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PayDay Guides: Working Your Payroll

Most of us know payroll as appreciating employee services through compensation. It is the best way to compensate employees for their hard work and impact on your company. They incentivize employees to work better, to have a great employee-company relationship, which can operate the business to a greater extent.

Here are 4 things to make you understand how Payroll really works:

1. Paying Your Employees

How they’re paid: Gone are the days where employees receive paychecks and other hassle payment terms. Direct Deposit has been a staple in businesses, as it is saves your employees tracking paper checks, and saves your employees a trip to the bank.

Building a Package: In addition to basic salaries, you can give employees allowances and commissions to better incentivize your employees. Benefits and allowances are a great way to boost employee retention and possibly attract more talent; plus it can save you and your employees taxation fees.

Scheduling payroll: Most companies release employee salaries on the 15th and 30th of every month. But there are different schedules as well, depending on the companies policies; it can be released on different dates, weekly payouts and etc.

2. Think About the Taxes

Employee taxes: When running payroll, you need to withhold income and payroll taxes from the employees’ pay, while also thinking about other government contributions such as SSS, Pag-IBIG, and PhilHealth. A lot of technical details are involved in here, but you have nothing to worry if you are using a managed service solution. Imagine riding a plane, you just wait to get to the destination without thinking about flying it.

3. Reporting to the Government

Reporting your payroll tax withholdings, payments and employee statuses is a very “taxing” job, with requirements that often depend on the size of your payroll, and the type of your business. To avoid the hassle and burden of filing yourself, make sure your payroll provider will do this for you.

4. Complying with the Regulation

The Philippines have very difficult labor regulations on minimum wage, overtime rules, labor laws, employee termination procedures, and more. Luckily, we’re here to make everything easier and better. Our experts are Certified Payroll Professionals that understand the intricacies and policies of payroll. They can handle your payroll accurately and seamlessly while maintaining all compliances and company policies in place.

Working with Bridge PayDay

This guide I’ve written makes payroll simple and easy to understand, but in reality it’s quite difficult to comprehend. It is a complicated function that is necessary in every company that surely takes a lot of time and effort to just understand.

However, we believe that companies deserve stress-free payroll to make work-life better and just like this guide, Bridge is here to make it easier for you and your employees.

Here at Bridge, we don’t just process your payroll but we work with you every step of the way. We do this by combining a powerful software with industry expertise for accurate, efficient, flexible, and secure payroll.

Payroll History: From Abacus to Computers

Payroll has always been important for a company. Whether it refers to an employee’s salary, their records, or even a department that handles them. It’s an integral part of an organization because it can affect so much aspects, not just people’s pockets.

But, this isn’t a new thing that only popped up within modern history. Payroll can be traced all the way back to pre-history with bookkeeping.

Merchants used bookkeeping to track their sales but as trade and business developed and become more complex the process turned to something larger.

The Start Of Solving Payroll

Bookkeeping was originally intended to be used in tracking sales and purchases to run a business. But as business developed, bookkeeping had to be adopted in all business finances particularly payroll. It truly changed the the dynamic of payroll when tax laws have become more stern. This made employers and business owners pay taxes on behalf of their employees.

The Greeks would develop a system similar to the current HR and payroll system being used today. They used this system to manage wages and record payment and financial details.

No Stress: Fully-managed Payroll

Later on, the world was introduced to the first automated and computerized payroll system in the 50s through LEO (Lyons Electronic Office.) Initially LEO was used for valuation jobs, but this would later include payroll and inventory functions. It also became a pioneer in payroll outsourcing; in 1956 LEO calculated payroll for Ford UK, making it the first outsourced payroll system.

Payroll has further developed to the point companies don’t have to manage their own payroll. Rather than handling tedious and time-consuming task, companies can now invest in a managed payroll solution. A managed payroll solution can provide a variety of services, such as payroll processing, HR support, employee benefits, and workplace solutions.

If you’re interested and would like to know more about managed payroll solution for your business, we’d love to help you. Send us a message at info@bridgesoutheast.com.

PayDay Guides: Regular and Special Holidays

With the number of holidays observed in the Philippines yearly, it’s easy to confuse Regular Holidays and Special Holidays.

Here is a quick guide of their difference, plus their effect on payroll computation rules.

