Best budgeting structure for a company – To create an impact on the customers

Even though there are many companies which aim to produce different products and services, there must be a stable and liable budget structure which would be able to take care of all the financial costs to the company. WIthout having a final composition, it would be difficult to move forward because of most of the time without a definite structure; there could transfers which could not match the incoming cash flow.

 The company should also be ready to create a budget which would allow the company to see through the future with short-term and long-term goals. The budget also gives you clean access to records which provides a clear picture of the expenditure of the company.

budget1-blog

 STEP 1: DETERMINATION

 DECIDE ON WHAT YOU HAVE

Every business begins with the budget and the energy that can be added to develop a business. If your investments are going to be low or experimental, it would be better to set up a budget with the available resources.

 If you do believe that your business is going to be the next big thing every person on this planet would want for, there are all reasons enough to go for higher expenditure rate to prove what your intentions are made of.

 ANALYZE ON HOW MUCH YOU ARE GOING TO MAKE

 FIXED COSTS

The fixed cost section includes every cost incurred with expenses which should be accounted every month. This budget would give you a clear picture on the materials you need, the staffs required for the job, the required inventory for it like air conditioners, laptops, and so on like room rent if any and much more.

 This section must be given much preference because it is what mostly accounts for the 80% expenditure of the company in a single month.

 VARIABLE EXPENSES

Mostly the variable expenses would change every month due to different circumstances like commissions, advertising, transportation, printing costs, wages of employees’ and much more. By calculating these expenses accurately, you would be able to view the cash flow of the company.

 SINGLE TIME EXPENDITURE

These are the unforeseen expenses that must also be allocated in your budget. Some of the costs are damages to your equipment, new inventory expense and much more. If the financial credits are not maintained, it would be tough because you would need to arrange it all of a sudden.

 STAGE 2: CONTROL EVERY EXPENDITURE

 Track and prioritize your expenses

As your business begins, you must keep track of every payment made per month. With this calculation, you would be able to find the inconsistencies in your expenses like unwanted inventories or raw materials, need for new accessories and other essential costs so that there is no waste of money.

 Automate your calculations

With the help of technology, there are automated resources where every calculation needed to be made can be performed with the help of payroll software. By approaching this method, the possibility of errors to occur is very rare. This would allow you to focus more on improving the business rather than performing calculations, which sometimes is a time involving the process.

The second reason there is the need for a payroll software because when you are starting a business, you would have ailed for sources from banks or other savings. By tracking accurately, payments can be made in the right amounts without any extra payment. By using advanced payroll software, you can automate salary expenses, pay certain taxes and much more be providing more time by avoiding manual calculations.

HR2eazy is the most advanced and the most affordable payroll software in entire Malaysia aimed to reduce the work pressure of every HR function by creating comprehensive solutions. We provide you with modules like Recruitment Management, KPI Management, Inventory Management, Payroll Management and much more. By using HR2eazy, your entire expenditure is wholly streamlined and thus providing you with complete freedom to concentrate on what you love, More Business. For more information, please visit www.hr2eazy.com

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HR2eazy Payroll Software latest update – Timesheet Dashboard

HR2eazy has come up with new and integrated modules. Now you can control your office more than before. Since we understood about the need to improve modules and give new features to them in certain areas, we have come up with certain additions which would help you streamline the entire working process in your organization.

The new enhancements in the HR2eazy are

TIMESHEET DASHBOARD

RESIGNATION PROCESS

TIMESHEET DASHBOARD:

In our previous online timesheet calculator, there was scope for marking down the tasks completed by every employee in the office. This would allow managers and HR’s to view whether an employee has marked in the correct amount of working hours, but this does not allow oneself to show which employee is working on which project. So, to come up with a unique solution to identify this problem, we have added a dashboard which gives away the complete history of work credentials.

The timesheet dashboard consists of the following modules:

Task entry

Just by selecting the Client for which the project is being done, it gives you the complete details for every project without any confusions in the future. You can also add any tasks about the project so that each employee can be accounted for every work in the given project.

Project Entry

Every project has a unique ID which can lead to easy file searching capabilities in the future. In the Project Entry module, every intricate detail is being entered here like the project name, the project type, the manager involved in the project, the client’s name and the manager appointed from the client’s side. Even the project is allocated with a finite start and end date to ensure the project is completed on time.

