Payroll Management is the process of calculating and distributing employee salaries, wages, bonuses, and deductions. It ensures that employees are paid accurately and on time, while also complying with legal requirements such as tax withholdings and benefits contributions. Effective Payroll Management involves maintaining detailed records of employee hours worked, pay rates, and any changes in employment status. It often utilizes software systems to streamline calculations and reporting, making it easier for businesses to manage their payroll processes efficiently and reduce errors.