Isn’t payday everyone’s favorite day? However, do you think it is easy for organizations to manage payroll for a large number of employees that fall into various categories and have different income slabs and benefit components? Payroll processing is one of the most essential parts of any business that needs to be done with utmost care. Accurate payroll processing is important to ensure employee satisfaction as well as compliance. Payroll can be complicated and time-consuming and if not done appropriately, it could expose the company to financial and regulatory risks. Calculating salaries, handling bonuses, taxes, and net salaries, or simply preparing payslips all take a significant amount of time and effort. A payroll management system can help. It automates payroll processing and provides comprehensive payroll management with features like managing time and attendance, leaves, benefits & bonuses, etc.
Payroll management is one of the business activities that not all ERP software modules can handle. In reality, several of the payroll processes are prone to errors when deployed inappropriately. By integrating ERP software with HR and payroll management systems, such challenges can be easily addressed. In this blog, we will be introducing Epicor Payroll MEA, a payroll management system that can integrate seamlessly with Epicor ERP.
The need for a payroll management system is growing rapidly. According to a research report, the Global HR Payroll Software Market Size is expected to reach USD 52,867 Million by 2030, growing at a CAGR of 9.5 percent between 2022 and 2030.
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Benefits of a Payroll Management System
Payroll software gives you the freedom to manage employee wages internally without having to spend a lot of time or effort on it. Moreover, such systems simplify accounting, bookkeeping, and payroll processes while assisting businesses of all sizes in overcoming several operational challenges such as inconsistency in processes or systems, reporting, maintaining compliance, approvals, adjustments, etc. Most significantly, it automates difficult administrative tasks and helps businesses save both money and time. According to a Deloitte survey, manual processes are the biggest challenge in payroll processing. Therefore, having a precise and intelligent payroll management module is now indispensable in an ERP system.
Some of the major benefits of using a payroll system are:
1. Enhanced Productivity
Every year, businesses spend several hours on administrative tasks such as payroll, wages, taxes and deductions. A Payroll software is designed to automate several aspects of the payroll process, freeing up time for your accountants or human resources professionals to focus on other attention-demanding activities.
2. Simplified Financial Forecasting
Organizations can examine and rapidly control all payroll expenditures with a payroll system. The financial data may then be analyzed for patterns and trends to estimate the impact on your financial situation, and you can make modifications and compute pay increases.
3. Minimized Human Errors
Payroll solutions include capabilities that reduce manual data entry and prevent unauthorized users from tampering with your system configuration.
4. Ensured Compliance
A majority of payroll applications provide compliance capabilities to assist you in making sure you are in compliance with current government rules and regulations. You no longer have to worry about missing any notifications because these keep track of changes in tax legislation and inform you of the updates.
A payroll software while expediting your payroll processes also optimizes your investment in human resources. Businesses can cut costs on professional services that help you manage payroll and increase your returns.
6. Additional Security
The security of your company’s sensitive data may be endangered by the flaws in manual payroll processing. You can use payroll software to carefully monitor the processes via a dashboard and to safeguard your payroll data by limiting access to it to protected networks. In turn, this benefits users in avoiding data loss, security flaws, and computational abnormalities.
Epicor Payroll MEA
Epicor Payroll MEA is developed on the Epicor ICE platform to function seamlessly as an integral component of your Epicor ERP. Users that are currently running Epicor ERP or Epicor10 & above in Middle East and Africa areas can utilize the Epicor Payroll MEA Software to operate a standalone or a multi-site, multi-state activity with several user-defined deductions.
Key Features of Epicor Payroll MEA
- The capability of handling complex logic such as payroll classes, deduction slabs, and various incentive or bonus bands.
- Built-in features to compute complicated income tax computations and statutory deductions across worldwide locations.
- Offers user-friendly web-based ‘Employee self-service portal’.
- Integration with GL (General Ledger).
- Compliance with local rules and regulations.
- Provides access to download reports such as payslips, status updates, etc.
- Enhanced timesheet efficiency.
