Payroll Maintenance

Overview

Maintenance of payroll is the most important thing which is done by all the companies because it is necessary to keep record of all the employees of a company who receive the salary by doing the required work.

A payroll provide following information:

1. The summary of the money which is paid to all the employees.
2. It includes all the strategies of payment like bonus, leaves and the deduction.
3. It collects all the other payroll inputs.
4. It also help is depositing the various dues with the assigned authorities.

Benefits

1. Increase accuracy:  In case of payroll it is somewhat difficult to manage the payroll correctly, there can be a possibility of some errors but by maintaining payroll we get the assurance that the employees are getting correct amount of their work and they are not losing any trust in the company.
2. Timely process: By maintaining the payroll we can make timely payment to all the employees without making any kind of delay.
3. Manage employees details: By maintaining payroll we can easily manage and store all the personal information of all the employees in one place only. We will not need to use any other tool for that.

Payroll methods

1. Excel method : It is a cheap method and mostly used by small companies. In this salary management template is built which allows calculation and use of mathematical formulas in excel spreadsheet. It is a challenging task and iin this we tend to make mistake.
2. Outsourced method: This method is used by resourceful companies. In this the company is having contract with some personnel management service provider and in this payment cycle, the company collects and submits all the payment schedule to the salary coordinator.
3. Software method: It is the most easiest method for the company. In this the size of the company and design of the  company suggest the best type of software.

Type of process

1. Pre payroll process
2. Actual payroll process
3. Post payroll process