A payroll system has become necessary in business to manage HR tasks accurately. However, it is important to use the payroll system properly to get the best result. The proper way of using a payroll system means selecting the method (manual or automatic) to run your business effectively. Based on the needs of a business, you should choose the way of implementing a payroll management system.
Some businesses are okay with the manual system; some are with the automatic system. You must find out which way is appropriate to manage the HR tasks and keep your business on the right track. In Bangladesh, many companies have started using payroll management systems to manage HR tasks. Still, some people do not understand the proper way to execute it.
Today’s writing will describe the proper way of payroll management in Bangladesh in detail. So, keep reading the whole article.
What is the Proper Way of Payroll Management in Bangladesh?
A payroll management system is the platform to operate a payroll system. In this system, you can manage all kinds of HR tasks, such as calculating salary, employees’ attendance, their leave, salary deduction, tax, update of laws and regulations, etc.
The proper way of payroll management means when you make the right choice of system based upon your business needs and execute it well. As mentioned earlier, there are several ways of payroll management; some prefer manual if their company is small, and some prefer automation if their company includes a good number of employees.
So, you have to understand the criteria first and then have to choose whether you will go for manual or automation.
The method of payroll management system
Knowing the method of the payroll management system is very crucial to understanding the proper way of payroll management in Bangladesh. Let’s see the method of the payroll management system.
Using Payroll Manually
If your company is out of budget, it is wise to use manual payroll software. In the manual payroll system, people use spreadsheets or paper to keep track of employees’ salaries. A company with less than five members can go with manual software.
Implementing Inhouse Payroll software
This method is expensive. You have to set up the software on your company’s computers. It is difficult to maintain in-house payroll software without an IT expert team.
Having outsourced payroll software
In this method, you need to hire a third party to handle your company’s software management system. It requires 18% more than the other methods. So, it is very expensive to equip.
Using cloud-based payroll software
Cloud-based payroll software is the best of all the methods. It is very easy to manage, does not need experts to operate, and is very flexible to give access to data entry. Most importantly, it is more cost-effective than the other methods. You need less time and energy to deal with such cloud-based software.
The Considerable Facts to Choose the Proper Way of Payroll Management
To upgrade the standard of your business, you should choose the right payroll management system. The following are the considerable facts to choose the proper way of Payroll management:
Basic needs of the company
The basic needs are the number of employees, payments, deductions, and taxes. Whenever you choose this system, you have to take these things into consideration. These are very important to help you make the right decision.
The range
The range includes the automation, reporting, and monitoring privileged by the payroll system; whenever you choose, you should think about the range of these factors and decide. If you run a small company, you may not need the highly ranged software. But, for running a big company, the range needs to be high and speedy.
The expenses of the system
The most important thing you should consider is the system expenses. While making the decision, always keep in mind that the system you choose will not go out of your budget.
Flexibility
Flexibility means how smoothly you can use the system. Always try to choose a user-friendly and flexible system.
The reputation, service, and support of the company
Based on size, these facts matter. When you belong to a big company, you need something that helps to hold your reputation and provide outstanding service and support. In such cases, you need something automatic to run the process smoothly. This is how you will consider the facts based on size.
The coordination of the process
The coordination of the process includes human resources, timekeeping, and calculations. These facts are crucial in choosing the proper way to manage payroll.
Choosing the correct payroll system is the most important factor in the progress of your business. If you make the right choice, you don’t need to look back. You will get a reliable, effective, and budget-friendly payroll system for your HR management.
Payroll management system Software in Bangladesh
Here you go with some payroll management system software, such as:
Jibikaplexus: In Bangladesh, Jibikaplexus is a very familiar payroll management software that anyone can afford easily; it is best for human resource information systems.
The key features of Jibikaplexus:
- Does rating
- Keeps track of delays
- Records the loan those have been issued
- Does reporting
PiHR: A good hr & payroll software in Bangladesh. The key features of PiHR:
- Manages tax and shift of the employees(day shift, night shift)
- Manages payroll
- Keeps track of employees
Apploye: This payroll software is very good at employee monitoring and time-tracking management systems. The key features of Apploye:
- Excellent Time Tracker
- Monitors employees and staff
- Keeps track of invoices and clients
- Includes GPS tracking and Productivity records
Linespay: This HR software system is effective for employee recruitment. The key features of Linespay:
- Helps in recruitment and hiring new employees
- Sets PF and disciplinary management
People desk: the best software for human resource management systems. The key features of People desk:
- Manages tax and shifts of the employees
- Handles the recruitment process
- Keeps records of loans
As mentioned earlier, 5 HR and Payroll software in Bangladesh are cloud-based payroll software. These are always in the company’s bucket list. If you can execute this, you can properly operate the management system.
The Importance of Payroll Software Management Systems in Bangladesh
Based on the World Bank’s estimation, Bangladesh has a huge labor force of over 74 million people. Payroll software is very important to manage such mass labor. Using software for HR tasks and management is a great choice because it helps calculate every financial part of your business, such as salary, tax, deduction, attendance, leave, and law and regulations updates. Maintaining such tasks is very crucial for the economic growth of a business.
Another thing is that the payroll software management system also speeds up the administrative process, saves energy by reducing manpower, and boosts up the company’s efficiency.
Benefits of Payroll Management System in Bangladesh
By properly operating the payroll management, you can enjoy the following benefits:
Accuracy
You will get accurate data and records of the employees and economy of your business. Payroll management is an automatic process; whenever you enter any data, it stores it accurately and records it perfectly. So, there is no tendency for any error or loss of data.
Time-effectiveness
Using a payroll system is much more time-effective than the manual system. As it is an automatic process, you don’t need to do anything by hand; it is just the device and the button you have to press. Within a single moment, you can store, record, or see any data, which can take hours to do manually. It also ensures that employees’ payments are properly calculated on time.
Updated with the laws and regulations
The payroll system keeps compliance with the laws and regulations of labor and ensures proper wages for employees based on working hours.
Security
The payroll management system is very quick and flexible, and it allows for the timely access of records and reports. It also ensures the security of all the data.
FAQ
Q) Why is the payroll management system used in Bangladesh?
Ans: The payroll management system saves time and energy and ensures accuracy, security, automatic access, and compliance with laws.
Q) What records comply with the payroll management system in Bangladesh?
Ans: The records that comply with the payroll management system in Bangladesh are employee information, salaries, working hours, deductions, leaves, and payoff details.
Q) How much does it cost to implement payroll software in a company?
Ans: Depending on the features, the cost varies. To get the latest pricing, you should visit the websites.
Last words
The proper way of payroll management in Bangladesh is pretty much established. You can go with either a manual or automatic payroll system according to your criteria. As mentioned above, there is plenty of software to execute the automatic payroll management system correctly.
Before choosing any system, you should consider basic things like the size of the company, manpower, cost, flexibility, etc, so that you can make the right decision to manage the payroll system properly.
