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Today, we see most of the companies in India undergoing a digital transformation and as a result of which increased automation is transforming almost all the aspects of a business. Even the Human Resource Department had to adapt the dynamics of a progressively digitized market place.
Payroll is an area, in which most of the organizations don’t want to “mess” with, as it would lead to some financial, severe legal consequences and unhappy employees. Payroll, being a serious concern, it is mandatory that all the businesses should pay their employees as per government’s rules and regulations but often for most organizations ‘having a bank account for paying their employees’ is pointless.
Accounting is not just simple addition and subtraction; instead it is the “spine” of any business endeavor. Most of the small businesses, in order to save money, think of handling accounts on their own – but this is not “the best” idea.
Being a boss is not a ‘walk in the park’! We are all human and thus there can be situations when we might say a wrong thing to someone. Sometimes what you say can harm employee morale and company culture too. Some phrases might look unavoidable or appropriate at the moment but that can actually puncture your relationship with the employee and make them less productive.
After spending days pondering over resume, waiting for response for over weeks and silent, long pauses mentally enunciating each interview answer, when you get a job offer that moment is euphoric! Wherever your new employer wants you to sign you are ready for it and things move very fast.
In an organization, a payroll cycle comprises of all the steps from beginning of a pay period till end. In this process the organization calculate rate of pay, number of hours, benefits accumulation or any withholdings of all the employees. Every business is ought to have proper procedures instead of risk errors, fraud or regulatory penalties.
“Finances” is among one of the most important considerations for everyone be it a manager or a small business owner. While other financial considerations are strictly internal, payroll being bit complex remains crucial in every organization.
Initially when you started your business, Human Resource (HR) administrations would have been pretty simple. Isn’t it? With an organization comprising of handful of ten or less employees, managing payroll services is easy, as uncomplicated calculations can be taken care of via spreadsheets too.
Any organization while hiring they look for vivacious employees who are ambitious and also, but when it comes to salary negotiations, they wish for they had “wallflowers”. We have a lot of information about how much to get what we deserve in the job market but things become different when you sit on the other side of the desk.
Earlier if you look a few years back there was a time when the organizations did not allow their employees to use their cellphones in the office. You won’t be surprised to know that some companies do follow the same rule even today.
There are few companies that outsource their payroll process completely, but many smaller businesses are not that financially sound to do so. To avoid unnecessary payroll-induced misunderstandings and ease the work for employees, let’s have a look on ways to make an outdated, inefficient payroll processes from efficient:
Payroll fraud is the unfortunate result of entrusting financial responsibilities to undeserving people. This can be a serious threat for your businesses if you don’t safeguarded it properly, and it can lead to complications with your accounts, putting your business out of pocket as well as your employees.