Home/Glossary/PayrollUpdated on: February 26, 2024

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What is Payroll?

Payroll is defined as the process of paying salary to a company’s employees. It starts with preparing a list of employees to be paid and ends with recording those expenses. It’s a tangled process that needs different teams such as payroll, HR and finance to work together. But, businesses can manage all the complexities effortlessly by choosing modern technology. Simply put, the process involves arriving at what is due to the employees for a particular payroll cycle after adjusting the necessary deductions like TDS, employees’ PF contribution, meal coupons, etc. A payroll cycle is the time gap between two salary disbursements. Businesses can opt to pay salaries on a weekly, bi-weekly, or monthly basis. Generally, it is processed every month in India.

Software with Payroll

PRODUCT NAME SW SCORE (OUT OF 100) AGGREGATED RATINGS (OUT OF 5)
Quickbooks 98 4.3
Freshbooks 96 4.3
Wave 96 3.5
FreeAgent 95 4.4
Qonto 93 3.6
MYOB 92 4.2
Workday Financial Management 92 3.1
Accounting Seed 90 4.5
Sage Accounting (Sage One) 90 4.5
Kashflow 90 2.8

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