Payroll Management

The term ‘Payroll’ is associated with several meanings and is interchangeably used as an umbrella term for:

• A group of people employed by an organization and the accounting of their earnings
• The total number of employees working with a company or an economy
• The process of onboarding, and accounting for the total money spent on an employee
• The complete chain of tasks for managing the money paid to the employees

Simply put; it either is A) the total amount of money that a company pays to its employees. It consists of the company’s records of its employee’s salaries and wages, bonuses, and withheld taxes.

From a management perspective – B) It refers to the process by which employees receive their salary. The payroll department deals with wage deductions, record keeping, and verifying the reliability of pay data.