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A payroll system is a software or a set of processes used by companies to manage and track their employees’ salaries, bonuses, taxes, and other compensation-related expenses. The system automates payroll calculations, generates payslips, and creates reports for tax and accounting purposes. It ensures accuracy, compliance with labor laws, and timely payments to employees. The payroll system aims to simplify the payroll process, reduce errors, and save time and resources for the company.
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