Payroll software is used to manage and streamline the process of calculating & making payments to employees for time worked.
Once a company grows and has more employees, calculating the exact amount each person needs to be paid and all the associated paperwork starts becoming a challenge. Payroll software stores details like the wages to be paid, tracks company information about employee compensation and deductions. Each employee’s pay type, pay rate, and hours worked are stored in the system and used to calculate gross income. Payroll software system help to automate payment calculation, withholding tax and depositing monthly payments into the bank account of staff. Many companies outsource payroll to payroll/staffing firms.
Using payroll software can help recruitment and staffing firms to retain control over payroll processes at scale. It relieves accounting personnel of heaps of the executive tasks that may be terribly long
Pro Tip: Using a powerful payroll software can help payroll & staffing firms scale faster & operate more efficiently.« Back to Glossary Index