Why Startups need to have a Payroll Management System from Day 1
Other than NGO's, the reason why an employee works with an organization is to get some money as well as social compensations for the services rendered by him to the organization. These employees essentially form a part of the ‘company payroll’. The payment/ compensation for the work rendered by the employees comes under the umbrella of a process called PAYROLL. However, the term payroll is not just about an elementary compensation such as salaries. There are other strokes required to be done to make them complete such as Provident Fund, bonuses, overtime compensation , consultant fees, etc. These need to be done every month for each and every employee. ‘ Payroll system ’ is the process that handles these calculations. Payroll department is that branch of an organization entrusted with such responsibilities. As inferred from the above process, it is evident that it is beyond just human records. It requires a software the calculates the above-mentioned process that involves s...