An Expert Guide: Why Companies Are Using Payroll Technology Systems
Updated: Dec 5, 2019
Spreadsheet is a tool of the past, get a payroll software specialized for you.
We can probably relate by just looking at this picture. Lots of memories, right?
That is the everyday life of a payroll specialist, computing their employees’ wages including the benefits, deductions, maximum hours of overtime, under time and computing absent leaves.
We cannot ignore to commit human errors especially if the coming of employees’ payout is due-nor is even there is a load of paperwork’s to balance and compute.
We all know that change is constant, and by “change”, means your company is growing departments, decision, “PEOPLE”. So, how can a payroll squad workaround with all its EVERYDAY computations with your 14-ledger columns justifying all the calculation dated on its due?
The growth of payroll systems has been a talk within payroll universe because of its capability to speed things up without a cause of an error and produce accuracy and timeliness in numbers.
If we’re going to go deep dive on how Philippine payroll software can help you:
1. Accuracy and timelines
How many hours you would have spend every week? Researchers found out that 62% of small business to enterprise businesses spent 50 or more hours per week. Another study shows that 50% of owners lack capital and cash flow as their top priority. Either of these is a routine you face everyday that becomes a major concern. You might want to look for ways how to optimize your schedule and be more productive. With an integrated Philippine payroll software, all those purified tasks are simplified with just a few clicks and tricks. This way you can focus more on single-checking ins and outs of your finance’s capabilities.
Imagine spending multiple hours calculating the employee’s hourly consumption (including the overtime pay rates, leaves etc,.), with a payroll software system, you can simply input all the details and into a payroll software and all the calculations will be done in no time.
2. Avoid payroll mistakes
Payroll mistakes are expensive. Failing to withhold the right amount in employment taxes could lead to IRS penalties. And if you forget to provide overtime pay to nonexempt employees, you could face FLSA (Fair Labor Standards Act) penalties.
SERVIO Payroll software solutions helps you avoid tax miscalculations. SERVIO Payroll automatically compute all income taxes and is a BIR-Compliant ready in compliance with TRAIN Law so that you won’t have to worry with all the web calculations to work on just to put it on a note.
3. BIR Compliant and TRAIN-Law ready
SERVIO Payroll software is developed to be fit to Philippine government compliance and is designed for local businesses in the Philippines so that your payroll specialist won’t have to work on a separate ledger for a specific calculation that needs to be justified.
Your all in one Payroll software gives you an access to be accurate and timely so that you can generate reports and submit it on time.
4. Create an instant payroll record.
A payroll specialist always has his/her payroll records. Fair Labor Standards Acts says a history of all payroll database are to be kept for validation and the IRS requires to maintain employment tax records for at least four years. If you have this raw database before diving into a payroll software, one good benefit of using a SERVIO Payroll system is you can integrate and transfer raw data to the payroll management system so that you can automatically start working with your current computations.
With SERVIO Payroll, you can keep track of your payroll records 2-3 years from now and create a payroll report automated at a glance so that it would be ready for any tax submission during tax season.
5. GDPR Compliant
May it be a Cloud or on-premise set up, SERVIO Payroll system is compatible with all of these layouts. With a 100% guaranteed security and protection, all the information stored are secure.
Our payroll software solutions can be accessed on any device, whether offline or online anytime anywhere. From there, you won’t have to worry about doubting at doing your work because all information’s are safe and secure.
With an integrated payroll system, you also have access to nominate which members you would like to allow for certain meetings and set ups so that this way, everything is organized and secure.
6. Employee accessibility
Checks, over the counter, balances and all that turtle-slowing stuff are a big hassle. In today’s fast-growing millennia, people are too busy curating their own lives. There is a lot of things they need to accomplish on a day-to-day basis, and, including those turtle-slowing stuff is a thing that eats and waste hours.
Gone are the times where employees are receiving checks and go through an over-the-counter process just to withdraw their wages. Businesses nowadays use a payroll system integrated to help employees check their balance online and help payroll people to send all those details to them.
7. Strategic payroll management system
Given that you already had the payroll dashboard at a glance, this way you can save more time, work at ease and work confidently with the accuracy of all your data gathered all in one place.
This is the perfect time to start thinking on what are the things that need to improve in your payroll department. It is always nice to be a good partner if your HR department hire people and work with their 201 file whilst your department can organize the wages of its employees not to mention some gigs the HR are launching (team building, events, etc,.) so that you can manage the company’s finances all at one.
As year passes by, the growth of technology helps us speed up all our labor tasks and greatly help us create decisions for the improvement of the company.
If you are curious to know more about how Philippine payroll system works in your business, get advice from our licensed consultants. Schedule a meeting and learn more.