What is at the heart of a company’s payroll business process?

 

What is at the heart of a company’s payroll business process?

Accounting system

Payroll accounting

Human resources

Employees and their time worked

 

The correct answer is "Employees and their time worked."

 

At the heart of a company's payroll business process is the employees and their time worked. The payroll process involves calculating employee compensation based on the number of hours worked, deductions for taxes and benefits, and other factors such as overtime and vacation time. The payroll process typically begins with collecting time and attendance data from employees, which is then used to calculate their paychecks.

 

The payroll process is closely tied to the human resources function, as HR is responsible for managing employee records and ensuring that they are accurate and up to date. Payroll accounting and the company's accounting system are also important components of the payroll process, as they are used to track payroll expenses and ensure that they are properly recorded in the company's financial statements.