Manpower is a major company asset. That's the reason why you have to keep your employees happy. One way to do so is by making sure that they're paid well and that their paychecks are issued on time. Some companies have paycheck systems all their own, but if you need assistance, there are firms that provide innovative paycheck processing solutions to your rescue.
The Need For Paycheck Solutions
Why does your company need help with paychecks? Can't your accounting or payroll department do it on their own? Here is an overview of how paychecks are processed:
* Performance assessment- each employee is evaluated based on the standards that the company has set. This is usually based on the attendance and accomplishment reports compiled by the managers.
* Paycheck calculation- base pay, taxes and other deductions, and additional bonuses are computed to come up with each employee's net salary. This is very important, taking into account the many cases of paycheck miscalculations filed at the Internal Revenue Bureau, which allegedly occurs at a ratio of three to one.
* Paycheck reproduction- this includes encoding and publishing the cheques, pay slips, and all other necessary documents.
* Paycheck distribution- this stage is also crucial because any delay in the issuance of paychecks, however slight, is bound to cause employee dissatisfaction and possibly resignations.
* Tax filing- aside from making sure that the employees get their paychecks, companies also have to make sure that they are paying their obligations to the government. Check out with the Australian Taxation Office (ATO) for further information.
What Paycheck Solutions Providers Have In Store For You
There are various paycheck solutions providers for you to choose from. What products qualify as a paycheck solution? Read on some of the qualifications:
* Attendance checkers- in the past, you have log books, bundy clocks, and roll calls. Now, it's card swiping, biometrics, and computer logging in systems.
* Online pay monitoring systems- employees can log in to their own online payslips.
* Paycheck calculators- there's a proliferation of these on the Internet. They're free and are available for every employee to use.
* Automated paycheck processors- these are software programs that handle calculation and allotment of funds for employees' salaries. Some processors also allow you to file each employee's taxes automatically.
* Automated cheque distribution- employees just go to what seems like a paycheck vendo machine and get their paychecks, complete with signatories and their respective signatures.
Things To Consider When Choosing A Paycheck Solutions Provider
What qualities should you look for in zeroing in your partner in providing your employees their compensation cheques the fast and easy way? Check out these tips:
* It must be user-friendly- no frills, no multiple pop-ups, and other "quasi-delay tactics" that are most employees' pet peeve.
* It must be 100% accurate- no company wants to be cheated with their assets or sales. Likewise, even if it isn't really your intention, no employee would want to be cheated on their paychecks. Therefore, ensure your choice paycheck product's precision.
* It must be efficient- every paycheck-related transaction must be done fast. Of course, errors may come in inevitably, but it must also have the ability to correct them quickly.
* It must be reliable- even if you choose a separate company as your paycheck solutions provider, you will still be held responsible for any flaws that the system commits. Thus, make sure that the system it has is fool-proof, fail-safe, and consistent with its promises.
* It must have a customer service orientation- make sure it has the same passion for service that is practised in your company. Make sure also that its customer service hotlines are available anytime you'll be needing them.