Payroll is nothing but the sum of all financial records of salaries of an employee including the deductions. In short it is the amount paid to employees for the services they offered. Payroll Management is something that is essential for every organization. Calculating the salary of the employees has always been a headache for every management. It is here where a Payroll Management System plays a pivotal role in functioning of a management. Whatever the size of the organization is, a well defined payroll management system is always a long term asset for the institution.
It enables the activities of the HR and account professionals to maximize and improve their potential by processing the salary accurately, efficient handling of pending payments and other statutory requirements including provident fund, ESIC, TDS etc.. The system is very flexible. It also enables flawless integration with the schools/colleges preexisting accounting system. Automated reporting is yet another feature of this system. With the help of this state of the art system the leave calculations and various other loan calculations can all be done easily all within a single click of a button.
Most of the payroll system has a user friendly interface and its easy to operate. It is easy to integrate with employee attendance and leave management system. Its of great help to both the employers and the employees as well. Customized report for the management purpose can all be generated with the help of this system. In the long run its a cost effective platform which helps in the functioning of the management.