The overall performance, structure, and management of an organization must improve constantly. Such improvements will help in market expansion which is the sole aim of most of the businesses. Irrespective of the hard work that a company undertakes to maintain an up-to-date system, something can still go wrong.
In an organization, the most tedious task is payroll management of the HR department. Payroll management includes several tasks including computing salary, maintaining allowance, calculating deductions, taxes, and net pay, and maintaining employee information.
Generating payments with accuracy and at the correct time is not only important but it has a direct impact on other verticals of the process. Such tasks when done manually can lead to errors. Therefore, to handle everything efficiently an organization in UAE is required to utilize payroll software for achieving growth and success.
With the growth of business, the number of employees will grow and hence managing HR procedures can become a serious issue.
An intelligent Payroll Software of UAE will not only aid in simplifying the responsibilities of HR and management activities but also amplify the efficiency and productivity of the employees of the organization when they are provided with the desired payment at the correct time.
Moreover, a payment management system can reduce the strain on your firm as it will effectively complete every task of the firm while ensuring that you focus only on growing your business.
What is payroll software? Payroll software is a cloud-based solution that handles and automates payments to employees. Reliable, connected, and appropriately configured payroll software can guide organizations irrespective of their size, to maintain compliance with tax laws and regulations and reduce costs.
This frees up HR personnel from mundane complex tasks and they can able to invest their time in more productive tasks for the growth of the business. Let us explore some of the possible benefits of the software for managing your growing number of employees.
Reduce errors: When you are responsible for several employees, their pay is not something that you can make mistakes with. Most of the UAE employees live paycheck to paycheck and therefore mistakes with payroll can be costly for your company and your employees. Additionally, it only takes one or two mistakes for an employee to lose trust in the organization and start looking for an organization that is reliable.
Payroll software can calculate the correct overtime pay, commissions, and deductions that influence the salary of an employee. If there is no manual entry of data, then the chances of incorrectly copying a number or mistyping a digit are eliminated.
Improve data security: Important information such as name, phone number, bank details, address, and social security number are involved in payroll processing.
Storing such data in spreadsheets and paperwork is not very secure and when the data of a huge number of employees is involved in the process, it becomes riskier. When you use an automated payroll system, all such data remains encrypted and hence only available for you and your team.
Moreover, such online systems make it easy to edit passwords, authenticate users’ identities, and send notifications for training of security, to ensure the protection of the information. It is just as important to protect employee data just as important as customers data.
Increase efficiency: Efficiency is significantly increased with automated payroll software where many manual tasks are automated. This ensures that the finance and HR team of your organization can focus more on important tasks rather than tasks that are time-consuming and repetitive.
Tasks such as computing wages, processing direct deposits, and deducting taxes save a considerable amount of time when automated. The software reduces the risk of errors of humans that can result in a huge cost to the organization.
With the software, a task that would normally take up a considerable amount of time can be accomplished within a fraction of the time. For example, an organization with 200 employees will have to spend a minimum of three days calculating wages, taxes, and deductions manually. With the adoption of Cloud Payroll Software in the UAE, the same task would be completed within a few hours.
WPS Compliance: It is mandatory for organizations of the UAE to comply with the Wage Protection System (WPS) in the process of payroll. WPS is an electronic wage transfer system that foresees the disbursement of salaries while ensuring that the employees are paid the correct wages at the correct time.
The requirements of this system emphasize the importance of payroll software. With the software, new employees can be easily added to the system, produce required salary information files, and upload the same to the WPS system irrespective of the number of employees within an organization.
The software is also updated as per the changes in the regulations so managing payroll and complying with laws is done easily.
Employee self-service: Most payroll software solutions are equipped with employee self-service options. With the increase in the number of employees working overtime it will become difficult to address each and every query of the employees regarding their payroll information.
Employee self-service portals enable employees to have access to necessary information, update personal information, and request time off without needing the guidance of HR every time.
The pay stubs, benefits information, and tax form, whenever necessary instill satisfaction and transparency. Such a self-service feature eliminates numerous routine inquiries from employees to the HR department.
Cost savings: The well-known saying, time is money, is true for businesses and many of the already discussed benefits save costs on the part of the organization. When you use payroll software, it results in significant cost savings.
There is a reduction in labor costs as employee hours on payroll are reduced with the automation of payroll tasks. It ensures that more funds can be allocated towards product development and marketing that can contribute towards the overall growth of the business.
Accurate payroll processing also ensures that costly mistakes are prevented such as errors while filing tax or overpayments which usually results in fines. The software is scalable, indicating that no additional resources are required whenever there is growth in the business.
Seamless integration: A lot of work is involved in the process of payroll. This is specifically true when the owner has the responsibility of collecting timesheets, handling accounting tasks, and managing employee documents when there is a considerable amount of growth in the number of employees.
This is why it is necessary to use software that can seamlessly integrate with other existing applications of the organization. Having a system that works efficiently with other systems indicates that there are fewer chances of mistakes that result in costing time and money.
After understanding payroll and the benefits that it can offer in the business landscape of the UAE, it can be concluded that payroll software has revolutionized the corporate landscape of the country by amplifying accuracy, efficiency, and compliance in payroll processing.
The conversion from manual process to automation will not only reduce errors and save time but also ensure boosting satisfaction of employees with timely salary disbursement. When payroll operations are streamlined, it simplifies complex processes when a considerable number of employees are working with the organization. This evolution will improve operational efficiency and allow you to focus on the growth and expansion of your business.
Dynamo for Dynamics 365 FO – cloud based payroll software
You can now make the most of your workforce with the help of Microsoft Dynamics 365 F/O and Dynamics AX. These solutions help in streamlining reporting, reconciliation, data management and document generation processes. Your HR team do not need to worry about compliance as well. All these tools enable optimization while reducing time and expenses.
Dynamo is a global integrated Payroll, Human Resources, Time & Attendance and Employee Self Service Software works inside Microsoft Dynamics 365 Finance & Operations.
Dynamo Payroll, a set of modular software applications that automate HR and Payroll Management, is a trustworthy and feasible solution that every entrepreneur should consider investing in. It uses advanced technology to turn HR into a seamless function in the industry. Your employees can focus on other aspects of work while Dynamo HR and Payroll transform administrative chores.
Dynamo HR & Payroll for Microsoft Dynamics 365 provides solutions like payroll management, leave management, employee self-service, time and attendance solutions, compliance and EOS management, etc.
Dynamics Business Solutions (DBS) is certified Microsoft Dynamics partner in UAE, we take pride in our ability to develop and deploy the right business solution that matches global client’s requirements. DBS has developed in-house state of the art solutions for HR and Payroll, Dynamo and DynaPay on top of Microsoft Dynamics 365 FO and Business Central respectively. These solutions cater to all the business needs of HR and Payroll departments. We provide the best services and support for our clients.
To know more, speak to our expert at Dubai: +971 4 447 5525 Abu Dhabi: +971 2 222 2100 or inbox us your query at info@dynamics.ae OR visit www.dynamics.ae
