What is Payroll?
The term ‘Payroll’ refers to the list of the compensation provided to the employees in a company based on their employment status and designation while taking into consideration their working hours, the benefits they are eligible for, the leaves they have taken and calculate the exact value of the amount they need to be paid based on their salary cycle.
Payroll also deals with making the necessary statutory deductions as well as other deductions pertaining to the employee, such as loans, before calculating the exact value.
It is a complex task for any company, irrespective of its size and it needs to be undertaken with complete accuracy. Hence, many companies outsource it or buy payroll software to make the process seamless and mitigate the risks involved with payroll errors.