Çekmeköy masaj salonu Çerkezköy masaj salonu Çeşme masaj salonu Ceyhan masaj salonu Çiğli masaj salonu Çivril masaj salonu Çorlu masaj salonu Çorum masaj salonu Çubuk masaj salonu Çumra masaj salonu Dalaman masaj salonu Darıca masaj salonu Davutlar masaj salonu Defne masaj salonu Demetevler masaj salonu Demre masaj salonu Derince masaj salonu Develi masaj salonu Didim masaj salonu Dikili masaj salonu Dörtyol masaj salonu Döşemealtı masaj salonu Dulkadiroğlu masaj salonu Edremit masaj salonu Efeler masaj salonu Elbistan masaj salonu Elmalı masaj salonu Erbaa masaj salonu Erdemli masaj salonu Ereğli masaj salonu bayan escort Malatya escort Manisa escort Maraş escort Mersin escort Muğla escort Ordu escort Osmaniye escort Rize escort Sakarya escort Samsun escort Karacabey escort Karahayıt escort Karaköprü escort Karapınar escort Karasu escort Karatay escort Karesi escort Karşıyaka escort Kartal escort Kaş escort Keçiören escort Kemalpaşa escort Kemer escort Kepez escort Keşan escort Kestel escort Kiraz escort Kırıkhan escort Kırkağaç escort Kocasinan escort Konaklı escort Konyaaltı escort Körfez escort Korkuteli escort Köyceğiz escort Kozan escort Küçükçekmece escort Kulu escort Kumluca escort Kuşadası escort Lüleburgaz escort Mahmutlar escort Malkara escort Maltepe escort Manavgat escort Marmaris escort Melikgazi escort Menderes escort Menemen escort Menteşe escort Meram escort Merkezefendi escort Merzifon escort Mezitli escort Milas escort Mudanya escort Muratpaşa escort Mut escort Narlıdere escort Nazilli escort escort Mersin escort İzmir escort Ankara escort Antalya escort Bursa escort Gaziantep escort Denizli escort Adana escort Hatay escort Samsun escort Kocaeli escort Konya escort İstanbul escort Eskişehir escort Malatya escort Kayseri escort Sakarya escort Balıkesir escort Çanakkale escort Aydın escort Muğla escort Tekirdağ escort Yalova escort Trabzon escort Sivas escort Ordu escort Maraş escort Manisa escort Tokat escort Rize escort Amasya escort Ümraniye escort Üsküdar escort Zeytinburnu escort Çeşme escort Sincan escort Gaziemir escort İskenderun escort Buca escort Çubuk escort Marmaris escort Torbalı escort Haymana escort Kepez escort Osmangazi escort Bağcılar escort Muratpaşa escort Görükle escort Avcılar escort Darıca escort Çumra escort Anamur escort Çarşamba escort Ulus escort Kaş escort Gürsu escort Güngören escort Mut escort Kadıköy escort İznik escort Serik escort Menemen escort Aksu escort Kağıthane escort Kartal escort Maltepe escort Tire escort Finike escort Pendik escort Sarıyer escort Şişli escort Sultangazi escort Tuzla escort Konyaaltı escort Seyhan escort Melikgazi escort Ödemiş escort Mamak escort Kemer escort Mudanya escort Çekmeköy escort Körfez escort Meram escort Aliağa escort Polatlı escort Belek escort Gemlik escort Esenler escort Fatih escort Selçuklu escort Datça escort Gümbet escort Serdivan escort Konak escort Keçiören escort Lara escort Yıldırım escort Beylikdüzü escort Gölcük escort Karşıyaka escort Çankaya escort Manavgat escort Nilüfer escort Arnavutköy escort Gebze escort Beyşehir escort Silifke escort Atakum escort Çorlu escort Didim escort Kuşadası escort Merzifon escort Bandırma escort Antakya escort Ceyhan escort Battalgazi escort Elbistan escort Bodrum escort Akşehir escort Tarsus escort İlkadım escort Çerkezköy escort Bornova escort Batıkent escort Alanya escort İnegöl escort Orhangazi escort İzmit escort Keşan escort Isparta escort Bolu escort Erzincan escort Van escort Yozgat escort Zonguldak escort Afyon escort Bilecik escort Aksaray escort Elaziğ escort Osmaniye escort Şanliurfa escort Giresun escort Burdur escort Diyarbakir escort Edirne escort Kocasinan escort Onikişubat escort Salihli escort Milas escort Pamukova escort Birecik escort Yıldızeli escort Ortahisar escort Malkara escort Yakutiye escort Zara escort Yomra escort Karatay escort Mezitli escort Canik escort Efeler escort Ayvalık escort Kırıkhan escort Pazarcık escort Soma escort Dalaman escort Sapanca escort Haliliye escort Akdeniz escort Terme escort Söke escort Karesi escort Yüreğir escort Payas escort Talas escort Türkoğlu escort Turgutlu escort Karaköprü escort Samandağ escort Yunusemre escort Köyceğiz escort Siverek escort Toroslar escort Menteşe escort Kestel escort Yenişehir escort Yatağan