Benefits of using a payroll system in HR management

With the development of information technology, the payroll management system is not simply a tool for managing resources but also a multi-functional integrated system in optimizing the management process and enhancing efficiency. work results. In the article below, let's join Faro Vietnam to learn more about this system in more detail to help businesses control and manage more effectively.

1. Benefits of payroll systems in businesses

Payroll systems bring a range of important benefits to businesses, contributing to the growth and success of the organization. Some key benefits include:

1.1. Optimize human resource management process

Administrative work and paperwork are taking up too much of employees' time, making it impossible for them to solve problems, build plans, strategize or plan human resources effectively. When using payroll software, businesses can automate manual tasks, directly improving productivity and saving time on paperwork.

1.2. Track work progress easily

KPI is an important measure in evaluating work performance and progress of personnel. Payroll systems help businesses evaluate, create dashboards, and track essential metrics quickly. Examples include talent management, turnover, time to goals, and time in position.

1.3. Better human resource management

The salary calculation system will automatically update evaluation criteria, from which the reporting process will also be processed automatically depending on the management system that the business chooses. Some tasks that businesses can optimize include managing each employee's working time, managing payroll, evaluating work performance and recruiting processes.

1.4. Secure employee data information

Payroll software has security features for employee data and encryption to prevent unauthorized access. The system allows human resources departments to control access rights for each specific feature so that information security is more secure.
 

Payroll-System-faro

 

Payroll Management System: Meaning, Features, Benefits, & Solutions

2. Criteria for choosing an effective payroll system

In today's market, there exists a lot of payroll system software from different suppliers, making it difficult for businesses to make quality choices. Here are 5 important criteria to find the most suitable system:

2.1. Identify and evaluate enterprise resources

First of all, businesses should identify the challenges, needs and goals of salary management. Only when understanding resources, businesses can set the criteria and features needed in the payroll system.

2.2. Clearly identify the users of the management system

Software users are usually accountants, administrators, and leadership, in addition, department managers will also directly use the system. Enterprises can decentralize access limits or specific permissions in the system corresponding to each position when clearly identifying the users.

2.3. Determine organizational needs

Next, list the criteria that are important to the business in its payroll management system and factors including technological requirements, accounting laws, business issues such as the need to comply with the company charter ,…

2.4. Find suppliers that suit your business needs

Use a variety of research methods from reporting to talking to many companies to create a list of suppliers that suit your needs. Then, narrow down to about 5 to 10 suppliers to update more information.

2.5. View product demos

This criterion is considered the best way to evaluate the capabilities of a module or product feature. Each supplier will have a detailed product demo that clearly shows product features so businesses can determine whether the product fits the organization's requirements or not.
 

Payroll-System-faro-2024

Payroll System: What Are The Uses And Benefits?

3. Why do we need a payroll system for our business?

Every month, businesses must calculate salaries for their employees. Currently, the Vietnam law very clearly regulates the following salaries: Main salary, social insurance salary, probationary salary, piece salary, time salary, bonus salary, allowances and benefits. Salary management software is software that helps businesses plan monthly salaries and manage changes in salaries when there are fluctuations in the number of employees. Software can be a component in an HR software. The larger the scale of the business, the more important the role of payroll software.

Salaries are distributed into many types, each employee's salary has a different formula. When the number of employees increases, many problems will arise such as overtime, tax deductions, etc. At this time, manual management will be very difficult. Businesses will have a lot of paperwork that needs to be done. Therefore, it is easy for errors to occur during the data entry process. Using human resources and salary management software, the calculation system is completely automatic.


Faro Vietnam hopes that the information about the payroll system provided in the above article has brought useful values to the organization/business. Units that want to learn more about the payroll system solution, please contact Faro Vietnam's expert team.

 

>>>Read more: What services does an HR consulting company include?

------------------------------

Contact Faro Vietnam today for HR solution

Email: service.vn@farorecruitment.com

Hanoi Head Office

  • Tel: + 84 24 3974 3091
  • Add: Unit 701A, Tower A, Handi Resco Towers, 521 Kim Ma Street, Ba Dinh District, Hanoi, Vietnam

Ho Chi Minh City Office

  • Tel: + 84 28 3821 4654
  • Add: 6th Floor, Saigon Finance Center Tower, 9 Dinh Tien Hoang Street, Dakao Ward, District 1, Ho Chi Minh City, Vietnam

 

Grow your business with our trusted Human Resource Solutions!

FAST NEW