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The Editors of Bridge

When To Invest In A Payroll Management System

Most business owners tend to hire individuals to manually work on admin tasks instead of using integrated software and outsourcing services. This is especially true for startups or small businesses where there’s typically limited resources and a smaller staff to maintain.However when the business grows, so will staffing concerns. Manual processes, especially with payroll, can be tedious and have a negative impact on overall efficiency and productivity. This is when organizations need to consider setting in place a payroll management system.

WHAT IS A PAYROLL MANAGEMENT SYSTEM?

A payroll management system is the use of any or a combination of software, hardware, streamlined processes, and payroll services that work seamlessly to help companies make payroll processing (and other payroll-related functions such as timekeeping) faster and more accurate.That said, getting a payroll management system is much more than just signing up for cloud software or say using a biometrics device. It is implementing an overall system and process, designed specifically for the organization’s needs.

SIGNS THAT YOUR COMPANY SHOULD INVEST IN A PAYROLL MANAGEMENT SYSTEM

In general, organizations must already have a payroll process in place. The question is when these existing processes (manual or aided with existing software) need to be streamlined into a more integrated system. The following signs will help you know that it is time to invest in a payroll management system.

Your business is growing

A manual system for handling administrative tasks is an unsustainable model for startups that are seeing signs of growth and progress. If you see that automating these processes as you grow will save you time, and resources, you might just be right.

Your current systems are incompatible

A payroll management system is a fully integrated system that can handle various data points and perform accurate computations in a fraction of the time it takes to do it manually. For instance, you may have procured a biometric device to make manual encoding a thing of the past, but your current software cannot integrate with the device directly. It may be time to consider a more flexible system for your organization.

You have too many backlogs

If you are spending too much time fixing payroll issues instead of focusing on your business, then you’re not maximising your full capacity. And you might be selling yourself —and your company—short. Don’t let administrative task stop you from looking at the big picture.Relying on a manual system or outdated process increases the risk of mistakes. These can cost a lot of time, legal fees, and resources to correct. Using the right payroll management system will ensure that you’re on top of compliance requirements on a consistent basis.

You get too many employee complaints about salary mistakes

Salary concerns are a touchy subject, and employees are understandably sensitive to any mistakes committed while computing their paycheck. Invest in a reliable system to fix these issues, and it can lead to loyal and happy workers who will work hard for you for years to come.

Your current payroll process relies on too much paper

It’s time-consuming and wasteful to continue to use a system that needs too much paper. Cloud computing options allow for 24/7 access to vital information, where reports can be generated in an instant and data updated as soon as new information comes in.

PROS AND CONS OF A PAYROLL MANAGEMENT SYSTEM

  • Efficient employee information management
  • Convenient and easy report generation
  • Security Management
  • Accurate salary computation that arrives on time
  • Reduce HR administrative tasks
  • Access to up-to-date compliance regulations

What to think about

While deploying a payroll management system might require time and resources, in general having a payroll management system in place gives far more benefits than the work involved in setting it up and choosing the right one. That said, the benefits are dependent on the successful implementation and transition to a new process.  The following are things to consider when you think it is time for you to explore a payroll management system.

  • Up-front and maintenance costs
  • employee training requirements
  • the time required for installation, setup, and configuration.

A reliable payroll management system is vital to running a successful business. It handles the repetitive, tedious, and time-consuming tasks so that you and your management team can have more time, energy, and resources to focus on activities that will grow your business. There might be upfront and maintenance costs to deal with, but the benefits of automating your company’s payroll system far outweigh these costs.

If you’re interested and would like to know more about when you should invest in a payroll management system for your business, we’d love to help you. Send us a message at info@bridgesoutheast.com.

2 Simple Signs You Should Switch To Managed Payroll

With payroll processing being one of HR’s most time-consuming, detail-heavy tasks, there is always room to improve efficiency in this area. However, when one-off issues turn into noticeable patterns, this may be a telltale sign that your HR is ripe to make the switch from manual processing to outsourced payroll.

Here are two basic red flags to watch out for, along with some accompanying real-life scenarios:

Repeated errors

With manual payroll processing, the greatest risk is always human error. Such was the case for The Abba’s Orchard Montessori School, who experienced consistent inaccuracies in their payroll, and even in time and attendance. This issue became prominent during a period of growth for the school, as it added more campuses in other locations across the Philippines.

Unnecessarily long lead times

Because payroll processing puts a premium on accuracy, the amount of time HR spends on fine-tuning and double-checking employee data every time it has to process payroll – from timekeeping to payout – eats into time that needs to be spent engaging in other HR core processes, thus affecting overall HR productivity.

One-stop sport shop Planet Sports stumbled into this very problem, where the inefficiency of their old system and how this affected their HR team’s time management and output led them to recognize the need to either update the system, or shift to fully-managed payroll. So did 24-hour health and fitness club Anytime Fitness, which struggled to efficiently accomplish and manage payroll for multiple branches in a timely manner.

All three organizations found their complete payroll solution in Bridge PayDay, which worked alongside each company to eliminate these productivity-killing issues.

With PayDay, The Abba’s Orchard is now able to access their personnel data in real-time and view their attendance, leave management, and payslip data online without worrying about how to accurately consolidate all this information in time for payout, enabling them to focus on their mission to educate young people and put them on the path to lifelong learning and success.

Planet Sports also now enjoys the benefits of outsourced payroll through a customized system that specifically addresses their business’s unique objectives and requirements; while Anytime Fitness now accomplishes payroll for different branches with ease, with the combination of powerful software and certified payroll professionals handling their end-to-end requirements.

If your HR is exhibiting similar issues in their payroll processing, we’d love to help you. Leave the heavy payroll lifting to us so that you can free up your team to fully participate in the mission of your organization.

