Payroll Payroll ApplicationsApplications

ContentsContents PayslipsPayslips PaycheckPaycheck Payroll savings programPayroll savings program Payroll cardsPayroll cards Payroll professionalsPayroll professionals WarrantsWarrants Required HardwareRequired Hardware Required SoftwareRequired Software Financial reportsFinancial reports Purpose of financial reportsPurpose of financial reports

What’s a Payroll? What’s a Payroll?

It is a sum of It is a sum of all financial all financial records in a records in a business of business of salaries, salaries, wages, wages, bonuses and bonuses and deductions.deductions.

What is a Payslip?What is a Payslip?

It is a document that an employee It is a document that an employee receives either as a notice that the direct receives either as a notice that the direct deposit transaction has gone through, or deposit transaction has gone through, or as part of their paycheck. as part of their paycheck.

It details the gross income and all taxes It details the gross income and all taxes and any other deductions such as and any other deductions such as insurances or charitable contributions insurances or charitable contributions taken out of the gross amount to arrive at taken out of the gross amount to arrive at the final net amount of the pay. the final net amount of the pay.

PaycheckPaycheck

A paycheck is traditionally a paper A paycheck is traditionally a paper document issued by an employer to pay document issued by an employer to pay an employee for work done.an employee for work done.

a physical check for paying wages and a physical check for paying wages and salaries has been uncommon for the past salaries has been uncommon for the past several decades and has been replaced several decades and has been replaced by electronic direct deposit to bank by electronic direct deposit to bank accounts. accounts.

Payroll savings programPayroll savings program

A payroll savings program is a A payroll savings program is a method of automatically deducting method of automatically deducting money from one's paycheck and money from one's paycheck and depositing it into a savings account. depositing it into a savings account.

That money is less likely to be spent That money is less likely to be spent as those funds are made less as those funds are made less available, so there’s a reduced available, so there’s a reduced chance that it will be spent.chance that it will be spent.

Payroll cardsPayroll cards

A payroll card is a card that allows an employee to access A payroll card is a card that allows an employee to access their paycheck by using a card that looks like a bank debit their paycheck by using a card that looks like a bank debit card.card.

A payroll card can be more convenient than using a check A payroll card can be more convenient than using a check casher, because it can be used at participating automatic casher, because it can be used at participating automatic teller machines (ATM) to withdraw cash, or in shops to make teller machines (ATM) to withdraw cash, or in shops to make purchases.purchases.

The payroll card account usually is held as a single account The payroll card account usually is held as a single account in the employer's name. That account holds the payroll funds in the employer's name. That account holds the payroll funds for all employees using the payroll card system. Some payroll for all employees using the payroll card system. Some payroll card programs establish a separate account for each card programs establish a separate account for each employee, but others do not.employee, but others do not.

Most payroll cards will charge a fee if used at an ATM more Most payroll cards will charge a fee if used at an ATM more than once per pay period. than once per pay period.

Payroll professionalsPayroll professionals

In several countries to be a payroll In several countries to be a payroll professionals, one has to be qualified e.g.: professionals, one has to be qualified e.g.: in the U.S.A Payroll Professionals are in the U.S.A Payroll Professionals are Certified by the American Payroll Certified by the American Payroll Association. Association.

They are designated as Fundamental They are designated as Fundamental Payroll Consultant (FPC) or Certified Payroll Consultant (FPC) or Certified Payroll Professional (CPP) after passing Payroll Professional (CPP) after passing the appropriate certification exam. the appropriate certification exam.

Payroll hardwarePayroll hardware

A simple computer A simple computer is what is required!is what is required!

Payroll softwarePayroll software

Comacc PayrollComacc Payroll IMS Payroll IMS Payroll

Financial reportsFinancial reports

Financial reports are formal records of a Financial reports are formal records of a business' financial activities. business' financial activities.

These statements provide an overview of These statements provide an overview of a business' profitability and financial a business' profitability and financial condition in both short and long term. condition in both short and long term.

Types of Financial reportsTypes of Financial reports

Balance SheetBalance SheetProfit and Loss Profit and Loss

accountaccountStatement of Statement of

retained retained earningsearnings

Statement of Statement of cash flowscash flows

Purpose of financial statements Purpose of financial statements The objective of financial statements is to The objective of financial statements is to

provide information about the financial strength, provide information about the financial strength, performance and changes in financial position of performance and changes in financial position of an enterprise that is useful to a wide range of an enterprise that is useful to a wide range of users in making economic decisions.users in making economic decisions.

Financial statements should be understandable, Financial statements should be understandable, relevant, reliable and comparable. relevant, reliable and comparable.

The reported assets, liabilities and equity are The reported assets, liabilities and equity are directly related to an organization's financial directly related to an organization's financial position. position.

Reported income and expenses are directly Reported income and expenses are directly related to an organization's financial related to an organization's financial performance. performance.