Payroll management is an essential step that deserves fine attention to detail. Whether it be during the hiring or departure of an employee.
In many growing companies, cash-flow is a crucial point. The management of the payroll and the costs that this entails have a considerable influence on the cash-flow of companies. Therefore it is essential for business managers to process and plan salary related expenses properly. Payroll is a crucial requirement, there are strict employee compensation laws. If a company does it poorly, in addition to the stress it can cause internally, the legal and financial consequences can be significant.
Payroll Management, an HR and Accountant Bond
Payroll is at the heart of relations between companies and employees. It is a tangible link between these two parties. Paying right and on time is a must, but payroll management in companies is multi-faceted.
Beyond the only physical management of the pay slip, many parameters affect the payroll of employees, including absence management which includes paid leave, reductions in working days, work stoppages (sick leave, maternity leave) and which are extremely heavy to manage. In this context, payroll and human resources software help HR managers adapt to a changing legal and social environment.
For example, the payroll software can help you produce a consistent payslip :
- The salary sheet must be nominative,
- Each bonus is mentioned and specified,
- Social declarations give rise to social contributions (pension, complementary health, unemployment, retirement) for the employee, and social security contributions for the employer,
- Gross salary and net salary highlighted,
- Paid holidays are mentioned, days earned, taken and remaining, month and year,
- Any benefit in kind specified,
- Any indemnity defined, accident at work, the balance of any account,
NOVA Smart Payroll Meets Your Expectations
Faced with decision-making with sometimes short deadlines, payroll and HR managers must be accompanied by management tools and key indicators to facilitate the administration of staff and boost human capital management. Freed from their administrative and routine tasks, HRDs can develop high value-added human capital development strategies to make them a sustainable competitive advantage and maximise their employability.
NOVA Smart Payroll improves the efficiency of payroll processing and reduces costs by optimising the salary management of local and expatriate employees. It helps you to manage the deductions automatically, it complies with the rules in force in the country, it is certified, it can create deduction automatisms according to the age of the collaborator, it manages the taxes with the source it can ventilate a payroll automatically in the analytical accounts.
Editors note: This blog post was written by NOVATIVE’s newest marketing team member Ikram Elkouay
