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 salary fewer taxes, etc. All it needs is just a few inputs that need to be fed into the system like salary, no. Of leaves taken, etc. The software takes over the rest of the process such as salaries due, tax filing due and reimbursements to be made if any.
The benefits of Payroll Management System are pretty clear from the observations. Firstly, recording all these manually is very time consuming and is prone to errors. Also, with tax rates, minimum wages, CT. Being revised very often, it becomes a challenge to change the previous dues to the current rates. Any small discrepancy due to manual errors, even unintended, may invite government attention. A payroll management system handles this with ease. With the help of the data entered into it, it takes care of the rest with ease and the chances of error to become less. Benefits of Payroll Management System happens majorly while doing Payroll Manually is time-consuming, payroll includes many processes like understanding the current system, understanding the job roles of the current employees. If you evaluate your employees work manually it will take time, on the other hand, a PMS system takes care of this carefully.
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