escort Urla escort Korkuteli escort Kumluca escort Karacabey escort Alanya escort Manavgat escort Fethiye escort Kemer escort Didim escort Çorum escort Düzce escort Erzurum escort Kırklareli escort Kilis escort Kars escort Karabük escort Kırıkkale escort Mardin escort Kırşehir escort Muş escort Kastamonu escort Nevşehir escort Ardahan escort Bartın escort Karaman escort Siirt escort Batman escort Bayburt escort Uşak escort Igdır escort Sinop escort Şırnak escort Adıyaman escort Ağri escort Bitlis escort Gümüşhane escort Hakkari escort Bingöl escort Safranbolu escort Boyabat escort Kızıltepe escort Üzümlü escort Bucak escort Kadirli escort Ardeşen escort Çerkeş escort Gelibolu escort Gerede escort Dinar escort Besni escort Bozüyük escort Eskil escort Diyadin escort Ahlat escort Çivril escort Bağlar escort Akçakoca escort Aziziye escort Lüleburgaz escort Şahinbey escort Bulancak escort Digor escort Keskin escort Bünyan escort Kaman escort Akhisar escort Bulanık escort Altınordu escort Bor escort Avanos escort Adapazarı escort Virenşehir escort Gemerek escort Kangal escort Akçaabat escort Erbaa escort Tavşanlı escort Çayeli escort Suluova escort Edremit escort Ilgaz escort Biga escort Göynük escort Çukurova escort Kaynaşlı escort Emirdağ escort Gölbaşı escort Söğüt escort Ortaköy escort Dogubayazıt escort Güroymak escort Karahayıt escort Bismil escort Horasan escort Mucur escort Babaeski escort Şehitkamil escort Espiye escort Kağızman escort Yahşihan escort Develi escort Doğanşehir escort Afşin escort Alaşehir escort Malazgirt escort Fatsa escort Ürgüp escort Akyazı escort Eyyübiye escort Şarkışla escort Araklı escort Niksar escort Simav escort Ergene escort Fındıklı escort Nazilli escort Taşova escort Susurluk escort Çan escort Mudurnu escort Defne escort Kozan escort Sandıklı escort Yahyalı escort Patnos escort Kahta escort Pamukkale escort Ergani escort Oltu escort Nizip escort Görele escort Sarıkamış escort Yeşilyurt escort Dulkadiroğlu escort Kırkağaç escort Varto escort Fethiye escort Kumru escort Erenler escort Akçakale escort Suşehri escort Of escort Turhal escort Derince escort Ereğli escort Erdemli escort Bafra escort Kapaklı escort Pazar escort Davutlar escort Altıeylül escort Ayvacık escort Dörtyol escort Sarıçam escort Sur escort Palandöken escort Nurdağı escort Tirebolu escort Zile escort Ünye escort Selim escort bursa escort bursa escort istanbul escort denizli escort düzce escort malatya escort erzincan escort zonguldak escort eskişehir escort gaziantep escort gaziantep escort gümüşhane escort hatay escort hatay escort ığdır escort gaziantep escort istanbul escort konya escort izmit escort kars escort escort adana escort bayan adıyaman escort bayan afyon escort bayan ağrı escort bayan aksaray escort bayan amasya escort bayan antalya escort bayan ankara escort bayan ardahan escort bayan artvin escort bayan aydın escort bayan balıkesir escort bayan bartın escort bayan batman escort bayan bayburt escort bayan bilecik escort bayan bingöl escort bayan bitlis escort bayan bolu escort bayan burdur escort bayan bursa escort bayan Çanakkale escort bayan Çankırı escort bayan Çorum escort bayan denizli escort bayan diyarbakır escort bayan düzce escort bayan edirne escort bayan elazığ escort bayan sivas escort bayan sinop escort bayan urfa escort samsun escort bayan sakarya escort bayan rize escort bayan osmaniye escort bayan ordu escort bayan niğde escort bayan nevşehir escort bayan muş escort bayan muğla escort bayan mersin escort bayan mardin escort bayan manisa escort bayan malatya escort bayan kütahya escort bayan konya escort bayan kocaeli escort bayan kırşehir escort bayan kırklareli escort bayan kırıkkale escort bayan kilis escort bayan kıbrıs escort bayan kayseri escort bayan kastamonu escort bayan kars escort bayan karaman escort bayan karabük escort bayan maraş escort izmit escort bayan izmir escort bayan istanbul escort bayan Isparta escort bayan Iğdır escort bayan hatay escort bayan hakkari escort bayan gümüşhane escort bayan giresun escort bayan gaziantep escort bayan eskişehir escort bayan erzurum escort bayan erzincan escort bayan tekirdağ escort bayan tokat escort bayan trabzon escort bayan uşak escort bayan van escort bayan yalova escort bayan yozgat escort bayan zonguldak escort bayan <

