The key objective of a payroll department is to ensure that all employees are paid accurately and on time with the correct withholdings and deductions, remitting these withholdings and deductions in a timely manner. From an accounting perspective, payroll is crucial because payroll and employee taxes affect the net income of most companies considerably and they are subject to laws and regulations. From the point of view of staff morale, the payroll team is critical because employees are sensitive to payroll errors and irregularities.
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