A Modern Approach to Payroll Management

Payroll Management

Estimated reading time: 4 minutes

Payroll management in modern times has undergone a drastic change of perspective. While earlier, it would simply be a process of paying the employees their wages, today it has assumed great importance due to the involvement of various laws and regulations as well as employee-oriented practices.

As we try to regain momentum in the post-pandemic world, it is important for all Australian businesses to enhance the employee experience by ensuring that the right salary is paid to each employee at the right time, every month.

A lot of employees work across different cities, in other countries and there are also those who work remotely due to the pandemic outbreak. In such scenarios, conventional payroll processing proves to be inefficient and error-prone.

Taxation and Compliance Rules

There are different taxation and compliance rules for different countries apart from the STP and STP2 compliances as well as ATO rules for Australia. The in-house HR teams have to take care of all these compliances and also any updates that are made. In such a scenario, only a reputed cloud-based payroll software can help solve the problems. Nowadays, there is various leading cloud payroll software available in Australia that offers benefits such as:

  • Ability to create organization-specific rules
  • Defining the business logic for Earnings, Deductions, Bonus, Arrears, Leave and Attendance
  • Compliance to various standardized practices across different locations
  • Factoring in variations within individual and local geographies
  • Seamless usage courtesy of multi-element, multi-decimal, multi-currency and multi-country payroll

Holistic Coverage

A payroll management software allows a holistic coverage of the entire payroll and HR operations in different regions and countries including:

Singapore, Malaysia, Taiwan, Indonesia, Philippines, Vietnam, Thailand, Hong Kong, India, Bangladesh, Pakistan, Kazakhstan, South Korea, China, Macau, Sri Lanka, Myanmar, Nepal, Japan, Brunei, and Cambodia, Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, United Arab Emirates, Yemen, Iraq, Lebanon, Jordan, Egypt, Morocco, Cyprus, Turkey, Sudan, Republic of S. Africa, Tanzania, Nigeria, Ghana, Kenya, Algeria, and Mauritius, Australia, New Zealand, Papua New Guinea, and East Timor, United Kingdom and Ireland and the USA.

World-class HR Payroll Software

When you use world-class HR payroll software, it seamlessly takes care of the multi-currency payroll requirements as per the countries listed above. Not only that, a truly international payroll software would go beyond English and offer interfaces in different languages such as Chinese, Vietnamese, Thai, Bahasa Indonesia, Japanese, French, Spanish, and Arabic.

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We are also dealing with a scenario where limits of on-premises human resources affect the quality and efficiency of HR and payroll management. The experienced international payroll companies understand the challenge and they offer solutions to enhance the employee experience.

HR functions in the new normal have expanded beyond hiring people or paying salaries to them. Today, human resource managers are entrusted with the entire responsibility of managing the employee experience.

Keep Employees Happy

Businesses are run with the belief that employees are the most valuable assets. No matter which industry you operate in, if the employees are not happy, motivated, and productive then the organizational performance would suffer. With rising competition, it is important to use the right HR payroll software that not only allows you to pay the employees on time but also handles core HR functions seamlessly.

SEE ALSO: How to Successfully Increase Productivity in the Workplace

You can carefully evaluate the software available in the Australian market, and choose one that is cloud-based and comes with additional modules such as Core HR functions, employee expense management, time and attendance system. The right software would also be easy to deploy and will offer fast and seamless integration with other leading 3rd party software. Thus, the payroll software would enhance the capability of your HR operations and make all employees happier!

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