Payroll is a system predominantly used in commercial organizations dealing with financial records which includes details of salaries, wages, commission, bonus, and deductions, if any. Payroll signifies the amount paid to the employees for their service to the company.
Payroll is a vital financial record for an organization accounting as it marks the net expenditure against the services offered by the employees and helps in arriving at net income figure of the company. In addition, payroll is also aligned with the work performance of the employees.
HR professionals learn payroll administration through various training programs. Such training programs make payroll process easier to understand and execute.