For a streamlined flow, the status of the project is also given as whether it is still in progress, completed, kept on hold, canceled, etc. The health of the project is also indicated to give a better view of whether all the work involved in the project is going in the right direction or not. Even it has a radio button which gives out the activity of the project, whether the project is active or not. With all this information, now your company can do more and managers can control the entire working of the project and ensure projects to be completed on time.

Client Entry

The client entry holds the valuable information to contact the client because need may arise any time and right then if we do not have the contact information it would be difficult to trace them immediately. To avoid this, we have given every client detail and their projects so you could contact the clients as soon as possible and to eradicate the query immediately.

To avoid any confusions, we have created fields like industry type of the client, the phone and address of the client, their facsimile number, the country they belong to and also a radio button to mention whether the project is active or not. This would act as a client database so that at any instance you would be able to search for the client and have a meaningful session with them.

Resource Cost

Every project has a price in which the entire project has to be completed within the mentioned budget. Every individual employee would be allocated with a certain cost per day, which is mostly for 8 hours in most cases. This would give complete information about the contribution of the employee towards every project, and since it is integrated with the payroll, accurate payslips can be created.

RESIGNATION PROCESS

In this new enhancement in the resignation process, employees’ would now be able to apply for resignation and submit them along with the required papers to their concern managers along with the reason for resignation or retirement. After uploading the necessary information, managers have the control to accept or decline the resignation made by the employee. The last date or the notice period to be served would be mentioned in this module. This would empower employees’ to streamline the entire resignation process.

With these two enhancements, your workplace just got much better. Now, enjoy your workplace with ease with our HR2eazy software and understand the opportunities that might come your way because we help you with the entire HR administration in your office. HR2eazy is the most affordable and the most advanced payroll software in entire Malaysia, for more information, please do visit http://www.hr2eazy.com for more information.

 

How to get the best of your employees’ with your HRMS Application for conducting a promotion?

The most valuable assets any company owns are their employees’; without them, any company would be left in the dark for good. There are many strategies that can be performed to improve or maintain the progress of the company. One of them is by using an HRMS Software which could cater to every HR need.

 They say success might be one time lucky, but if you want to run a successful company on your hands, you definitely have to be consistent in your approaches because that would only keep the work flowing with seamless business on your backs. Consistency is not something which means performing the same tasks every day to maintain businesses since there are many changes in the market due to overloading competitors, new and ‘trending’ strategies should be followed to stay on top in what you love.

 When it comes to maintaining employee standards in the office for promoting the right candidate, let us help you out with some steps to ensure the best experiences your company can have for running a successful enterprise with the help of HR2eazy-a hr payroll software created to reduce the work of every HR irrespective of them working for a startup or even for one of the fortune 500 companies.

KPI EVALUATION

Every company has a vision, and the only thing they aim for is developing more business. To understand if your employees’ caught the idea of the company, they are qualified for the appraisal. Conduct self-assessment tests to analyze your employee, the questions based on the analysis should gather the most critical information needed for the appraisal. Later, divide them into four categories to examine their approach to the topics based on four divisions which involve every trait. Performance, Attitude, contribution to the team and how did they fare in taking time to complete their given tasks. When the process is complete, you settle among the best employee needed for the appraisal.

kpi.jpg

 No one other than the administrator would be able to view this module and only the employee selected for the tests would be able to see the questions. This improves the rigidity of the software because it was built on integrity, so there are no chances for anyone to tamper with the results by higher authorities for them to choose their favored candidate.

 SELF ASSESSMENT

Every employee must be continually assessed for any manager to understand whether the employees’ are moving in the right direction. Look out for essential traits like performance, attitude, how they maintain their attendance and also their contribution to the team. All these four traits are very valuable and show their willingness to perform more in the company. Set the rating up for every employee, say 1 to 5, and rate them accordingly. This gives you a better insight and also gives you better light on who needs an appraisal in the organization.

 BATCH SETUP

In the batch setup, you can set the mode of action of the evaluation as active or inactive and also select the required organization and also the post for which the appraisal is required. By selecting their key trait, you also the categories in which they have scored well.

 RATING SETUP

 Every test must be logically set up so that the computer understands the range. Select the required scale for the examination and notify the value each number holds in the same. Look at the time you’re making, not more than 10 minutes and you have everything needed to promote the best candidate for your company.

