Payroll Applications

Contents Payslips Paycheck Payroll savings program Payroll cards Payroll professionals Warrants Required Hardware Required Software Financial reports Purpose of financial reports

What’s a Payroll? It is a sum of all financial records in a business of salaries, wages, bonuses and deductions.

What is a Payslip? It is a document that an employee receives either as a notice that the direct deposit transaction has gone through, or as part of their paycheck. It details the gross income and all taxes and any other deductions such as insurances or charitable contributions taken out of the gross amount to arrive at the final net amount of the pay.

Paycheck A paycheck is traditionally a paper document issued by an employer to pay an employee for work done. a physical check for paying wages and salaries has been uncommon for the past several decades and has been replaced by electronic direct deposit to bank accounts.

Payroll savings program A payroll savings program is a method of automatically deducting money from one's paycheck and depositing it into a savings account. That money is less likely to be spent as those funds are made less available, so there’s a reduced chance that it will be spent.

Payroll cards A payroll card is a card that allows an employee to access their paycheck by using a card that looks like a bank debit card. A payroll card can be more convenient than using a check casher, because it can be used at participating automatic teller machines (ATM) to withdraw cash, or in shops to make purchases. The payroll card account usually is held as a single account in the employer's name. That account holds the payroll funds for all employees using the payroll card system. Some payroll card programs establish a separate account for each employee, but others do not. Most payroll cards will charge a fee if used at an ATM more than once per pay period.

Payroll professionals In several countries to be a payroll professionals, one has to be qualified e.g.: in the U.S.A Payroll Professionals are Certified by the American Payroll Association. They are designated as Fundamental Payroll Consultant (FPC) or Certified Payroll Professional (CPP) after passing the appropriate certification exam.

Payroll hardware A simple computer is what is required!

Payroll software Comacc Payroll IMS Payroll

Financial reports Financial reports are formal records of a business' financial activities. These statements provide an overview of a business' profitability and financial condition in both short and long term.

Types of Financial reports Balance Sheet Profit and Loss account Statement of retained earnings Statement of cash flows

Purpose of financial statements The objective of financial statements is to provide information about the financial strength, performance and changes in financial position of an enterprise that is useful to a wide range of users in making economic decisions. Financial statements should be understandable, relevant, reliable and comparable. The reported assets, liabilities and equity are directly related to an organization's financial position. Reported income and expenses are directly related to an organization's financial performance.