Do’s and Don’ts of Smart Payroll Management

Do you know the importance of payroll management? Payroll is often one of the biggest expenses for any organisation. Hence, it is crucial for organisations to ensure that it is accurate and disbursed to employees on time – or risk unhappy employees.

There is no denying that payroll is a complicated business. The complexities of processing payroll are further amplified by various factors including respective country’s labour laws, number of employees, type of salary items, and even pay frequency. Failure to adhere to respective labour laws or statutory requirements can result in hefty penalties, in which some organisations simply cannot afford to do so. Here are some do’s and don’ts to help organisations navigate the complexities of payroll processing and to drive an efficient payroll management process.

Do ensure employees are classified correctly

Incorrect classification of employees can result in inaccurate payroll calculations or statutory contributions. It is crucial to review your employees’ classifications on a periodic basis, whether they are full-time employees, contractors, part-timers or interns. These employee classifications will help to determine the pay frequency, amount of statutory contributions or applicable benefits and allowances. Wrongly classified employees can result in incorrect statutory contributions or deductions, in which the payroll team will need to spend additional time and effort to rectify the payroll errors.

Do implement a proper payroll process

A poorly documented payroll process is one of the major contributions to payroll mistakes and delays. Without a proper payroll process, staff may miss out on crucial payroll processing steps, resulting in inaccuracies in payroll calculations. A typical payroll process can be drafted out as follows:

  1. Consolidate payroll instructions and employee records, such as new hires, resignees, promotions, and salary increases
  2. Compute payroll calculations
  3. Review payroll results
  4. Salary disbursement and payslip issuance to employees
  5. Submission of statutory contributions

Ensure that payroll policies and steps are clearly documented so that staff are aware of each step. It is also advisable to review payroll policies from time to time to identify bottleneck areas and streamline inefficiencies.

Do establish a payroll processing timeline

Payroll is time-sensitive, which means that any delays cannot be accommodated. After all, employees certainly do not want to receive their salaries late. When establishing a payroll timeline, do consider the frequency of payouts and factor in additional time for payroll processing and checks. It may be helpful to set up monthly payroll cut-off dates to prevent any last minute changes to payroll calculations. Once the payroll schedule is finalised, ensure that every payroll staff is aware of the timelines and adhere to the dates strictly.

Do backup your records

While payroll records are usually automatically stored on the payroll software. It is important to back up payroll records on reliable media or on the cloud from time to time. After all, you never know when payroll records may accidentally be deleted by a disgruntled employee or hijacked by malware. Concurrently, do implement robust data security protocols to ensure secure storage of your payroll records.

