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Congratulations! You’ve just finished the interview and selection process and finally onboarded twelve employees to start operating your small business.
That is great news, indeed!
Now, what next?
As a business owner you need to pay your new staff.
So what should you do after hiring someone?
Simply giving a check payment is not enough.
There is more to it than what meets the eye.
Payroll is one of the most important business processes and it is one that directly impacts the employees.
The process of doing payroll is definitely a lot trickier and more time-ensuing.
First, you need to come up with a system on how to pay your employees.
As a small business owner you may be the one doing payroll or perhaps you have assigned a staff member to be in charge of payroll.
Payroll essentially needs to be managed, thus, the term payroll management.
What exactly is Payroll Management?
It is an administrative process of overseeing and managing employee onboarding, computing their monthly salaries, benefits, tax deductions, insurance, bonuses and retirement contributions.
It’s critical to carry out the process of payroll management efficiently and most importantly; timely, accurately and free from errors.
Additionally, an efficient payroll management system is dependable and reliable and most of all, establishes integrity and financial stability, which in turn, boost employee confidence and morale.
How do you establish an efficient payroll management system?
If you are having difficulty right now in handling your company’s payroll you can read on.
There is so much to learn about it and what it brings to the table.
Here is all you need to know: A guide to payroll management.
‘Employee First’ Mentality
- Your employees are the drivers of your organization.
- They are important so value them.
- Payroll management should be about them, not about you and the business.
- Payroll management systems need to evolve around employees, not around you the business owner nor the administrative staff.
- Getting an HRIS that helps employees can be a major consideration.
Right Tools for a Reliable Payroll Management
- There are different ways in payroll management but in general payroll processes look similar.
- Having the correct software tools will greatly help save you hours of manual work.
HRIS is the Answer
- Manual payroll management can be very labor and resource intensive.
- It also exposes the information to some eventual errors.
- This is the main reason why many organizations have now shifted their energies to Human Resource Information System (HRIS), an automated payroll management system that most often uses the cloud based HR and payroll software.
- Look around for an HRIS that is designed with the employee experience in mind.
Furthermore, these are the benefits that you will reap if you get the most suitable HRIS.
- On-time payment of employees
- Smooth and systematic onboarding procedure
- Accurate withholding of taxes compliant with local and labor laws
- On -time tax remittances and employee deductions
- Safe and secure storage of payroll records
- Can be accessed anytime by the authorized person
- Seamless time and attendance monitoring
- Efficient and effective way of managing HR operations
Compliance is Key
- Compliance is key for any business.
- Staying on top of regulatory requirements or perhaps changes to deductions in taxes should be adhered to at all times.
- There might be challenges along the way, including handling payroll for employees located in another area as well as handling contractor payments.
Well- Integrated with other Systems
- Payroll management is not the only business process in your organization.
- Before finally settling on one HRIS, you have to ascertain that it is well integrated with the rest of the processes like accounting, IT and other departments.
Why is payroll management important?
Local and national labor as well as tax laws are regulated to be followed before a business can fully operate.
Hence, it is a legal requirement.
No one is above the law so staying compliant by having the right cloud based HR and payroll software in place is pivotal.
Another significance of proper payroll management is that it promotes a healthy and productive business.
If your HRIS and payroll systems are efficient, compliant, reliable, employee-focused and well-integrated with other systems, it will help create a positive employee experience, which in turn will boost productivity; garnering a total company growth and profitability.
After all, employee engagement and satisfaction is directly linked to better business outcomes.
Payroll management is not that daunting after all.
Now you know that a Human Resource Information System (HRIS) is up for the job.
Manage HR with ease through EasyHR.
It is a leading-edge HRIS software that helps your HR team manage employees through robust record-keeping and payroll functions through :
HR Automation
- Save time and money by automating most of the HR tasks leaving you more time to focus on strategic tasks.
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 cloud based technology.
Grab this for only Php 5,500 a month! https://human-incubator.com/easy-hr/
