The
term payroll
software means automation of the whole range of payroll activities involved
in the computation of salaries, the estimation of statutory deductions, the
bonus amount to be paid and the distribution of the estimated amounts to employees
on time.
Traditionally,
payroll processing is replicated each month for a time-consuming process. The
payroll software now calculates and immediately proceeds with one click the
gross wage, deductions, statutory compliance and net salary for each employee.
In
addition to estimating and paying salaries, payroll processing requires
calculating all statutory responsibilities, producing reports, including
numbers, in the format required by law and sending them to the departments
concerned.
Employees
must also be aware of their salaries, tax deductions, reimbursements, etc. This
takes place through payslips.
All
these operations are conducted by payroll software at a fraction of the
cost of conducting these tasks manually. Payroll
management software also ensures data consistency. Read more
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