What Is Payroll?
Payroll has two main definitions:
- The total amount a company owes its employees
- The list of staff who are to be paid for their completed work and the amount they need to be paid
How can you keep track of payroll in your company?
To keep track of payroll in your company, you simply need to add up each of your employees’ salaries for a given period of time. This will enable you to see how much money your business spends on its workforce. If you pay your staff on an hourly basis instead of a fixed amount periodically, you need to keep track of how much they work to pay them accurately. To do this most effectively, use time tracking software.
How to automate payroll calculations in your business?
To automate payroll calculation in your business, you can use time tracking and productivity software with a dedicated payroll feature. For example, using WebWork’s Payroll Tracking functionality, you can track your team’s payroll with ease. Simply have your employees track their work hours, set their hourly rates, and the app will automatically calculate how much you need to pay them.
Is it important to keep track of payroll accurately?
Yes, inaccurate payroll calculations can lead to financial troubles of all kinds for your business. These can take the form of overpaying staff or undercharging clients for completed work. Payroll inaccuracies can accumulate over time and result in legal troubles from your staff, clients, or partners as well.
