What is the Payroll Management System?
The payroll management system is a software designed to manage all payroll related tasks and provide an accurate, on-time, and transparent payroll for an organization. In simple words, a payroll management system is the system that allows an organization to manage salaries and claims of its employees. These tasks include calculating salaries, allowances, bonuses, claims, reimbursements, tax deductions, compliances, generating payslips, tracking leave and attendance, and much more.
Payroll management systems are also capable of generating in-depth organization-wide payroll reports and perform analytics for an organization. Extensive features such as JV report builder, on-demand report builder, and bank reports are an added advantage.