Many industries and practices have been shaped by technology, and payroll is no exception. It made payroll a lot easier by introducing us to the joys of excel spreadsheets and streamlining processes. Today, technology has improved the process even further; in addition to solutions in cloud computing and big data analytics, automated solutions are now available due to the rise of AI.
More and more businesses are realising the benefits of utilising a ‘tech-powered’ HR and payroll solution to assist them with China employee management. As a result, they are transforming their businesses into more efficient and mobile operations that better meet international business standards, with more capable apps or portals to serve their internal customers.
Payroll outsourcing in the Philippines has grown and gained traction in countries such as the United States, United Kingdom, Australia, Singapore, Hong Kong, and even the local market. Outsourcing services for this non-core function are being acquired by various market sources as a result of the country’s growing reputation in the global outsourcing industry and economic boom.
When it comes to payroll outsourcing in the Philippines, business owners and leaders will always want to know if the payroll service providers in the country use the best payroll software and if they are also able to work with the Philippine payroll system. Clients would also be interested in the most recent technologies and methodologies, as payroll management is a sensitive business function. It necessitates a high level of security, safety, and confidentiality.
Payroll software is used to manage payroll processes such as salaries, wages, deductions, bonuses, and taxes. It can also track time off, employee benefits, vacation accrual, and a variety of other things.
To address this, one of the Philippines’ banks proved once again that they are committed to meeting the changing needs of their customers and employees. The bank had recently introduced a new software product that allows eligible employees to receive a cash advance on their upcoming salary credits.
Employees can avoid filling out forms and long lines by applying through the Bank’s Digital App. Moreover, there will be no need for enrolment, and funds will be available in a matter of minutes. Furthermore, within the cash advance limit, the software allows for unlimited and multiple availments.
The app also provides a maximum cash advance limit of Php 200,000, based on the approved limit per qualified employee. The cash available is automatically charged on the next payroll, so there is no need to worry about missing the deadline, which is considered simple and efficient for both employees and employers.
The software is the ideal solution for providing employees with the financial flexibility they require, as it provides quick, safe, and dependable access to funds whenever they are required. Qualified employees with a payroll account with the bank can now use the app. The impact of technology on the personal and professional worlds is enormous. Today, technology benefits every organisation. If anything, the year 2020 has demonstrated our reliance on technology to keep society and business running as usual.
As new multinational brands and regional players set foot in the country, a slew of payroll software vendors is attempting to enter the Philippine market. However, their software products must be specifically designed for the Philippines’ complex payroll system.
Most business transactions and employees were moved online as a result of the pandemic. Payroll software operation was no exception. After all, despite the transition to a virtual environment, the reality remained largely unchanged. People had to be paid, taxes had to be paid, and employers had to follow government and local regulations or face the consequences. This was made possible by technological advancements. In fact, technology is reshaping payroll, albeit slowly in some industries, and thus helping to elevate its status within an organisation.