Regular Holidays and Special Non-working Days

In general, Philippine holidays fall into either one of these two categories only:

Regular Holidays fall on fixed dates such as Christmas Day, New Year’s Day, and Independence Day. The only regular holidays that change dates each year are National Heroes Day and religious holidays. These are Maundy Thursday, Good Friday, Eid’l Fitr, and Eidul Adha. In sum, Regular Holidays—from its name—are regularly observed annually, typically on fixed dates.

On the other hand, Special Holidays or otherwise also known as Special Non-working days have more flexible dates. Congress can enact them, or declared by the President. However, they may also be declared for specific regions only.

Here are the Regular Holidays and Special Non-working Days for 2019 declared in Proclamation No. 555, signed by President Rodrigo Duterte on Wednesday, August 15, 2018:

How to compute Holiday Pay

It’s important to note that payroll computation differs between the two, which includes pay rules for hours worked, overtime, and rest day premiums. The Philippines’ Official Gazette has put together below a quick guide about this on their site:

For the full resource from the Official Gazette, click here.

Of course, there may still be additional rules for organizations to factor in payroll computation. This includes provincial holidays, or special rules affecting companies that observe foreign holidays. BPOs are one example. That said, organizations that are particular about payroll accuracy often use software and engage a professional payroll services provider to take care of this on their behalf.

Bridge PayDay is a complete solution that offers the benefits of a powerful software and certified payroll partners. We work with companies that want to assure accurate payroll while lessening the hassle for their company.

Want to get accurate payroll without the hassle? Visit www.bridgepayday.ph and we can take from it here.

Planning Your 2019 with Bridge

Bridge is a People Technology Company committed to using technology to improve the productivity and rewards of people. We offer different solutions to make Work-Life Better. What is Work-Life? It’s the term we use for the integration of work and life. This year we want to take this even further by adding Bridge Guides for managing the kind of  workplace that benefits us in holistic ways, even as we continue to improve on our core solutions. Let me list them below.

Improving Productivity with PayDay

Bridge PayDay is a Managed Outsource Payroll that combines the benefits of powerful technology and expert services in one simple, secure, and highly-affordable solution. It is an end-to-end solution that makes a usual 14-step payroll process into four simple steps. Basically, let our team do the heavy-lifting in payroll while you can focus more on strategic functions for your company.

PayDay streamlines payroll operations creating more room for employees to work on what should be done. They no longer need to worry about their attendances or their payroll, because we’ve got that covered. It’s a mundane task that can take minutes away from a possibly high-impact activity.

We’ve featured different clients last year that said that PayDay has affected their companies in so many ways. An example would be Angelo Barrameda of The Abba’s Orchard: as the managing director of the school, he wants to make sure that everything runs smoothly. PayDay was able to automate their payroll while giving them more focus on educating their amazing students.

The Abba’s Orchard is just one of our client who choose PayDay to automate payroll and eliminate payroll error through a combination of technology and certified payroll partners.

Want us to work on your payroll and improve productivity? Visit www.bridgepayday.ph and see what Bridge PayDay can do for your company.

New Year, More Access

Bridge PayDay client also get access to Bridge Access, a completely free  benefits platform that provides users easy access to financial services and other benefits—without the additional administrative headache to HR.

From different merchants to shop, invest, and even loan, Access is a perfect solution to get you ready for 2019!

Access users get access to discounted items and low-interest loans, the savings from these transactions can automatically be funnelled into a savings wallet, which in turn users can use to access products and services to help them progress through what we call Access Levels.

Access Levels is an intelligent and rewarding way to save perfect to get things running during the start of the year. It is designed to make anyone who wants to save, grow and protect it in an easy and methodical way.

Level 1: Save and protect yourself from an emergency.

Level 2: Invest and grow your savings.

Level 3: Insure and protect your family.

With a simple idea to: save automatically, protect your savings, and make it grow. Access can give our users more options and more access.

Be part of our mission to bring Access to everyone by partnering your company with us. Contact us at access@bridgesoutheast.com today.

Planning with Bridge

Having said that, Bridge Southeast Asia can prepare you for the rest of the year. Whether it’s fixing your payroll or giving you Access, we have the solutions to fit your company’s needs.

Get in-touch with us at info@bridgesoutheast.com. So we can get started in planning your 2019.