Do not assume that payroll calculations are always correct

Most companies would be utilising some form of payroll software for their payroll processing. As such, it is easy to assume that payroll calculations are always correct. Given that they are computed by a software instead of manual excel calculations. However, a small incorrect data entry can result in incorrect payroll records for the month. Moreover, most payroll software are unable to handle international payroll processing, which just increases the risk of payroll miscalculations. Consider incorporating a doer-reviewer process as part of the payroll procedure. This helps to ensure that payroll calculations are thoroughly reviewed and checked for any potential errors before disbursement to employees.

Do not underestimate the importance of payroll training

Even with the most updated payroll software or robust payroll policies, all will be in vain if payroll staff are ill-equipped to execute the payroll functions. Periodic payroll training for employees helps to drive internalisation of existing processes and provide a platform for employees to clarify any queries or raise areas for improvement. Payroll legislations and employment law are constantly evolving. Regular training ensures that employees stay abreast with ongoing legislative changes. This helps to facilitate employees in executing compliant payroll processes.

There are no golden rules when it comes to payroll management. However, smart payroll management first starts with understanding improvement areas within the payroll team and taking steps to mitigate them. By implementing the fundamental steps to address inefficiencies within the payroll team, this will certainly help to boost the payroll department to manage the complexities of payroll more efficiently.

Managing Payroll

Managing payroll is a highly meticulous task. Even the most seasoned payroll professionals may make mistakes from time to time. This is due to the ever-changing payroll legislations and large volumes of employee data. It is imperative to ensure that payroll is done precisely and accurately. The most minor error could potentially result in expensive damages for the organisation.

Some organisations believe that the best way to manage payroll effectively is to run payroll in-house. This allows them to be in complete control of payroll processes. However, payroll processing is often not as basic as it seems especially when handling large volume across different regions.

Here are some of the top 3 challenges that most payroll professionals face on a daily basis. Here is how to effectively address them:

Adhering to ever-changing payroll legislations across the region

Payroll legislations across all countries are constantly changing, adding on to the complexity in processing payroll. According to research from TMF Group’s 2020 Global Business Complexity Index (GBCI), legislative complexity associated with HR and payroll varies considerably between different jurisdictions. It then falls upon HR to ensure that they constantly keep abreast of the changes in payroll legislations across the region to ensure compliance with the respective laws and regulations. Majority of the time, non-compliance can result in hefty fines imposed on the organisation.

Given the challenge in having to stay up-to-date with legislations that are constantly evolving, the common solution that most payroll professionals turn to is outsourcing their payroll function. By engaging a third-party payroll vendor, it eliminates the need to constantly monitor the individual country’s payroll landscape for any legislative changes. Most payroll vendors are able to stay on top of any major or minor payroll changes and incorporate any changes into their payroll software. This helps to ensure that organisations who utilise their payroll software comply with the ongoing changes in payroll or tax legislations.

Processing payroll for high volumes of employees

Processing payroll consumes a large chunk of time. This is because there is pre-work such as timesheets and data changes consolidation that has to be done before the payroll run. It becomes even more time-consuming if there is a need to process payroll for a large group of employees. The time spent on reviewing the accuracy of payroll records, employee timesheets to salary calculations and deduction, and compliance with statutory laws and legislations. All these hours can be used to help support the business in terms of growth and expansion.

By engaging an outsourced payroll vendor, these administrative tasks can be passed on the vendor. The payroll vendor will be responsible in ensuring accuracy and compliance. Companies who use Human Capital Management (HCM) software may face the challenge of synchronizing their employee data on the global HCM system with the payroll data in the local payroll systems. Maintaining accurate employee data across multiple systems, often manual re-entering. Some may upload the same employee data from one system to the other. It can result in the loss of several days of HR productivity each month as well as manual mistakes. Some companies outsource this process to payroll vendors.This helps ensure that the right employee and payroll data is fed into internal systems. Through state-of-the-art data integration technology, some payroll vendors may have their payroll system integrated with the HCM system. This enables easy transfer of data between the platforms.

About iadmin

Check Also

How to Look For The Best Welding Shop In Tulsa OK

When you are looking for a quality welder, you want to be sure to find …

Leave a Reply

Your email address will not be published.