What is the role of a Payroll Management System

Payroll is an important and essential part of every organization, whether it is a large or a small company. Payroll is the sum of all financial records of salaries of employees, wages, bonuses and deductions. In simple words, it is a list of a company's employees and the amount of money they are to be paid. It involves different things ranging from generation of payslips, maintaining balance sheets and other things. Previously all that was done manually where companies maintain the information of employees and their salaries in paper registers. But times have changed now, where companies make use of payroll software to take care of all payroll related activities. It is an excellent system that does the calculations in quick time.

 

An organization has different departments and there are number of employees working under those departments. Each employee has a different salary, so it is quite difficult to handle the process of payroll manually. To get a solution of this problem, you can hire a payroll company or you can make use of a payroll management system software that does gross pay calculations, uploads current balance sheets to the system and produces standard payroll reports.