 If all the information were to be processed by an HR, it would almost take to 3 hours for every setup to be concluded. HR2eazy is completely automated so that you do not need to worry if the results were giving wrong decisions. When you get HR2eazy, you not to get to choose a payroll software, you also get to make the right decisions to run your business seamlessly.

 For more information on KPI management software, HR2eazy. With the help of HR2eazy, you would be able to save a lot of time on many other areas of an HR-like Travel Management, Payroll Management, Petty Cash Management and many more. Just try our software for free and experience pain-free payroll processing within seconds.

How to efficiently choose the right candidate for your company?

The most critical assets that every company relies on is their employees’, without them, it would be like an empty home waiting for someone to enter. By hiring the right person for your company, you move your company to the next stage where everything steps in the correct order. By analyzing this, HR2eazy, an HR and a payroll software allows you to choose the right candidate for your job without any hassles with a step by step approach so that you get to know whether you are moving in the right direction or not.

 When it comes to recruitment, which involves an HR doing all the rounds of interview, with our HR2eazy recruitment module, anyone could conduct the interview and make the right candidate work for your company.

recruitment process

JOB LISTING

 List out every post in your company that needs recruitment. Choose from a wide range of options for an efficient recruitment process like choose the candidate for an Internal or External position for your company. Select the location intended for hiring and also not down the name of the candidate requesting for the post, to avoid confusion since there may be many recruiters asking for the same position. Later, set a date for the interview and set up the status of the interview as active or not.

 PROFILE REGISTRATION

After selecting the desired post for the recruitment, select the skill sets required by every candidate. There is a list of 4 skill sets allocated for every candidate necessary for analyzing their critical traits in every area and select from the drop down about the result of the interview as Joined, rejected, etc. and save the information for future purposes.

 PROFILE SHORTLISTING

This is the trickiest part because many candidates would pose as possessing the same skill set and other traits for a single post given for them to apply. Here you give out every detail like the job title, the candidate’s email address, their resumes, their expectation for salaries, their mobile number and many more information pertaining to the candidate so that every information is intact and accessible by the employer immediately so that you do not waste your time on searching for profiles.

 SCHEDULE INTERVIEW

With this HR2eazy module, the employer can find every information about the employee scheduled for the interview. Every information like their expected CTC, total years of experience, their contact details, the date for the interview, etc. are mentioned here so that you never miss out any details needed for their interview. This allows the employer to know about the employee so that they can interview the candidate with ease. You can also directly import all this information to your Excel spreadsheet so that you get to save your information on the go.

 OFFER

The most important decision to make is the negotiation process. This should create a win-win situation for both the company and the candidate. Before going on with the interview, precisely select the salary range for the post along with all the taxes and other deductions. Make sure the candidate deserves what is needed of him so that the employee does not hesitate to join the company.

 JOINING

After the interviewing process, the employee is ready to join the company. Make all work documents and bank documents accessible to them so that they can present a timely approach to all works of the company when they join. By just typing in the job title and the ID of the employee, look out for every information about the same.

 JOB TYPE

Have a single stop shop for all your recruitment needs. If you are going to post four to five postings at the same time, see every post available so that you stay on track with the recruitment process. After the interview has been completed, select from the drop down as inactive from active so that you do not get confused and start another recruitment process.

SPECIALIZATION

Every candidate has the different specialty to offer. Enter the need for every candidate to possess. Ever specialization mentioned for the candidate is saved in the drop down box so that you have access to the information of every candidate to be selected for different posts on the same day or week.

SKILLSET

Every candidate must be looked for personal traits which should be matching for the desired post of the company. Traits involve attitude, presentation, other skills for the company, etc. so that you get a versatile candidate and not a single-focused candidate who can only complete the job and nothing much more. Search for more key traits for selecting a more versatile candidate whom might be a great asset in the future.

 JOB TITLE

Note down the hierarchy of every candidate of the company, so there is no confusion involved in the employees’ belonging to different posts. This also gives you a better picture of every available candidate and their association with the company based on the title of the candidate.

 EXTERNAL ENTITY

Some of the companies your organization has a tie-up with would need to hire candidates for their company. To do that, enter all the details here in the HR2eazy dashboard and save all the information so that the other company would be able to see this information. This information would give a better understanding of both the companies which can make them focused till the recruitment process gets completed.

