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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.
What is Payroll Software?
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.
Manual Payroll: What is the drawback?
Before anything else, we have to look into the concerns that every business owner encounters with manual payroll recording.
What are the drawbacks?
1. Small /Medium Enterprise (SME)
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.
2. Larger business
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.
3. The accounting department
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.
Payroll Software: How can it help the business?
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:
1. Strengthens Confidence and Morale
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.
2. Reinforced and Tightened Security
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.
3. Comprehensive Business Insights
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.
4. Improve reporting
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.
5. More time for high-level tasks
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:
HR Automation
Save time and money by automating most of the HR tasks leaving you with more time to focus on strategic needs.
Robust Record-Keeping
Unify all the employee records in one system. No need for all the different files and folders!
Multiple-Branch Friendly
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/.
