Payroll management
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About Payroll management
Payroll is defined as the process of paying salary to the employee of a company/organisation. It starts with preparing the list of employees to whom salaries must be paid and end with recording those expenses.
The payroll process involves calculating what is due to the employees for a specific payroll cycle after adjusting the required deductions like employees’ PF contribution, TDS, meal coupons, etc. The payroll cycle is the gap between two salary disbursements of an employee. Generally, payroll is processed every month in India.
The payroll process requires different teams, such as HR, payroll and finance, to work together. However, due to modern technology, businesses can effortlessly manage all the payroll processing complexities.
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Payroll management FAQ'S
Payroll is defined as the process of paying salary to a company’s employees
Payroll activities include attendance data for a particular month to capture the pays and the accurate attendance of the employees, details of new employees and employees left, the salary structure of new joiners and their bank account details, if there is any advance or incentive to be paid and if there are any special changes that are to be made to the salary structure.
Payroll comes under both the HR and the finance departments.
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