what you know about payroll system

alina · #1 01-15-2012, 01:35 PM

In a company, payroll is the sum of all financial records of salaries for an employee, wages, bonuses and deductions. In accounting, payroll refers to the amount paid to employees for services they provided during a certain period of time. Payroll plays a major role in a company for several reasons. From an accounting perspective, payroll is crucial because payroll and payroll taxes considerably affect the net income of most companies and they are subject to laws and regulations

ridhimagoyal007 · #2 02-03-2012, 07:38 AM

Quote:

Originally Posted by alina

In a company, payroll is the sum of all financial records of salaries for an employee, wages, bonuses and deductions. In accounting, payroll refers to the amount paid to employees for services they provided during a certain period of time. Payroll plays a major role in a company for several reasons. From an accounting perspective, payroll is crucial because payroll and payroll taxes considerably affect the net income of most companies and they are subject to laws and regulations

The other important functions of PayRoll are:
1) Right from the recruiting till the retirement process
2) User friendly ESS (Employee Self Service) with SMS based workflows.
3) Most logically maintained abstract HR Details
4) HR and Payroll related report generation and customization as and when required
5) Attrition Rate Analysis helping in Employee Retention planning
6) Lowest HR management costs
7) Software installation at your end
8) Complete ESS activities can be performed from your Mobile.

chancellor · #3 04-11-2012, 05:25 AM

Yes these are well known functionality of payroll services, Today's payroll services are controlled by the ERP software used in organizations along with accounting and employees attendance as well are controlled by a single ERP system. for example for an educational institute an ERP software can maintain and update all departments like Payroll, Account, Fee, Admission, Transport, Inventory, Library etc to gain more please check chancellorerp.com.