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alok singh

alok singh (Querist)

04 February 2011 what is payroll system

CA Ravi Sisodia

CA Ravi Sisodia (Expert)

04 February 2011 The term 'payroll' encompasses every employee of a company who receives a regular wage or other compensation. Some employees may be paid a steady salary while others are paid for hours worked or the number of items produced. All of these different payment methods are calculated by a payroll specialist and the appropriate paychecks are issued. Companies often use objective measuring tools such as timecards or timesheets completed by supervisors to determine the total amount of payroll due each pay period.

CA Ravi Sisodia

CA Ravi Sisodia (Expert)

04 February 2011 Setting up an effective payroll system is not especially difficult for trained accountants, but it can be very time consuming.
Some smaller businesses rely on user-friendly computer software to set up a simple payroll system complete with check printers and file storage.
Larger companies may assign trained accountants to handle payroll issues as part of their overall duties. But many businesses without the means to maintain their own payroll systems choose to farm out this task to outside specialists.

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