Payroll is an important process for every company for which the employers pay their employees.
One of the major tasks for any business is keeping track of employee work hours and compensating all workers accurately. In the old days, timekeeping had to be done manually with physical time cards and times sheets.
Manual timekeeping is tremendously labor intensive. From an employee’s time card, the payroll staff has to add up the days for the pay period, get the total, then enter that number into the spreadsheet to calculate payment. Not only that, it also includes overtime hours, unpaid breaks, late, absences, etc., those have to be manually calculated as well. Imagine having to do that for each every pay period. And what about if you have 1000 employees or more?
A manual payroll system is performed entirely by hand, whereas a computerized payroll system allows a company to process its payroll via dedicated payroll software. A manual system can result in payroll errors and is usually a slow, laborious process.
Computerized systems offer a number of advantages, including increased accuracy and speed. These systems calculate all pay frequencies, such as weekly, semi-monthly and monthly, based upon the input data received.
With a computerized system, the employee clocks in and out using electronic data time recording (DTR) devices such as finger scanner, swipe card, or proximity card. No more time card or time sheet to use. The system keeps track of the days and hours worked and can provide updated information on the total hours worked to date with just a click of a mouse. It can even calculate the gross pay at the same time. This saves a great deal of payroll processing time every pay period.
When payroll functions are computerized, accuracy and efficiency can be greatly improved. A company can save money and time in their payroll operations.
Payroll system package ranges between P50,000 up to P100,000. However, you can get a full system package for under P10,000 here.