WHAT IS PMS?
Software for payroll management mainly deals with the financial aspects of the salary of an employee, deductions, allowances, gross pay, net pay as well as generation of pay slips for a specified period. One of the main benefits of payroll management system is certainly its easy implementation. The system also offers a host of other benefits including reports and extensive features.
Payroll management empowers you to:
- Efficiently manage your employee information
- Precisely define deductions, emoluments, leave etc.
- You can generate pay slip simply with the click of the mouse
- You can even generate and manage the payroll processes according to the salary structure assigned to the employee
- You can even generate all the reports related to attendance, leave, payroll etc.
- You can easily manage your own security
To put it simply, payroll can be defined as the total of the financial records of employees' salary, wage, deduction and bonus. It is the sum of money that an employee receives from the company for his/her services to an organization for a particular period of time. With PMS, the administration is endowed with legal rights to delete, save and create records for the employees. Thus, the employees can check the current status of their payroll. Below is a brief rundown of the many advantages of payroll management software:
- Suit all business needs with integration and flexibility
- Applicable to all the levels of a business organization
- Easily combines different departments
- Maintain records for all type of employees
- Compatible with software accounting
Employee payroll management system can be efficiently used to change payroll calculations, compatible with accounting formulas, setting up of your own formulas, saves maximum time and resource and can also be used to duly manage your income tax. Salary management system deals with the process of calculation of employees' salary, tax deductions, payment of salaries and administrating employee benefits. Implementing payroll in place is therefore critical for the smooth functioning of any organization and the full proof process has a substantial and direct impact on any organization starting from startups to big players.