You’re probably wondering what a pay period is and how it affects your payroll process. Understanding pay periods can help you manage your finances and ensure your employees get paid on time. Let’s break down the concept of a pay period and see how it fits into your business operations. Here’s what you need to know about pay periods and the different types you can choose from.What is a Pay Period?A pay period is a recurring schedule that determines when employees receive their paychecks. It sets the timeframe for which work hours are recorded and wages are calculated. Typical pay periods include weekly, bi-weekly, semi-monthly, and monthly. Each type of pay period has its own frequency and suits different business needs. Choosing the right pay period can streamline your payroll process and help you manage cash flow more effectively. TIP: For a comprehensive understanding of payroll processes, check out this payroll guide for new employers.Types of Pay PeriodsUnderstanding the different...
