Payroll Management System is the system by which an employer can manage the salaries of the employees. It includes salary, allowances, deductions, and net payable to the employees. It also deals with the generation of payslips. Complicated Computations that are performed manually can be automated using the payroll system.
With the increase in competition among business enterprises. Human Resources are considered to be the most important part of any company. It is said that if any company has a Human Resource then it will definitely have many advantages. This is the reason, why the importance of the HR Department is increasing day-by-day. With the continuous advancement in the latest technologies, the management of employees and their records have become tough to handle. To prevent this, many companies have linked their payroll system with the HR activities which is called as Payroll Management Software.
HR Payroll Management Software is beneficial for any kind of business enterprise. Human Resource department performs various activities such as payroll processing, maintaining salary details of every employee in the organization, keeping track of deductions, loans, allowances, and bonuses. Human Resources department collectively works together to calculate the available leaves, encashment of leaves and loss of pay for all the employees and then process their salaries.
Advantages of HR & Payroll System:
- Less cost.
- Ease of use.
- Relief from regulatory aspects.
- Easy and fast payroll reconciliation.
- Generating Accounts JV.
- Multiple reports generation.
- Inbuilt leave and attendance data as automated inputs.