Any business that has more than one employee must have a payroll system. Paying employees consistently, correct amount and with no delays not only impacts their morale, but it also reflects the company’s financial stability. Moreover, it is a requirement for compliance with federal and emirates laws. While this is a complex process, having an efficient system helps streamline and centralize the payroll method. But first, let’s discuss what is payroll management process?
In essence, the payroll management process refers to the administration of an employee’s financial records which includes the salaries, wages, bonuses, deductions, leaves, net pay and end of service benefits calculations by complying with the local laws. A payroll management system also promotes better security and helps keep employee data confidential by outsourcing it to professionally managed firms. Different levels of data access can be specified per user roles, from administrators to employees.
Payroll Outsourcing, as the name implies, involves companies handing off their data to organizations that specialize in computing employee salaries. Outsourcing of your payroll processing to Spectrum can help you in maintaining the confidentiality of the data. Payroll process to Spectrum ensures a cost-effective and reliable solution.
Some advantages you tend to gain are
Time is money: Freeing the management to concentrate and develop other aspects of the organizationas outsourcing payroll process givesthe company cost-effective results in a lesser amount of time when experts are handling
Tax/ laws updates: The management can automate the deductions on the payrolls when any changes are made to the laws relating to employees and salary computation or taxation policy as a specialist accounting firm like Spectrum keeps the information in loop very well in advance
Pay slips: Transparency in information related to deductions or any changes made to the salary, a clear understanding with simplified breakupsin an understandable format to the employee, customizing any other aspect to bring more transparency in the presentation of pay slip becomes easy
Error-free: We use payroll software andinstall it in the client company premises ensuring automationwith a lesser room for errors to address any kind of errors. The different layers of data processed is validated in each step ensuing error free results.
Claims and expenses: Presentation of all records to the management on a regular basis. This ensures that the management to keep a track of all the details of the employee that including their travel expenses, their leaves, reimbursements or claims, and other payment details.
Complying with WPS system: All the companies with employees in mainland (other than free zone and offshore companies, as they have different compliance requirements with respect to salaries) are required to comply with the WPS (Wages Protection System) of UAE as mentioned by Ministry of Labour, Spectrum can take care of WPS system requirements on behalf of your company.