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A business idea needs people who can execute it. For some time, you can even run the program on your own, but finally, everyone realizes the need to get more people involved to achieve business objectives. When you associate your first employee, you are responsible for making sure that you are paid on time. When more employees join, they are presented with terms such as payroll processing and payment period
Are you already feeling overwhelmed? Do not worry, we will take small steps and discuss how you can establish an effective payroll for your business, especially if it is a small company.
Step 1: Collecting all employee information:
This information involves personal details of the employee and financial details and last details of employment, especially if the employee has joined in the middle of the fiscal year, in which case the employee must present the income and details deducted from Previous employment taxes for The calculation of general tax liability.
Step 2: Establish the absence policy, attendance, shifts:
Let’s take an example. Some organizations opt for the calendar year (from January 1 to December 31) as the year of leaves and for payment for the financial year (from April 1 to March 31). The three-month gap (January to March) gives time to finalize the aspects related to the final leave of the year. The same policy once approved, becomes the basis for the monthly payment and the calculation of taxes. At this stage, you can also select the infrastructure you want for your company to record the assistance of its employees with Chatbot & AI enabled Leave Management Software in jamaica-kingston-spanish-town-portmore.
Step 3: Choose your payroll period/cycle:
It is the period for which an employee is paid. Several countries execute the monthly, weekly, bi-weekly, daily, etc. payroll. The most used payment period is monthly. That is, from 1 to 30/31 of a month.
Some companies follow the payroll cycle as the calendar month and some companies follow their own specific payment cycle for their administrative convenience.
Step 4: Set up a software to run the payroll:
Executing the payroll means calculating the payment for each employee, after considering the leave and attendance data, claims for expenses and reimbursement, withholding tax requirements, etc. Many times small companies opt for the manual method of Excel sheets, where they establish formulas to do the calculations, but can put them in a bad situation if the calculations are not exhaustive and precise.
Today, there is payroll software available that costs as little as 10 rupees per employee per month. Chatbot & AI enabled Payroll Software in jamaica-kingston-spanish-town-portmore not only automates payroll but also automates the management of absences and assistance, reimbursement of expenses along with legal compliance.
Legal compliance is very critical. Make sure that the payroll software you choose complies with the legal requirements, such as the calculation of the tax, which will be deducted from the salary and deposited with the government and other authorities.
Step 5: Respond to employee inquiries:
The main source of income for your employees is the money you pay as salary. Your employees may have inquiries such as validation of taxes deducted from their monthly salary, their last three months of salary receipt, overtime payment, etc. Many payroll programs offer self-service functions that help the employee to log in and see their assistance, payment, and tax calculation etc., it also helps the payroll officer to focus on its central function.
Clearly, the payroll function is not just about calculating the net salary and releasing salary checks, but it has become an integral function. For beginners, it may seem little discouraging.
While payroll is a complex process, with advanced payroll software available in the market, you can automate a large number of procedures and ensure accuracy and efficiency. Chatbot & AI enabled Attendance Software in jamaica-kingston-spanish-town-portmore, intelligent and easy-to-use software, created especially for small and medium businesses. Not only does it help you process accurate payroll every month, it also comes with built-in expense management and regulatory leave modules, expense management and support.
Here is the list of features which you can get by using PeopleQlik:
- PeopleQlik Core
- Core HR Software – HRMS
- Cloud Payroll Management Software
- Employee Self Services
- HR Analytics Software
- Corporate Wellness Platform
- Workforce Administration
- Leave Management Software
- Time and Attendance Management Software
- Shift & Scheduling
- Claims & Reimbursements
- Timesheet Management Software