Life has gotten considerably easier than it used to be now that we have technology at our disposal.
Because there are so many things one can accomplish with technology, the possibilities are endless.
Many technologies and platforms have sprung out as a result of technological advancements to make life easier.
Payment, for example, is a daily requirement that we must fulfill. Payroll Management by Systemspecs, Africa’s top provider of payment and human capital management systems, is one of these platforms.
Wages, Salaries, Taxes, and Pension Payments are all managed by payroll management, which oversees the structure and computation of all sorts of payroll.
As these platforms improve, so does the world’s acceptance of the cashless system. With Payroll Management, handing out cash to employees and going to a stationed building to pay taxes and other payments are no longer necessary.
A more secure and quick way to make payments without the fear of being robbed.
Why use Payroll Management?
Statutory Compliance: Payroll ensures precise computations and required deductions which also includes “PAYE taxes” and mandatory and voluntary pensions for your employees.
Automated Payslip: HumanManager automatically sends payslips to each employee once their monthly salary is paid, giving them a breakdown of their earnings and deductions, there is no worry about losing track of payment records.
End-to-End Payment: Payroll allows you to pay salaries, taxes, and pensions, as well as related schedules, to all Deposit Money Banks, State Internally Generated Revenue accounts, and Pension Fund Administrators so you don’t have to go to the bank to make these payments.
What you can achieve with payroll
You can calculate all employee wages and taxes, classify employees into variable pay categories for easier management, and print payslips for them.
As an employee, you can use this platform to automatically save a portion of your salary into a second bank account for spending, savings, or investment every month.
Enter and compute timesheets based on clock-in and clock-out times. This platform allows you to calculate allowances, daily earnings, and hourly overtime payments.
Set up allowances, deductions, overtime, daily pay, and other payroll aspects based on specified amounts and percentages, or use HumanManager’s built-in calculation table to compute on the fly. Payroll management makes all of this easier.
Employees can get advance loans. However, these loans can be deducted from payroll automatically depending on several interest techniques, such as simple, compound, and diminishing balance interests, so you don’t have to chase them down to pay their debts.
Today, many firms don’t have to go to each employee’s bank to make payments, nor do they have to force people to use a single bank; instead, payroll allows employees to be paid while also receiving additional benefits, such as a place to save money for future use.
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