PAYROLL MANAGEMENT SYSTEM
A Payroll Management System is a software tool designed to automate, manage, and streamline all payroll processes of a business.
It ensures that employees are paid accurately and on time while also helping the company stay compliant with tax and labor regulations.
Key Functions of Payroll Management System
1. Salary Calculation
Automatically calculates salaries based on:
- Basic pay
- Allowances
- Deductions
- Bonuses
- Overtime
2. Tax Management
Calculates and deducts applicable taxes like:
- Income Tax
- Professional Tax
- Provident Fund (PF)
- Employee State Insurance (ESI)
3. Payslip Generation
- Generates professional payslips for employees.
- Generates professional payslips for employees.
4. Leave & Attendance Integration
- Integrates with attendance and leave records.
- Adjusts salary automatically based on leaves, holidays, and attendance.
Compliance & Reporting
- Helps in maintaining compliance with government regulations.
- Generates reports required for audits and statutory filings.
Employee Self-Service
Allows employees to:
- View payslips
- Download tax forms
- Apply for leaves
- View attendance records
Benefits of Using Payroll Management System in Projex ERP
Saves time by automating repetitive tasks. Reduces human errors in payroll processing. Maintains legal compliance.
Provides transparent and accurate salary records. Improves employee satisfaction and trust.
In short, a Payroll Management System in Projex ERP ensures that your entire payroll process — from salary calculation to compliance reporting — is handled efficiently, accurately, and legally.