Payroll mistakes can happen faster than you think. For a moment, think about the employees for whom monthly salary is the only source of income. Imagine what if the salary is not paid accurately or there is a delay in releasing the salary. Such irregularities can take a toll on the morale of the employees and ultimately affect the business productivity.
While ensuring accurate and timely payment of salary is important, adhering to the various laws and regulations such as labor law, PF, PT, and other statutory compliance is also critical. Non-adherence to these laws can attract serious legal and financial consequences. To make sure that your employees are happy and you are law-compliant, you need to have a proper understanding of what payroll is and how to run payroll effectively.