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what is the real purpose of payroll system?
i need specific answer for my documantation plz...plz!!!8 years ago - 4 answers
A payroll system is adopted by the employer to process payment of salaries of the employees.. there are various kinds of payroll system, one is an automated disbursement facility that enables fund transfers from the employer's bank account to various individual accounts of the employees. Under this system, the employer need to maintain an account which should be sufficiently funded to cover payroll amount of the employees, including the payroll processing fee, upon transmission of the payroll file.
The payroll system is capable of accepting electronic transmission of the payroll data for faster and more convenient crediting of employee accounts, what is needed is a file with the basic format acceptable to the system.
A data-entry system will be provided for encoding of the payroll details, such as the pre-enrolled employees account numbers and the net payroll amount to be credited to each employee. The generated payroll data file from the system should then be sent to the bank.
This is to provide accurate accounting of the monies provided or paid to employees for work or services performed. Without a system in place, you would have difficulty in accounting for payments for services or work performed by employees. This would also track monies paid on benefits, taxes and the like related to each employee. One other benefit of a payroll system is in the tracking of employee productivity in the work environment. This makes it easier to determine who is performing at the highest and lowest levels as shown on commissions or through siimiliar methods of rewarding productivity. This also allows for accurate tracking and documentation in the event of an audit occurring. This also allows for tracking of responsibility in the payroll payment and benefit payment to employees.
Source(s)by mcdomnhal - 8 years ago
Sorry this is how the money will get off to the employee, like medical, Graduity, Pension, Insurance, Leaves,
Government with: Graduity, Pension, Insurance Deductions
Employer with: Leaves, Medical PF
to pay the employees
Do you think they are gonna work for free?