The payroll management process, in a nutshell, refers to the process of administration of a company’s employee’s financial records. This would include details of the employee’s salaries, incentives, bonuses, deductions, and net pay. An employer must maintain and keep these records as dictated by the law. Not complying with the Income Tax laws pertaining to employee records can be grounds for legal consequences.
A payroll system is an important compliance software for businesses. It is imperative that a business maintain a steady and regular financial process by which they can pay their employees on time.
The Payroll Management process offers organization and consistency to your employees. It also gives them a dedicated system for grievance redressal.
A good Payroll Management system can help a business in reducing overheads, helps new startup owners, lower tax bills and most important of all improve the morale of the employees, all of these mandated by law.