What Is Payroll?
The activity of providing salary
to employees and workers is called payroll, and it is a must for every
employer. Different pay methods include hourly wages, weekly payments, and
monthly salaries. Freelancers will require a separate set of precise payment actions
— they are generally paid on an hourly basis, while full-time employees are
paid mostly on a monthly basis.
Payroll
processing is one of the most important business activities. But here comes the
responsibility with great importance. Any error here can be fatal for the
company in the form of penalties or fines by the IRS or government body.
How Is Payroll Performed?
An effective payroll processing
includes wage calculation based on worked hours and days, attendance
management, appraisal management, PF, Professional Tax calculation, and a lot
more. The estimation and modification of all these compensation terms will be
original. The final amount payable will then be determined and paid on the
account of the employee.
Paying is not a game for a child
for a business. This calls for a professional accounting team and a payroll software
solution that complies with legal requirements and prevents errors. Even a minor
payroll error could impose several sanctions on you in accordance with the
Income Tax Act. The payroll department is finding it difficult to keep
everything under control with changing amendments and rules…read more
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