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Payroll
Intreasury management, apayrollis the list of employees of some company that is entitled to receive payments as well as other work benefits and the amounts that each should receive.[1]Along with the amounts that each employee should receive for time worked or tasks performed, payroll can also refer to a company's records of payments that were previously made to employees, includingsalariesandwages,bonuses, andwithheld taxes,[2]or the company's department that deals with compensation. One way that payroll can be handled is in-house, meaning that a company handles all aspects of the payroll process on its own, including timesheets, calculating wages, producing paychecks, sending the ACH (Automated Clearing House), for any direct deposits, and remitting any tax payments necessary[citation needed]. Payroll can also be outsourced to a full-service payroll processing company. When a company chooses to outsource their payroll, timesheets, wage calculations, creating paychecks, direct deposits, and tax payments can be handled all, or in part, by the payroll company[citation needed].
Payroll plays a major role in the internal operations of a business for several reasons. From the perspective ofaccounting, payroll and payroll taxes are subject to laws and regulations. Payroll in the U.S. is subject to federal, state, and local regulations includingemployee exemptions,record keeping, andtax requirements.[3]Payroll also plays a large role from thehuman resourcespoint of view. Payroll errors, such as late or incorrect paychecks, are a sensitive topic that can cause tension between employees and their employers. One requirement to maintaining highemployee moraleis that payroll must be paid accurately and promptly because employees are very sensitive to any payroll errors.[4]
East Anglia in the East of England comprises the four counties of Norfolk, Suffolk, Cambridgeshire and Essex and is close to London. It is well-connected with Europe and the rest of the world through London Stansted Airport, the International Gateway to the East of England. There is also Norwich International Airport and London Southend Airport. The region has an excellent rail service with Greater Anglia, including the Stansted Express.
A recent report shows that East Anglia is home to three out of five of the fastest-growing city economies in the UK. Cambridge topped the list, with Ipswich second and Norwich fifth nationally according to The UK Powerhouse study.
The report reveals that Ipswich had the second-highest rate recorded of GVA growth rate (a measure of the value of goods and services produced) in the UK in the first three months of the year (2.5%), while Norwich enjoyed a growth rate of 2.4%.
Looking forward, the report also predicts the three locations will maintain their top 10 positions by the final quarter of 2028.
