If you\u2019re still doing payroll on Excel, it\u2019s probably time to upgrade. Consider looking for a more efficient tool that will eliminate most errors and make the job a lot easier. Moreover, invest in one that is user-friendly, tax-compliant, and can be tailored to your business’s unique needs.<\/p>\n\n\n\n
For businesses and SMEs in the Philippines, Maya Business may have the payroll system<\/a> that\u2019s right for you. Maya Business, a trusted financial technology solutions provider in the country, specializes in innovative solutions for businesses of all sizes. One such innovation is Maya Disbursements. This fund disbursement solution features a payroll management system that\u2019s designed for Philippine-based startups and SMEs. It is an integral part of the Maya Business ecosystem, which includes other financial solutions that will help you better manage your business\u2019s finances.<\/p>\n\n\n\n Do you keep an updated and comprehensive employee database? Growing businesses should maintain a checklist that includes essential details like full names, taxpayer identification numbers (TINs), social security numbers, addresses, and other important information. After all, keeping these data updated and organized is the foundation for maintaining accurate records.<\/p>\n\n\n\n Ensure that you have a reliable timekeeping system in place. Filipino SMEs often employ hourly workers, including project workers and gig workers<\/a>, so precise time tracking is vital. For this reason, you may have to invest in an automated system to minimize errors, especially when it comes to overtime calculations for these varied employment types.<\/p>\n\n\n\n For non-accountants, tax compliance can be a maze of bureaucracy. In the Philippines, tax regulations are downright complex and ever-changing. That\u2019s why you have to make sure that you are deducting the right amount of income tax from people. Plus, you have to keep in mind other mandatory deductions such as SSS, Philhealth, and Pag-IBIG contributions.<\/p>\n\n\n\n With so many elements to include in every payroll, Filipino entrepreneurs will appreciate the user-friendliness of the Maya Disbursement payroll system. The Philippines, like any other country, collects taxes and mandatory deductions that should be reflected in an employee\u2019s payroll slip. Since Maya Disbursement was designed specifically as a Philippine payroll system, these are all accounted for, making your payroll processing easy and seamless every payday.<\/p>\n\n\n\n Maintain a detailed record of all employee earnings. This includes regular wages, overtime pay, bonuses, commissions, and any other forms of compensation<\/a>.<\/p>\n\n\n\n Fortunately, Maya Disbursement was built to process more than just an employee\u2019s wages. You can use the system to disburse incentives, allowances, commissions, and more. With an all-in-one disbursement system, there\u2019s no reason for you to spend more on additional tools.<\/p>\n\n\n\n Remember to keep accurate payroll journal entries on your general ledger to properly account for payroll expenses. Aside from ensuring compliance with the Bureau of Internal Revenue (BIR), these entries can be your backup documentation when tracing discrepancies and understanding historical data.<\/p>\n\n\n\n2. Create an Employee Data Checklist<\/strong><\/h2>\n\n\n\n
![\"Payroll](\"https:\/\/efectio.com\/wp-content\/uploads\/2023\/11\/DALL\u00b7E-2023-11-27-13.10.22-A-digital-art-style-cover-image-for-a-blog-post-featuring-elements-related-to-payroll-record-keeping-for-SMEs-in-the-Philippines.-The-image-includes--1024x585.png\")
<\/figure>\n\n\n\n3. Keep Accurate Timekeeping<\/strong><\/h2>\n\n\n\n
4. Comply with Tax Requirements<\/strong><\/h2>\n\n\n\n
5. Document All Employee Earnings<\/strong><\/h2>\n\n\n\n
6. Maintain Proper Payroll Journal Entries<\/strong><\/h2>\n\n\n\n
7. Ensure Data Security<\/strong><\/h2>\n\n\n\n