Businesses can opt to pay salaries on a weekly, bi-weekly, or monthly basis. A payroll cycle is the time gap between two salary disbursements. Simply put, the process involves arriving at what is due to the employees for a particular payroll cycle after adjusting the necessary deductions like TDS, employees’ PF contribution, meal coupons, etc. But, businesses can manage all the complexities effortlessly by choosing modern technology. It’s a tangled process that needs different teams such as payroll, HR and finance to work together. It starts with preparing a list of employees to be paid and ends with recording those expenses. Payroll Payroll is defined as the process of paying salary to a company’s employees.
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A specialized form of project accounting, production accounting, is used by production studios to track an individual movie or television episode's costs. It is commonly used by government contractors, where the ability to account for costs by contract can be a requirement for interim payments. While project accounting was traditionally used for large construction, engineering, and government projects, it has now expanded into several other sectors. It involves tracking, reporting, and analyzing financial results and implications, and sometimes the creation of financial reports designed to track the financial progress of projects the information generated by this analysis is used to aid project management.
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Revenue Recognition Revenue recognition is a generally accepted accounting principle (GAAP) that identifies the specific conditions in which revenue is recognized and determines how to account for it.Spend management is a continuous and ongoing mechanism that aims to improve a company's bottom line by managing and maximizing its spending. Spend analysis, spend categorization/classification, spend data management, and spend performance management are all covered.
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