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What expense category is payroll processing fee?
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There are a few possible expense categories for payroll processing fees. The most common are:
- Wages and Salaries
- Employee Benefits
- Payroll Taxes
Which category is correct will depend on your specific business and how you process payroll. For example, if you outsource payroll processing to a third party, the fee would likely be classified as Wages and Salaries. If you process payroll in-house, the fee may be classified as Employee Benefits. Payroll Taxes is another possible category, depending on how your business is structured and how you process payroll.
The best way to determine which category is correct for your business is to speak with your accountant or bookkeeper. They will be able to advise you on the proper classification for your specific situation.
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As we scale we need tools that are built to scale with us - we need to see expenses real time, we need to see duplicate spend. These types of insights are important to the health of our business.
Steve Padis, SVP Finance & Strategy, Barry's
The information provided in this article does not constitute legal or financial advice and is for general informational purposes only. Please check with an attorney or financial advisor to obtain advice with respect to the content of this article.
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Learn more about our Expense Management software.
