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Which process business is the most detailed, time-consuming, and indispensable, regardless of industry?
Accounting? Comes in second.
So which one?
The answer is, HR’s payroll management.
Payroll management is a required business process that is universal to all companies.
Whatever size the manpower is, whichever technique is employed, one thing remains invariable and that is record management and processing of payroll.
A company’s payroll system is the glue that holds the organization together.
Payroll management manages, records, and organizes the company’s financial data, especially the important information of employees.
And payroll management makes sure to pay them.
Its fundamental purpose is to guarantee timely payroll to employees.
It also helps in processing other transactions like income tax, insurance, and social security.
With all these tasks mentioned, recording and close monitoring is extremely important in coming up with a systematic payroll system.
Although some companies offer fringe benefits like gas, transportation, and uniform allowances and even rice subsidies and stipends for recreational activities, if you don’t have a reliable payroll records management and a dependable payroll system in place to compensate your employees for their service , any other benefit you provide won’t create an impact at all.
At the end of the day it is always the take home pay that matters as the bills are piling up.
Payroll errors and discrepancies caused by an obsolete payroll system leads to frustration and insecurity of employees.
In fact, a study by the Workforce Institute at Kronos discovered that payroll discrepancies have affected more than a third of American workers to make late bills payment, and that kind of scenario causes financial insecurity, stress and disgruntlement.
That’s why it is essential for every business to determine how payroll works and how to ensure that their system is rock solid.
There are many ways in deriving payroll but to ensure that your organization is doing it correctly, we will walk you through an easy 123 guide in payroll records management, so your employees get paid on the dot.
These 6 items serve as a guide on how to manage payroll records but this takes a great deal of time and very hard work.
What kind of company do you run?
Is it just a small business or a growing one with tons of requirements?
If you don’t have a professional accountant hired as staff, and you don’t have the expertise yourself, you may want to consider getting an HRIS for your payroll management.
What are the emerging and glaring signs that you need HRIS and payroll systems for your business?
If you’re still on the fence about whether your business needs HRIS software, better check this one out.
If your answer is YES to at least two of the above, well then you really need an HRIS and payroll system ASAP.
HRIS and payroll systems are an absolute must for any business. You simply cannot forever depend on spreadsheets or, even worse, pen and paper and pushing it to manage payroll.
You cannot afford for errors as there are one too many areas for mistakes that could eventually jeopardize the financial health of your business.
There is a plethora of hcm software options available in the market that you can use to get your payroll more organized so you can effectively use up more time to spend on strategizing plans for your business.
If you don’t know where to get good HRIS features rolled into one, you may want to check out Human Incubator’s, EasyHR https://human-incubator.com/easy-hr/.
You need an HRIS and payroll system that can organize your employees and automatically calculate their gross pay, net pay, and deductions all completed while keeping the paperwork easily accessible to you and to your employees for their reference.
Best of all it, has automatic payroll computation with Philippine mandatory deductions.