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Employing a good payroll management system isn't just about making sure that employees get paid on time. This includes monitoring wages, determining tax, keeping records and legal compliance. If you have no idea what is payroll, it's a system that helps both employees and business. When processing payroll, knowing the process will minimize errors and help keep financial records organized. Payroll accounting is also used by many businesses to keep track of the costs of their workforce and to generate accurate financial reports.