What is Payroll?
The term “Payroll” refers to the total compensation that an organization must pay to its employees. It is also referred to as the list of all employees who get paid by the organization. Organizations may process payroll in 3 broad buckets – manage an on-premises payroll processing, enable SaaS model leveraging cloud payroll management software, outsourcing vendors for payroll management services.
Processing payroll is one of the most critical functions of any business enabling them with understanding and implementing of recent policies and regulations including flexible benefit plans, leave policies, etc, in-depth tax and compliance knowledge, defining payslip structures like basic, variable, LTA, HRA, etc, salary calculation mechanisms and Depositing dues like TDS, PF, etc. and filing returns. A highly organized payroll management system will incorporate each of these processes to achieve accurate, on-time, and transparent payroll management and ultimately paying timely, accurate salaries to the employees.