What is Payroll?

A company’s financial list of the salaries, wages, bonuses, net pay, and deductions of their employees is called Payroll OR in other words within a company, payroll is the combination of all of the financial records of their employees’ salaries, wages, bonuses and deductions…

Payroll Definition in Short: A sum of amount that a company does pay to its employees for doing their job in a organization.

Payroll definition can’t be complete without given description of gross payments, gross deductions and actual net payout to an employee in a calendar date and noted that these Payments and Deductions can calculate according to rules and laws which may be differ organization – organization and state to State.

An important part of financial accounting

Payroll is essential to a company’s financial accounting for many reasons.

In accounting, payroll is important because payrolls (and payroll taxes) greatly affect the net income of most companies. Payroll is also often subject to numerous laws and regulations that companies need to cooperate with.

Of course, payroll is also incredibly important to its recipients: the employees of a company. Employee morale can be negatively affected by errors and irregularities in payroll, so an organization must distribute payroll in an appropriate and precise manner.

It is critical that every employee receives their pay accurately and with the correct withholdings and deductions, and for an organization to guarantee that all of these withholdings and deductions are submitted in an appropriate manner to the correct entities. This may include salary payments, paycheck deductions and tax withholdings.

Mainly A Payroll Management Module includes –  

Organization Management
Payroll Management
Employee Help Desk
Performance Management
Leave & Loan
Recruitment & Training
PF, ESI, TDS, Statutory compliances
Appraisal & Career Mgmt.
Reimbursement
Employee Self Service
Attendance Processing
Arrear & Bonus
Retirement
Final Settlement …. more