Top 5 Features Companies ask for in Payroll Solution in Malta
Payroll is a business-critical operation for any organisation who must pay staff accurately and on time. It is important for payroll to be done well in order to avoid problems with employees, possibly even reputational and legal difficulties. A good computerised payroll system can help carry out pay runs with greater speed and efficiency.
This article explains the top 5 features requested by companies in Malta using a Payroll system, and how you can try a Payroll system with these features for free.
FEATURE 1: EMPLOYEE PORTAL
An employee portal allows for there to be a secure location which can only be accessed by employees who have access credentials, which organisations can use to store their employees’ payslips and FS3s. This feature is a lot useful when compared to sending payslips by email as in some cases, employees can share an inbox with their collegues or their spouse, which would not allow for the contents of payslips and FS3s to remain completely private.
FEATURE 2: BULK WAGE ADJUSTMENTS
With the COLA (Cost of Living Adjustments) that are announced by the government of Malta every year, it is essential for administration teams to be able to adjust all employees’ wages quickly and easily, rather than having to update each employee’s salary. With this feature, administration teams save a lot of time and effort, which can be spent on other more important tasks.
FEATURE 3: RELEVANT REPORTING
For financial auditing, the majority of organisations require some form of flexibility when generating reports. The best practice would be to allow for a report to contain any payroll-related field, for any payroll run/s, for any department, team, or employee. Additionally, allowing for Payroll Administrators to be able to save templates of the report settings made, is another practical solution that can allow for much better productivity in these circumstances.
FEATURE 4: INTEGRATION
The purpose of software is to save time and effort whilst boosting productivity. As payroll is a link in a chain of processes, it makes sense for an organisation to use software that has integration features as it frees up time and effort to focus on more important things. In the case of payroll solution, integration with a Leave Management System allows for leave entitlements to show on payslips, whilst integration with a Time & Attendance with contactless biometric devices solution allows for overtime and approved working hours to appear directly within the payroll solution for relevant calculations to be done. All of this, without having to import/export files from other systems.
FEATURE 5: OPTIONS AND SETTINGS
Different options and settings are key in order to process payroll and generate payslips containing all of the information that an organisations employees’ are accustomed to seeing. These can include:
- Field Configuration: A method of configuring what payroll fields appear and their names based on the company’s terminologies.
- Custom Government Bonus and Allowance Dates: A method to set when employees receive government bonuses and allowances.
- Payslip Settings: A method to configure which details appear on payslips including employees’ personal and leave details.