The Payroll Management System mainly deals with the financial aspects of employee's salary, allowances, deductions, gross pay, net pay etc. and generation of pay-slips for a specific period.
- In a company, payroll is the sum of all financial records of salaries for an employee, wages, bonuses and deductions.
- In accounting, payroll refers to the amount paid to employees for services they provided during a certain period of time.
- In the case of employees, if leave and attendance are mismatched, they could get less or more salary and sometimes excess disbursal, which may not get tracked.
Payroll plays a major role in a company for several reasons.
- Maintains Employee Information Efficiently.
- Maintains records of employee salaries.
- Define the emoluments, deductions, leave etc.
- Generates pay-slips.