Innovation & Technology
A payroll system is to minimize burden in compensating your employees so you can focus on expending your business.
As we all know, managing a business is never an easy feat. Many of us have come a long way in setting up our own business or a start-up, and have probably been through the same hurdles such as putting in place a marketing strategy, business plans, finding the right partners, and doing the groundwork to make everything up and running.
There have been many business success stories, such as entrepreneurs like Steve Jobs and CEOs like Jeffrey Immelt (CEO of General Electric), and not to mention an abundance of inspirational quotes and infographics however, not many people mentioned about the importance of having a payroll system. This often-overlooked question can cause potential problems for business owners or start-ups if it is not properly addressed.
In short, payroll is the amount of compensation an organization has to pay its employees for a period of time. It is often done with a system so that each part of the organisation’s compliances would be met. It is vital for each company to have a reliable payroll system for a few reasons. First and foremost, we have to agree that employees’ motivation and benefits depends on how accurately and timely you pay them. There is no doubt that employees form the backbone of an organisation, without them your company may find it difficult to function.
Next, as an employer, you are liable to the different compliance and legal regulations, such as MPF or tax. You are to ensure compliance to each of the legal requirements – doing so will save you tremendous time and effort in any non-compliance issues. An effective payroll system should assist you in getting that done, especially when you need to go through past records for details. An organised payroll system will always reduce your workload and save you from any unnecessary legal issues.
Setting up a payroll system for your organisation is not hard. To start, you need to define who your staffs are, their responsibilities, and their wages. Remember that not all staffs have the same payment or the same frequency. For example, a full time employee may be salaried whereas a freelancer may be paid by project basis. Once you have mapped out the details, record everything down carefully and update your system regularly.
To ease your burden of running payroll yourself, there are many different payroll services in the market. It is vital to always find one that serves your needs, and are compliant to the local country statutory regulations. A good payroll system should work seamlessly with other systems too, not only does it calculates and record your periodically pay requirements, reminds you once any payment is due, it should also help in alleviating some of your non-payroll work (such as accounting). The system is to serve you and minimise any human errors or confusions that would come in the way.
Here is a rule of thumb: a payroll system is meant to minimise your burden in compensating your employees so you can focus on expending your business. Be specific in your details, list out all your requirements, and find a system that can help you along the way. Always treat payroll as an equally-important part of your business.
You can also visit Gpayroll to tackle these itemised pay slips woes. Gpayroll, an online payroll solutions provider, offers a very unique solution which no other online payroll provider does.
Published Date: 23 Jan 2018
Content provided by Gpayroll
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