In a company, payroll is the sum of all financial records of salaries for an employee, wages, bonuses and deductions. In accounting, payroll refers to the amount paid to employees for services they provided during a certain period of time. Payroll plays a major role in a company for several reasons.
From an accounting perspective, payroll is crucial because payroll and payroll taxes considerably affect the net income of most companies and they are subject to laws and regulations . From an ethics in business viewpoint payroll is a critical department as employees are responsive to payroll errors and irregularities: good employee m. The primary mission of the payroll department is to ensure that all employees are paid accurately and timely with the correct withholding and deductions, and to ensure the withholding and deductions are remitted in a timely manner. This includes salary payments, tax withholding, and deductions from a paycheck.
SudaSys Accounting Application fully caters to a company’s Payroll requirements, including the computation and generation of Employee’s Salary, Leaves, Provident Fund, Loan and Advance Ledgers, Income Tax computation and Employee Expense details. This is a fully web-based solution and can integrate with the firm’s existing ERP solution. It eliminates the hassle of manual payroll calculations and enables payroll generation centrally.