What is a Payroll System?
Definition
Software automating employee payment processing including salary calculation, tax withholding, deductions, direct deposit, tax filing, and compliance reporting. Payroll systems handle complex scenarios like multi-state, international, contractors, and garnishments with audit trails."
Why This Matters
Automated payroll ensures accuracy, handles tax compliance, provides audit trails, and scales across locations. Payroll errors create employee dissatisfaction and compliance exposure.
Related Terms
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Tax Compliance
Security & Compliance
Adherence to tax laws and regulations including sales tax collection, reporting, and remittance.
HR Software
Software Features & Capabilities
Applications managing human resources functions including employee records, recruiting, onboarding, performance management, time tracking, and benefits administration.
Compliance Certifications
Security & Compliance
Official attestations proving adherence to security and regulatory standards including SOC 2, ISO 27001, HIPAA, PCI DSS, FedRAMP, or industry-specific certifications.
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Related RFP Templates
These 2 templates include questions about payroll system