A payroll management system is software that calculates the salary due to an employee and the tax to be deducted. All it needs is input of basic data like the salary or wages of the employee and leaves taken. The software keeps track of the hours worked, salary due, taxes to be deducted, and can even print cheques for employees and the government (for taxes).
This system provides comprehensive payroll management services for large and small organizations. Having a payroll management system is important, especially for smaller companies and startups. Mistakes in tax calculations or payment can lead to fines and other penalties, which prove to be very costly. Not many companies have the resources to implement their own payroll systems though, which is where outsourcing comes into the picture.
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