To know more about our complete payroll solutions, send us an email at info@bridgesoutheast.com or BOOK A DEMO at bridgepayday.ph.

4 Benefits Of Outsourcing Your Payroll

At first glance, outsourcing your payroll might make you think, “Why should I have someone else do something I can do myself?”

Anyone who has personally handled a company’s payroll can attest to the amount of time and work it takes. Calculating employees’ payroll involves getting employees’ time and attendance information correctly, understanding payroll rules, and working with varying benefits policies from employee to employee, and employer to employer.

Payroll outsourcing is a viable and effective way to reduce cost, save time, and improve payroll processes for many organizations. If you haven’t considered it yet, check out the four things it can potentially provide your business:


1. Professional Service

One of the benefits of payroll outsourcing is that all that difficult and complex work is handled by a professional team. This way, not only do you get accurate results and computations, you also get it done efficiently.

An effective outsourced payroll services provider will also keep track of changes in labor laws and tax tables that affect payroll computation. Organizations who choose to handle payroll on their own (even with the aid of their own payroll software) are many times at risk of missing these changes. This results in inaccurate payroll calculations usually leading to fines, penalties, and disgruntled employees.

2. Security

It is in the best interest of an outsourced payroll provider to ensure that your data is secure. This is just as it is in the best interest of banks to ensure that their clients’ money is secure. Because of this, a good payroll provider will ensure that they observe industry best practices in maintaining security on all fronts: infrastructure, technology, and people.

Don’t let security issues worry you when you can have a professional team take care of it. Outsourcing, by its very nature, means that you trust another provider who can do what you do for you, but better. A good provider can potentially provide you better information security. That said, when choosing to outsource your payroll, be sure that your provider meets industry standards. These include ISO certifications and professional third-party certifications for the actual team that will process your data and information.

3. Savings

One of the benefits of payroll outsourcing is potential savings. According to a 2014 Global Study of Deloitte, “regardless of an organization’s payroll operating model, nearly all organizations outsource some portion of their payroll operations to reduce cost”, among other benefits.

Even big companies who can afford to have their own in-house payroll system can still find outsourcing as a viable means of reducing operational cost by getting savings directly and indirectly.

Savings can be achieved when the direct cost of outsourcing is lower than the direct cost of hiring, training, and keeping an internal staff to handle payroll. Second, savings can also be achieved through optimizations only professional payroll practitioners are able to spot and implement. And thirdly, savings can also come indirectly through increased worker productivity.

4. Time and Productivity

Highly effective organizations know better to focus on what really makes their business grow. This is why even though payroll is one of the most basic functions in an organization, it is mostly more efficient to have this outsourced. The less time staff have to spend on those, the more time they can spend focusing on the business.

Depending on an organization’s size and industry, processing payroll when done in-house can take anywhere from 6 hours to up to 36 hours a month. Just think of how much potential high impact productivity is lost in those hours. Now imagine, what if HR staff can get even just half of those hours back and reallocate it to more mission-critical activities?

Ultimately, outsourcing will only be successful when it’s done right and done with the right partner. To maximize the potential benefits of payroll outsourcing, be sure to engage only with a provider that will not only give you the outsourced service but is also equipped to provide you the technologies to make payroll seamless end-to-end.


If you want to know more about our complete payroll solutions, send us an email at info@bridgesoutheast.com or BOOK A DEMO at bridgepayday.ph.

A Quick Look At The Millenial Saver

They’ve been dubbed the “YOLO (You Only Live Once) Generation” with a serious case of “FOMO” (Fear Of Missing Out). We know that they strive to maintain a certain lifestyle that caters to their love of experiences – from regular travels with friends to a specific coffee from their favorite third-wave shop.

We also know that they value convenience and ease in their payments. In fact, it is now typical for them to automate their spending – from monthly bills and installment-based payments, to auto-debited Netflix and Spotify subscriptions.

But what does saving look like for millennials?

The Manulife Investor Sentiment Index reveals that Filipino millennials are confident about retirement and their future financial state, with 97% of them expecting to maintain – or even improve – their current lifestyles.

But despite this sense of assurance, the same study showed that only 7% of these respondents actually have a monthly savings plan, with most also investing irregularly and 10% unable to save at all. So while Millennials have gotten the hang of scheduling and planning their expenses, they continue to fall short in the discipline of saving, with their knowledge of future needs not reflected in their present behavior.

Looking at the bigger picture is just as troubling, with the study reporting that all Filipino respondents, regardless of age, have just managed to put together savings that will last them a mere 3.6 months on average after retirement – the lowest figure among 8 Asian countries included in the survey.

With millennials already comprising half of the current global workforce population*, the time is ripe for employers to champion their employees’ future success by giving them the opportunity to work on their financial security as they work for the organization.

Enter Access, a powerful savings and benefits platform that enables Filipinos to automate their savings in the age of automated spending.

Completely free and digital and automated, Access boasts three key features for employees: Smart Savings, an automated savings function; Smart Loans, which enables employees to apply for lower-interest loans or refinance an existing loan that may prove too expensive for their current payment capacity, all while growing their savings; and Low-cost Salary Loans, which provides more secure loan options at lower interest rates. You can even shop with Access and enjoy significant discounts and affordable installment options from partner merchants.

With its convenient and affordable financial services, flexible payment schemes, and the ability to automate saving, Access helps employees – especially millennials – have greater confidence in their financial future.

* Based on a study by Allianz PNB Life

If you’d like to know more about our powerful savings and benefits platform, we’d love to help you! Send us a message at access@bridgesoutheast.com or visit bridgeaccess.life.