Share on Facebook A good payroll system provides processes and a framework for paying employees fairly, accurately and on time.
Sloppy or lazy entrepreneurs lose time and money sorting through loose ends; further, if the business records and accounting systems are not accurate, the owner could be charged with violating state and federal labor laws.
One such system that needs to be accurate is the payroll system. Generate Accurate Year-to-Date Reports for Employee Income A payroll system must be able to keep and generate accurate reports on employee income.
Generate Paychecks and Pay Stubs An equally important objective of any payroll system is to generate paychecks and pay stubs. Computerizing this task saves managers and business owners time and money; rather than reviewing time cards manually and calculating a check amount based on the hours worked, the payroll system should be designed to automatically calculate these figures.
Employees appreciate a timely payroll system as well: Video of the Day Brought to you by Techwalla Brought to you by Techwalla Help Owners Comply with Labor Laws A payroll system must make complying with state and federal labor laws easier, while at the same time helping the owner reduce overhead.
For example, federal law mandates that employees be paid overtime if they work over 40 hours in one work week. A payroll system must automatically factor in the overtime pay.
This helps employers stay within the law when it comes time to pay overtime. Additionally, since an employer can use the system to check the number of hours an employee works, the employer can shift schedules to avoid paying additional overtime thereby helping the employer keep costs lower.
Further, a payroll system should be able to print tax forms and other state-required figures such as FICA amounts to make complying with labor laws easier.Basic purpose of the payroll system is making monthly payment on time to time, good payroll system helps to increase employee productivity, ensures time management leading to organization's growth.
HRIS Software - HR Intelligence have all the function that require for good payroll system.
General Objective Of Payroll System Nowadays some company using a Computerized Payroll System so that they can work much easier. All establishment are becoming modernized, they use modern technologies to make their transaction fast, easy, and accurate in order to avoid waste of time and for the sake of safety and security.
Payroll System Features and Objectives: The primary objective of the Payroll System (PR System) by Legler Systems is to process payroll information in an online environment, so specific online procedures can be performed in seconds rather than the hours required .
Sample Payroll Specialist Resume Objectives. There are a number of different ways that you can formulate your objective, but you want to keep a couple things in mind. Pick the traits that best summarize your skills and customize the objective by mentioning the company.
LIMITATIONS:• The system cannot generate report of appraisals and evaluation reports of the employee because it was not included in the system.• The system will only be used for payroll transactions by the company specifically Derf’s Manpower and General Services, Phils., Inc.
A good payroll system provides processes and a framework for paying employees fairly, accurately and on time. A payroll department, whether it is a separate department, a department within human resources, or a unit of a finance department, straddles the purview of both HR and accounting, and must design goals with that in mind.