Every employee needs to be paid for the services he provides. For this to happen, the employer must have a payroll system in place. Without it, chaos occurs, as employees will become upset if their checks are inaccurate (or worse, if they don't get paid) due to a haphazard payroll structure. So obviously, there are benefits to be derived from using a payroll system. A payroll system is the method used by payroll professionals to pay employees for their services. Regardless of the type of system used, there are basic
Payroll System is the heart of any Human Resources System of an Organization. The solution has to take care of calculation of salary as per rules of the Company. This Payroll System is a full-featured system that manages financial information of every employee in an organization. It computes and processes the payroll in the certain payroll period.
This Payroll System is also a flexible compensation administration solution. It is designed to help human resource professionals as well as finance and accounting personnel to manage employee compensation, deductions, allowances, and benefits in an organization. The system is integrated with the Employee’s information, offers efficient features and functionalities to manage company's expenses.
The study specifically seeks to answer the following problems in manual payroll process: • Speed in processing payroll tends to be slow.
• Prone to mathematical errors that could consume much time than it should and could cause financial or legal trouble. • Tallying of time cards is done manually.
• Time consuming in double checking the consistency of all the reports. • Difficult and time consuming in keeping up-to-date in taxes and other deductions. • Storage of files is susceptible to be damaged as well as lost of data. Significance of Study
• Speed in processing payroll will have a faster performance...