- Global Payroll
- Is Your Current Payroll Solution Meeting Your Business Needs in the Philippines?
Is Your Current Payroll Solution Meeting Your Business Needs in the Philippines?
by Laurice T. Quintero | 6 min read
As the Philippines is one of the most rapidly growing economies in the world, businesses located in the Philippines or having employees working from the Philippines must have a robust payroll solution that meets their unique needs. Moreover, as the country has a unique set of strict laws and regulations for payroll, businesses need to ensure compliance with all the related laws.
However, as a business grows and evolves, its payroll needs also change. And to align with them, businesses need to make sure that the payroll solution they choose is flexible and scalable and meets their changing needs. Some businesses may not know how to evaluate their current payroll solution to see if it meets their evolving business needs.
Below we’ve outlined a few key factors to consider while evaluating a payroll system in the Philippines:
Businesses should make sure that their current payroll solutions provider is compliant with Philippine labour laws and regulations. The Philippine government has various laws concerning payroll, including:
The Labor Code of the Philippines: It sets the minimum wage and regulates overtime, working hours and holiday pay.
Social Security System Law: It requires employers to contribute to the SSS, which provides retirement, health, and disability benefits to employees.
PhilHealth Law: It requires employers to contribute to PhilHealth, which provides healthcare benefits to employees.
Tax Code of the Philippines: This law regulates the collection of taxes, including income tax, which employers must withhold from employee salaries and remit to the government.
Failure to comply with these laws can result in legal issues and penalties, which can be time-consuming and costly.
All the employees expect to be paid accurately and on time, and any errors or delays can cause frustration among them and damage the reputation of an organization.
The payroll system should be able to process the payroll efficiently and accurately, including calculating deductions, taxes, and other benefits. Also, it should also be able to generate payslips and other important documents promptly and with minimal errors.Scalability and Flexibility
As a business grows, the payroll system also needs to evolve. Therefore, it is important to ensure that the payroll solution is scalable and flexible enough to accommodate the business’s changing needs, such as changes in pay structures, the addition of new employees, and the adoption of new payroll-related regulations.
Scalability and flexibility are especially important for businesses having employees in different locations. Because they need to comply with different labour laws and regulations depending on the varied locations of the employees.
Ramco has a proven large-scale processing experience with 2.4Mn Paystubs processed every month.
Integration with Other Business Systems
The payroll solution should be able to integrate easily with other business systems, such as accounting software and HR management system.
Integration helps streamline business processes and reduce the risk of duplication of data and errors.
For example, if the payroll solution is integrated with the HR management system, the business can automatically update the employee information and track attendance and leave. And if it is integrated with the accounting software, the business can ensure that the payroll expenses are recorded accurately and accounted for in the financial statements.Cost-effectiveness
While no one would want to compromise on compliance and quality of the payroll services, no one would even want to overspend on a solution that does not meet their business needs.
Businesses should compare the current solution’s cost with other options available in the market and evaluate whether the benefits and features justify the expense. It is important to evaluate if there are any hidden costs like maintenance fees, setup fees or additional charges for extra features.Employee self-service
While it may not be of much importance earlier, today it is important to have a payroll solution that offers employee self-service where employees can request time off, view their pay stubs and update their personal information.
Ramco’s payroll solution offers frictionless employee self-service, helping businesses enhance employee experience with Voice, BOT, Mail, and Mobile Support to process queries and service requests and deliver SPOC instructions for a speedy solution.Automation
Payroll automation is the use of advanced technology like artificial intelligence and machine learning to streamline and automate the process of paying employees. This process typically involves a software system that automates tasks such as calculating and processing employee pay, deducting taxes, and managing benefits and other compensation.
Payroll automation also helps organizations save time and reduce errors by eliminating the need for manual data entry and calculation. It automatically updates employee information and ensures that all calculations are performed correctly.
Ramco’s payroll outsourcing services facilitate accurate and error-free AI-enabled payroll automation embedded with anomaly detection and data validation. And automated intelligent helpdesk addresses expense, leave, payroll related queries automatically and is available 24*7.Reporting
The payroll solution should be able to provide businesses with the data they need to make informed decisions and the ability to generate reports and track payroll expenses.
Ramco’s payroll solution features role-based dashboards, facilitating segment-wise role-based reporting for improved business insights and informed decision-making.
While evaluating all the factors listed above, businesses can even take Global Payroll Assessment to test if their payroll is future-ready.
Why Choose Ramco as Your Next Payroll Service Provider?
Ramco offers robust payroll software as well as managed payroll services in the Philippines and other regions. With our global payroll solution, you can keep your promise of paying your employees the right amount at the right time across regions while overcoming the hurdle of constant payroll updates – from tax to regulatory changes through an integrated system. We offer a simple licensing policy, minimalistic UI, different deployment models (available on cloud, on-premises, and as managed services), open APIs, chatbots and cognitive process automation.
So, whether you have a business in the Philippines or have employees working from the Philippines, you can eliminate all your payroll glitches and have a smooth payroll process with Ramco’s robust payroll solutions.
Request a demo today!