Automating your payroll system isn’t exactly the most exciting thing about running a business but it’s a necessity in this digitally transformed world. With finance and markets now moving faster than ever before, you need salary disbursement tools like Maya Disbursements to ensure that your employees, agents, and everyone else on your payroll are paid on time.
Guaranteeing on-time payments is a constant challenge for any overseer of payroll management system, particularly in the Philippines. The customary Philippine payroll system has twice-monthly regular payouts and is regulated by a tight legal framework, making it daunting to navigate even for experienced payroll specialists. Fortunately, automating payrolls and other regular payouts with Maya Disbursements can help you overcome tight payout deadlines and other challenges.
Let’s take a look at some of the major benefits of moving from a manual payroll system to one that’s powered by Maya Disbursements:
Benefits of Automated Payroll Processing for Small Businesses
1) Motivated Employees
The delayed disbursement of salary payments and other benefits can cause employee dissatisfaction and lead to a host of problems for your business. Automating your payouts can help keep your employees happy and prevent serious productivity issues.
2) Fewer Human Errors
It’s all too easy to make mistakes on routine calculations if you’re doing them manually or on non-specialized spreadsheet software. Automating these routine operations with Maya Disbursements helps ensure fewer errors and helps keep your business running smoothly.
3) More Predictable Cash Management
Better payroll automation allows you to get a better idea of the real state of your business finances, reducing its financial risks.
4) Reduced Legal Risks
Automating your payroll management makes it easier to avoid the legal consequences of frequently missed salary and benefit payments to your employees. This is especially crucial given the complexity of Philippine labor laws.
5) More Time for Value-Creating Activities
Startups and small and medium-sized enterprises (SMEs) typically operate with very lean teams, with each individual employee wearing multiple hats. Automation ensures that the team members in charge of payroll can focus more of their time on other activities without compromising on the timeliness and accuracy of payouts.
Best Practices for Payroll Automation for Small Businesses
1) Use Solutions Designed for Small Business Payroll Administration
If you run an SME, it’s a good idea to use tools that offer out-of-the-box functionality for small businesses. While Maya Disbursements is also used by some very big names in the world of business, its ease of use also makes it a great fit for smaller business organizations.
2) Classify Employees Accurately
In the Philippines, workers can be classified as contractors or employees, part-timers or full-timers, temporary or permanent, and so on. Different compensation frameworks may apply depending on each individual’s status, making it extremely important that these classifications are properlyapplied.
3) Keep Accurate Records
Even with a properly automated payroll system, mistakes can still happen if your business does not implement proper accounting and bookkeeping practices. Emphasizing accurate recordkeeping can help make resolutions simpler if there are any disputes regarding payrolls and other payouts.
4) Do Periodic Audits
Payroll managers have to handle a lot of data, and as such, mistakes will inevitably be made. Doing regular audits of such areas as employee clock data, atypical payouts, benefits, and rosters will help minimize small mistakes and keep them from seriously impacting your business’s bottom line.
5) Include Other Non-Salary Benefits
Worker compensation involves more than just salaries, which means your payroll system has to handle different types of compensation, including allowances and employee loans. More than just a salary payout tool, Maya Disbursements can also be used as an allowance management system and loan disbursement solution that helps keep your employees happy and productive.
Guarantee Always On-Time Compensation and Benefits Payouts with Maya Disbursements
For prompt salary payouts, effortless allowance management, and convenient disbursement of loan proceeds and other non-salary payments, Maya Disbursements is the automated payroll system Philippines’ businesses of all sizes depend on. Create your Maya Business Manager account to activate Maya Disbursements and other Maya Business solutions.
Signing up for the Maya Business Manager automatically qualifies you for the Maya 1-2-3 Grow bundle. Maya 1-2-3 Grow offers huge savings with a 1% MDR (merchant discount rate) discount on all QR Ph transactions for 3 months after signing. That’s around PHP 14,600 in transaction fee savings for every PHP 1 million in QR Ph sales.
As part of the Maya 1-2-3 Grow bundle, you also get a Maya Business Deposit account for your transaction settlements. Maya Business Deposit has a depositor-friendly 2.5% per annum interest rate, effortlessly growing your business’s earnings by PHP 25,000 a year on every PHP 1 million deposit. Maya Business Deposit also offers zero maintaining balance and free transfers via InstaPay and PesoNET, saving your business even more cash on day-to-day banking.
The bundle also qualifies you for a Maya Flexi Loan offer of up to PHP 2 million in just 3 months, more than enough to cover business expansion and situations like payroll emergencies. For higher-value loan offers, just use Maya as your primary processor for all wallet and card payments regularly.
Sign up for Maya Business Manager today to enjoy the growth benefits of the Maya 1-2-3 Grow bundle and to take advantage of on-time payouts with Maya Disbursements.
