In reality, payroll is a complex business function that requires highly trained and specialized expertise.
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When done successfully, payroll provides a host of benefits. It’svital to business continuity that workers be paid accurately and on time, even in times of flux . It protects businesses from fines and penalties by ensuring compliance with a host of legislative responsibilitiesthroughout the year and in case of audits. It supports employee engagement and retention by building trust and supporting employee financial well-being.
Beyond the operational benefits of treating payroll professionally, there are also benefits concerning productivity that business owners should be aware of..Growing financial stress on workers that can result from payroll mismanagement directly impacts workers’ ability to focus on the job. Economic analysis by the Financial Wellness Lab of Canada conservatively estimates that
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