Payroll isn’t just about paying your people. And let’s face it, you didn’t get into business to manage paperwork and keep track of payroll legislations.Payroll processing refers to the task of managing the payment of wages by a company to its employees. The steps involved in payroll processing typically include gathering employee time information for a selected time period, managing benefits & deductions, and distributing employee pay for that time period. Most companies use either a payroll software system for payroll, or else a third-party payroll processing service.While the summary of payroll processing sounds quite simple, there are many behind-the-scenes steps that need to take place, before the actual processing work begins. Here’s an overview of the steps to set up a brand new system for payroll processing.