#payroll-software

#payroll-software

Instead of manually calculating salaries, deductions, and taxes, payroll software simplifies the process. Therefore, it has become an essential tool, especially for small businesses. If you have only one or two employees, you might manage payroll by hand. But as your team grows, this process becomes more complicated and time-consuming. Not to mention that common problems like tax miscalculations, mismatched time tracking, and data entry errors can cost small businesses both time and money.

A payroll ledger is a comprehensive record that tracks all payroll transactions. It logs wages, tax withholdings, benefit deductions, employer taxes, and net pay for each employee. Also known as a wage book or pay ledger, its primary purpose is to organize payroll data in one centralized location. It basically records payments made to employees and contractors during each pay period. It can also integrate with the general ledger in accounting systems to display the total payroll expense.