the recording of financial transactions, and is part of the process of accounting in business and other organizations. It involves preparing source documents for all transactions, operations, and other events of a business.
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Payroll processing is the administrative task of calculating, managing, and distributing employee wages on a regular basis. This includes tracking work hours, calculating gross pay, withholding taxes and other deductions, and issuing payments, all while ensuring compliance with legal and financial requirements. The process can be handled manually or, more commonly, is automated through payroll software.
Tax preparation is the process of preparing tax returns, often income tax returns, often for a person other than the taxpayer, and generally for compensation. Tax preparation may be done by the taxpayer with or without the help of tax preparation software and online services.
Working with a professional to manage debt, create a budget, and improve financial health. Counselors provide personalized advice on managing money, creating a debt repayment plan, and understanding credit issues. These services can help individuals avoid bankruptcy and regain control of their finances, often through nonprofit organizations.