What is Payroll Management?
Payroll management is the process of providing accurate and timely salaries to the employees of an organization. In other words, payroll management refers to the process of administration of financial records of employee’s salaries, wages, bonuses, reimbursements, deductions, and net pay. An employer needs to control the financial data sanctity and adhere to the rules dictated by the country’s law. There may be legal consequences if the employer does not comply with the tax laws of the country.
With the increased focus on business productivity and result-oriented performance tracking, payroll is becoming one of the most important parts of businesses. With the advancement of payroll management technology, the process to manage employees’ financials has become more streamlined and consistent.