Dubai, United Arab Emirates - Payroll has never been a one-size-fits-all endeavor. There are many critical legal, operational and human resource aspects that a payroll process can significantly impact. One of the most sensitive ways through which payroll can cause severe complications within business functions is inaccuracies.
Agreeing to this statement, payroll experts at BSH, one of the leading payroll and HCM service providers in the middle-east, said, “Payroll inaccuracies uproot many problems, and in truth, there is more to this than meets the eyes. Payroll accuracy is critical for business now mainly for three main reasons: legal compliance, employee satisfaction, and effective financial management.”
In a major business hub like Dubai, the legislation concerning businesses is becoming more structured with strict compliance requirements- especially with rising business competitiveness. On the other hand, payroll is a business function that is heavily connected to legal compliance, mainly when it comes to taxation and other HR and employee laws. All these laws, especially tax and employment laws, if subject to inaccuracies, can put a business into complex and expensive legal issues.
The experts also said, “Employees are now becoming more vigilant and educated about laws that protect themselves as they have easy access to information. This has made employees well capable of addressing payroll inaccuracies or any unfair payroll process in a legally appropriate manner that will protect them and at the same time put a business at legal risk. Even if employees overlook these legal considerations, payroll inaccuracies can be very disappointing from an employee perspective, which will naturally reduce engagement levels, and in turn, contribute to low productivity levels or even result in high employee turnover”.
They also added that in worse cases, because of the advancement of information and technology nowadays, payroll inaccuracies experienced by employees can even lead to negative word-of-mouth, reputational damage, and bad publicity, which all can significantly impact the growth of a business.
Concluding the discussion, the experts also addressed that payroll accuracy is crucial for business nowadays for effective financial management. They said, “ Financial management has and is always going to be one of the most challenging functions of a business. Especially as economic uncertainties are becoming common in recent times, financial management is getting tougher than ever, mostly for startups. Payroll inaccuracies can set in several errors in financial planning, analysis, and related decision-making. As a result, the overall financial direction of a business can be led astray, leaving behind the growth of a business stagnant.”
BSH has been delivering state-of-the-art proprietary solutions to streamline HCM processes to the Middle East market since 1993. Following 10 years of partnership with world-leader ADP (Automated Data Processing) and working with multinationals, we have also proudly secured a leading role in the fast-growing global payroll business. Our vision at BSH is to help companies grow regionally and globally while keeping them focused on their core business.
For more information regarding BSH- https://bshsoft.com/
Company :-BSH Soft
User :- BSH Soft
Phone :- +971 4 390 0170
Url :- https://bshsoft.com/