All employers must maintain records of the number of workers they employ, the amount they pay them, deduct taxes on their salaries, pay those taxes to government, keep track of the number of leaves they take in a month, among much else. This is a time-consuming task that requires assistance, particularly when your business is too small to make it viable to do it in-house. Given how crucial it is to maintain these records, payroll is essential from the moment you hire your first employee. Not only is it required from a legal and compliance standpoint, but also from an accounting perspective, as payroll and payroll taxes considerably affect the net income of most companies.