The Many Ways Your Business Can Benefit From Offshore Accounting
Accounting is an important aspect of every company. Companies must keep track…
Payroll used to be done by a company’s accounting and HR departments.
Today, payroll is now being powered by payroll software and has revolutionized the way compensation is being serviced and handled.
Payroll was not as profitable a service to clients.
But now, it is time to take another look.
New cloud payroll software is surely making waves and it is undoubtedly making life much easier for companies.
This is also opening doors of opportunity for vendors wanting to offer payroll services.
Payroll software is an on-premise or cloud-based solution that manages, maintains and automates payments to employees.
Payroll software needs to be integrated, robust, and properly configured so it can help businesses of all sizes keep up with HR tasks and be compliant with tax laws and other financial regulations.
The good thing about having payroll software here in the Philippines is that it can help reduce costs, especially for small to medium-sized businesses.
This frees the HR department from a load of routine tasks so that they can spend more time on planning, budgeting, and strategizing other business-related initiatives.
Before anything else, we have to look into the concerns that every business owner encounters with manual payroll recording.
What are the drawbacks?
Starting out in business is a daunting task.
But having to set up a business to fulfill dreams of having a better future is as good a motivation as any.
With this, small businesses could not escape from the tedious responsibility of doing data entry.
Month in and month out, business owners and accountants must complete payroll information for themselves and their employees.
They have to make do with what they have knowing fully well what they’re doing is prone to mistakes.
As the business grows, it becomes larger, and it may have reached a size that HR in-house payroll team will have something to worry about.
Or they may have already outsourced the payroll to a vendor offering payroll service which they have no idea about.
The accounting department would possibly have avoided this type of responsibility of juggling benefits and compensation whenever possible.
The reason is that it is mainly repetitive and tedious work, prone to errors in data entry, time-consuming, and tough to deal with.
With all these concerns and drawbacks, how can payroll software in the Philippines help the business?
Everything is changing – thanks to the power of the cloud !
The benefits of implementing an efficient, compliant, and configurable payroll software Philippines solution go beyond the regular responsibility of merely paying employees.
It also helps companies in different ways:
Having a payroll system in the Philippines makes things more accurate and precise.
It avoids instances in which employees are paid erroneous amounts or perhaps are not paid for overtime work already rendered.
In this manner, it strengthens the trust and confidence of employees toward management in general and their boss in particular.
Payroll software systems help ensure that only authorized people have access only to the most critical information.
It is crucial for organizations to have payroll software in place so that there won’t be any problems with double payments.
It ensures that every payment is accurate, and automatically computes the appropriate mandatory salary deductions and tax payments for each of their employees.
When payroll software systems are integrated with other parts of the business system, companies are able to have comprehensive business insights that can help them develop better strategies and forecasts.
With this, companies can already identify the real-time personnel costs for each department and the revenue achieved for a certain period of time.
Payroll software provides detailed reports that have real-time insights.
This data can easily be converted into charts and graphs that management can use to make critical business decisions.
Compared to manual and outdated payroll recording, payroll software in the Philippines can save organizations more hours each month— this means there is more time for other business opportunities.
You see, with payroll software in the Philippines, there are so many benefits in store for businesses.
Consider a cloud-payroll system called easyHR.
It offers HR Professionals these benefits:
Save time and money by automating most of the HR tasks leaving you with more time to focus on strategic needs.
Unify all the employee records in one system. No need for all the different files and folders!
Manage multiple offices and branches effectively with our cloud-based technology.
Transform your payroll processing into a more comprehensive and accurate one.
Book a free demo now.
Check out: https://human-incubator.com/easy-hr/.
EasyFIS is a Software-as-a-service (SAAS) sales, inventory and Accounting system designed for Micro, Small and Medium (MSME) Enterprises.
If you want to manage your business in real-time and in a WFH Work from Home Setup, EasyFIS can provide a turn-key solution to your most common business problems to effectively monitor your sales, checking your LIVE inventory stock quantity and most importantly the status of your business’ financial health.
On top of that EasyFIS is CAS (Computerized Accounting System) compliant ready for government taxation in the Philippines.
EasyHR is a Software-as-a-service (SAAS) web application that helps to manage your Payroll and Human Resource Tasks easily and effectively.
Whether you are handling less than ten (10) employees or up to more than ten thousand (10,000) employees, EasyHR can do the job for you and saves you a lot of time in computing your Payroll and managing your Employee 201 Records anytime and anywhere.
But not only that, EasyHR further has an Employee Portal that allows your employees to access it online and check their own Payslips, Overtime, Leaves and Time Records. It saves a lot of time and money in printing these Payslips and paper wastage.
EasyPOS is a standalone Sales and Inventory system designed for businesses with Physical Stores and does not necessarily need an Internet or cloud solution.
The software is very easy to use yet already fully loaded with the necessary daily functions in running a store.
It already has a complete Sales and Inventory system with Item components.
Barcode and Touchscreen Interface that can be used for both groceries and restaurant setup respectively. Plus it is already BIR Accredited to legally issue Sales Invoice (SI) and Official Receipts (OR).