The core role of a payroll software is to automate and simplify the process of paying salaries to company employees. Key among functions of a payroll is producing payslips, computing benefits of the employees and deductions. Calculating and filing returns, wiring payments of salaries to employees bank.
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The fast population growth rate in India has made the country one of the most beautiful flowers attracting birds and bees in the name of multinational investment companies to it.
Having more than one billion residents, Indian economy both in private and government sectors is becoming globalized at a very fast pace. However, the greatest hindrance for many businesses in India is the many restrictions and hefty regulations in the economic environment. The encouraging bilateral trade with the US has made India a great destination for many investors thus giving rise to numerous small businesses which have headaches in developing payrolls.
A payroll is an integral and very important for a business. It, at all times, gives a true picture of a business’ labour payments and taxes. It is a much-regulated obligation that includes employee personal information, tax requirements.
There are over 51 million small and medium businesses in India and they employ over 120 million people mentioned in an article on CNBC LLC. That's why the importance of payroll in an organization is increased significantly.