Every business, no matter how large or small, needs to keep precise financial records. Accurately recording all transactions is essential when it comes to preparing taxes, resolving discrepancies and analyzing profit and loss. Payroll is no exception. An employee payroll record book is a must-have item for all businesses, regardless of their natures. It is the spot where accurate records are kept concening wage payments, tax withholdings and benefits disbursements to employees. No business can function effectively without this tool.