additionally, the clerk may also access the bank report and employee information.

How do you do Payroll Management?

A step-by-step guide for accounting students to manage payroll management.

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With every new business, there is a need for payroll management service; learn payroll management with Star Sterling Academy. Once you successfully complete our course, we will offer a work placement in UK Accountancy Practice. 

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