Payments Module manages the processes of calculating employees’ compensations with opportunities to set various analyses and documents. It provides for generating accounting files for report to banks and external organizations.

 

Major functionalities:

  • Defining the various payments – employees might have more than one payment for a specific period /month/ with a separate report generated for each payment
  • Automating the recalculation – change of data for past periods is reflected under the form of recalculating the current payment with no limitation as to the number of months defined for recalculating
  • Servicing the voluntary social security installments and insurance policies, loan repayment plan and loan repayment installments
  • Opportunities to transfer employees’ compensation amounts to several bank accounts
  • Functions representing the algorithms for automatically calculated deducted amounts as per the national regulations
  • Maintaining various communication interfaces with bank and financial systems, as well as governmental systems /National Social Security Institute, National Revenue Agency, National Statistical Institute/
  • Distributing costs as per various analytical criteria- maintaining various cost centres as per the company’s internal and financial regulations
  • Employees are provided with web access to their compensation amounts calculated on a monthly basis
  • Guaranteed information security – via user profiles and opportunity to connect via active directory

 

Advantages:

  • Automated cycle of periodically repetitive activities on administering the process of employees’ compensation calculations
  • Automated process of providing analytical information towards various management levels of the organization and external institutions
  • Automated integration with various financial and accounting systems for personnel data transfer – work hours completed, compensation expenses, social security deductions grouped as per costs centres
  • Self Service “Pay Slips” directly includes all employees in the process of administering compensations