Current Covid-19 guidance from government and health authorities recommends various tactics for social distancing. This is include remote working, caregiving leave, and sick leave without doctor’s notes and other supportive measures designed to keep our workplaces safe.
With many companies running on limited resources, managing payroll and expenses remotely is likely to be one of the biggest challenges for companies during this time. As work-from-home arrangements become the ‘new normal’, how can companies manage payroll and expenses for a remote workforce?
1. Go Paperless
One of the biggest challenges faced on remote working is that finance management. They still heavily dependent on paper.
Using too much paper in your business increases labour costs for data entry. Manual tasks as well as inventory costs need the bigger filing cabinet spaces. Not only that, handling paper in a time of COVID-19 risks may be a health hazard as well.
According to a report by CNBC, Chinese banks have been ordered to disinfect cash before handing it to the public in order to curb the spread of the virus. Like cash, paper documents may carry the risk of potential infections.
Companies are now moving towards a mobile first, employee first experience. With just a snap on your mobile phone, you can capture the photos of your receipts and it will automatically populate the expense fields in your reports. You no longer have to go through more paper receipts every end of the month. The process from submitting to approving can be done through the mobile app. So, you don’t need to worry to lose the receipt.
With the paperless solution, companies no longer need physical space. Everything can be stored in the cloud. Your finance team can work-from-home effectively without worrying about the hassle of having to refer to physical papers.
2. Switch your HRMS to 100% Cloud-based Advanced HR Software
As such, companies that are still using On-promise software may find themselves struggling at a time where the global workforce is embracing remote-working arrangements. On-premise HR software requires employees’ physical presence to perform HR operations.
So, you should consider making the switch to a 100% cloud-based HR software.
With regard to costs, the subscription payment model of a cloud-based HR software would allow your company to pay for what your company uses. From leave management, attendance, expense approval to payroll functions. However, a cloud-based solution allow you to pick the necessary features you need to manage your workforce.
HRMLabs fully automated payroll solution. You can run your payroll in just a few clicks, even at your home! It really help your company save time and reduce error calculation.
You can also ensure your payroll conclude the Tax, IRAS, CPF and MOM regulations. With HRMLabs, you don’t have to worry about the errors that may arise in instances of manual input. You can also enjoy the ease of easy access with the app. As the payslips are digitised, employees are able to access it on the mobile app and download it should they wish to do so.
With the right cloud-based HR software, it can speed up your HR processes efficiently without compromising on security. More importantly, it would allow your HR leaders to focus on the company’s most vital customers – the employees.
3. Automate your employees’ leave and attendance
Perhaps the most important aspect of managing payroll remotely is collecting employees’ leave and attendance data. This ultimately decides how many days the organization is going to pay each employee for, and it may be even more variable than usual right now. To keep up, your system needs to be agile.
Cloud-based systems offer an advantage, as they are inherently capable of allowing people to work from where they are. HR and payroll systems based in the cloud also come with features that are specifically useful for remote work, like web check-ins and geolocation-based attendance tracking that gives HR staff the up-to-the-minute attendance data they need. So, choose the right HR Systems that suits your company.