Background of the Problem
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 resources 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. Every worker remembers his or her first payday. Whether the salary was big or small, there was a deep satisfaction in tearing open the envelope and seeing that peso sign. Over the years, the checks may arrive with less fanfare, but always with a strong sense of pride. This is the nature of work; fair and timely compensation for a job well done. Payroll, at its most basic, is the process by which an employer pays an employee for work performed. If you own a business, but don’t have any employees, then you don’t have to worry about payroll. But as soon as you hire your first worker, you have a responsibility to pay that employee on time and the correct amount. If employers fail in their payroll duties, their workers will be less motivated to fulfill their end of the bargain. They will be less productive and suffer from low morale. And if you make a mistake on an employee’s paycheck enough times, he or she will probably quit.
Please join StudyMode to read the full document