How does Epicor Payroll MEA streamline and manage payroll?
Epicor Payroll MEA follows the sequence of setup, process, and report. It simplifies the complicated processes involved in payroll processing such that end users just need to provide the bare minimum of data and the rest is calculated and handled by the system. It groups information under several categories, such as basic salary, time management sheets, bonuses, reimbursements, attendance, etc., such that the data needed to process payroll is gathered regularly from the employees and departments and the final reports such as payslips are generated in a matter of minutes after the processing phase is complete.
To know more, Download Epicor payroll MEA brochure
Epicor Payroll MEA enhances employee work experience by offering employees (even HR) a self-service portal that allows them to make requests for various activities such as annual leaves, a business loan, exit requests, etc. It also provides access to most of the employee data for which the company has maintained a record.
HR and management module in the employee self-service portal
It is crucial for every organization to manage its employees responsibly and provide them with the necessary information and systems. This is where an ERP’s HR management module comes into the picture.
With its HR and management module, the employee-self-service portal of Epicor’s payroll MEA solution establishes a dynamic HR collaboration gateway with information that is simple for employees to access at all organizational levels. The employee self-service portal has two advantages. First, when workers can examine and update their data, they experience a sense of ownership and engagement. Second, HR professionals can manage and contribute information to the HR site without depending on the IT department. There are several other advantages of this module:
- Provides centralized HR dashboard functionality.
- Simplifies the recruitment and onboarding process.
- Easy leave tracking.
- Latest updates on news and announcements.
- Streamlines paycheck process.
- Tracking and maintenance of timesheets.
- Managing approvals and organizational charts.
How modern businesses are utilizing ERP solutions to manage payroll and human resources? – A Customer Success Story
ERP solutions when integrated with payroll and human resources systems provide employees with a centralized repository for all their reports and information. However, the function of payroll has drastically changed because of enhanced data availability and automated program management. The payroll module is now required to analyze data, discover patterns or trends, and offer suggestions for improvements. It must also comprehend the challenges of setting up and managing a global payroll system.
Epicor Payroll MEA was recently implemented in 9 countries for one of our customers from the African region. Our customer was looking for a solution to address the various challenges of payroll & HR management they were facing such as lack of an integrated system to carry out HR functions, poor transaction visibility, communication with employees, etc.
They wanted to implement a payroll system across their offices in Ghana, Sierra Leone, Guinea Conakry, Cap Verde, Liberia, E-Guinea, Sao Tome, and Mauritania. The implementation was done completely remote due to travel restrictions during the pandemic.
One of the key challenges for this project was implementing a payroll management system based on unique and strict payroll regulations for tax calculations, social security calculations and report formats that apply to each of these African countries.
RheinBrücke adopted the ERP implementation best practices to successfully implement the solution in a four-phase strategy of Prepare, Plan, Design for all countries concurrently, and followed by Validation and Go Live. We also planned the POC, UAT, and site implementation. More crucially, we implemented parameterized computations and customized report styles so users could set up the computation in accordance to their country’s regulations.
With the successful implementation of Epicor Payroll MEA, the company now benefits from a streamlined finance and operating process with automated payroll across divisions/countries, decreased operational expenses for HR and Payroll management, and noticeably enhanced efficiency, accuracy, and security by eliminating redundant manual operations.
Payroll is a crucial component of your organization since every employee demands accurate and timely payments. Payroll errors may have an impact on both business and employees, and they can have effects beyond financial losses, such as decreased employee satisfaction and trust in the organization. Also, when regulatory compliance and rules are taken into consideration, payroll becomes even more complicated.
RheinBrücke is largest Epicor ERP Implementation Partner in EMEA region. Our solution, “Epicor Payroll MEA,” is adaptable and responsive, and it can be tailored to your unique needs to increase operational effectiveness and ensure sustained compliance. Its built-in functionalities make it possible to calculate complicated income tax computations and statutory deductions across locations. In a nutshell, it provides a simplified experience that makes processing paychecks easier and allows businesses to concentrate on human resource management!