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Most business owners tend to hire individuals to work manually on administrative tasks instead of purchasing a software system to handle it. This is especially true for startups or small businesses, where there’s typically limited resources and a smaller staff to maintain.
However when the business grows, so will staffing concerns. A manual system can be a tedious, complicated process, one that can have a negative impact on overall operations efficiency and productivity. Philippine companies have identified the following five major pain points related to matters involving timekeeping, staff attendance, scheduling and payroll: manual processes, inaccurate data, scale, visibility/reporting, and cost issues.
WHAT IS A PAYROLL MANAGEMENT SYSTEM
A payroll management system is a software program or system application that is used by companies to manage employee’s payroll related matters. It is an automated process that oversees the financial records pertaining to worker’scompensation within a company.
SIGNS THAT YOUR COMPANY SHOULD INVEST IN A PAYROLL MANAGEMENT SYSTEM
Your business is growing
A manual system for handling administrative tasks is an unsustainable model for startups that are seeing signs of growth and progress. Having this process automated will save you so much time, energy, and resources while ensuring that payslips are generated on the dot on a consistent basis.
Your current systems are incompatible
A payroll management software is a fully integrated system that can handle various data points and perform accurate computations in a fraction of the time it takes to do it manually.
You have too many backlogs
If you are spending too much time fixing payroll issues instead of doing your primary role, then you’re not maximising your full capacity and selling yourself – and your company – short. Don’t let administrative task stop you from looking at the big picture.
Relying on a manual system increases the risk of mistakes, and that can cost a lot of time, legal fees, and resources to correct. Using the right payroll management system will ensure that you’re on top of compliance requirements on a consistent basis.
You get too many employee complaints about salary mistakes
Salary concerns are a touchy subject, and employees are understandably sensitive to any mistakes committed in computing their paycheck. Invest in a reliable automated system to fix these issues, and it can lead to loyal and happy workers who will work hard for you for years to come.
Your current payroll process relies on too much paper
It’s time-consuming and wasteful to continue to use a system that needs too much paper. Cloud computing options allow for 24/7 access to vital information, where reports can be generated in an instant and data updated as soon as new information comes in.
PROS AND CONS OF A PAYROLL MANAGEMENT SYSTEM
Pros
- Efficient employee information management
- Convenient and easy report generation
- Security Management
- Accurate salary computation that arrive on time
- Reduce HR administrative tasks
- Access to up-to-date compliance regulations
Cons
- Up-front and maintenance costs
- Requires employee training
- Can be time-consuming to install
A reliable payroll management system is vital to running a successful business. It handles all the repetitive, tedious, and time-consuming tasks so that you and your management team can have more time, energy, and resources to focus on creating strategies that will grow your business. There might be upfront and maintenance costs to deal with, but the benefits of automating your company’s payroll system far outweigh these costs.
If you’re interested and would like to know more about when you should invest in a payroll management system for your business, we’ve compiled an ebook for you. Click on the button below to get your copy now.
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