 From reading the above passage, you would have got a clear picture of how our recruitment model works in HR2eazy. We did not stop with this, we have selected every important module an HR has to perform from recruitment to retirement so that you and your company save a lot of time from these hassles. Choose HR2eazy today so that you get to run your company efficiently with all the right motives. We provide modules like Travel Management, KPI Management, Petty Cash Management, Payroll Management, etc. for every need in the industry.

 

What are the benefits of an Integrated HR and Payroll Software?

What are the benefits of an Integrated HR andPayroll Software?

When a company is moving from a conventional payroll system to payroll software, there are many conditions to consider because every business is different in its way concerning administration and other factors.

To be honest, hiring a payroll software seems to be the conventional method of payroll processing today. While choosing a payroll software, many benefits come with it because the central ideology of the software was created to reduce human effort and also save time.

Integrated HR and payroll software

You save time

One of the most critical factors every entrepreneur would like to hear because their valuable time could be spent on more useful things. With one-shot dashboards like inventory management, payroll management, recruitment management, etc., handle all your company requirements and take complete control of your company.

On an average, every employee takes 1 minute to do calculations, whereas a payroll software would be able to do that in 20 seconds with the help of automation. Also, consider spreadsheets, for instance, it would take about 5 minutes to calculate the hours put in by every employee whereas it would take only a few seconds to figure this and enter into the dashboard for salary calculation.

Stay Online and Updated

With the help of cloud technology, stay connected every moment with the help of an internet connection and also stay updated from time to time on the changes occurring in your company premises.

You stay more organized

With every module, you require, stay in one place like payroll management modules have everything related to payrolls like deductions, permissions, having a track of every timesheet, leaves taken, etc. With a view like this, you would never need to search and retrieve data for easy perusal.

Reduce Paperwork

Since every information is saved in the cloud and not a physical server, you do not need to store the data on a physical paper which also leave no carbon footprint. This enables companies and the employees’ to view the data and alter it if required.

Accuracy

Automation is the key aspect when it comes to choosing your payroll software. When every module of the framework is automated, the only work left for HR’s and entrepreneurs is to store the data after any expenditure, the hours put in by every employee, etc. so that later you can create payrolls and create accurate budgets for the fiscal year.

Improved reports

By comprehensive reporting, get every report from pre-loaded graphs and charts for having a better understanding, physically whether the company is moving in the right direction or not. The employees’ do not need to spend much time on creating yearly and monthly reports which are required by the company because it is already available in your payroll software.

Reduced Costs

Even though many people may disagree that a payroll software is costlier than a regular calculation software, by choosing the right plan and the right software, you would be able to reduce costs drastically, and this remaining currency can be used on improving the infrastructure of the company.

Employee Self Service

By allowing employees’ to perform their duties like marking attendance, asking for claims and advances, this will enable them to hold power to ask for what is required and can be accepted or rejected by the upper hierarchy. Also by allowing them to view and change payroll information gives them the control and also an HR would be able to see their data which helps in avoiding misunderstandings and discrepancies.

Make accurate tax payments

One of the critical part when it comes to running a company is paying taxes and other payments on time because if it is not compliant with the government norms, you would have to pay huge penalties. With the help of automation, make the right deductions so that you do not burn a hole in your employees’ pocket.

Dedicated Customer Service

Every software tends to break because of a ‘bug.’ To assist you with this, a reasonable payroll software must come with a dedicated customer care service to help you out with urgent needs and requirements.

There are many more benefits of choosing a payroll software. Choose HR2eazy, an integrated HR and payroll software to reduce your time in making calculations and reduce the functioning cost of the company. Please visit HR Payroll software for more information.

 

What are the main reasons to opt for a payroll software in Malaysia?

What are the main reasons to opt for a payroll software in Malaysia?

When it comes to an organization, from an entrepreneur’s point of view, many questions arise when it comes to their payrolls because it is the most imperative part of an organization. The other factors which are very important to run a business are making payments to employees’ on time, paying specific taxes, choosing the right person for the job, have a note of all inventories, managing travel, leave management, training the peers and many more significant functions. By choosing a payroll software, you get to do all these tasks in one place so that there is no need to search for data and make wrong calculations which might cause dearly to the company.

hr2eazy versions

But entrepreneurs think differently like they usually do to cut costs and run the company more efficiently. The most common questions we hear entrepreneurs ask of why they need to opt for a payroll software are given below for a better understanding.

How would it be beneficiary to my company and me?

By opting for payroll software, you get all the freedom and all the diversification required to note down all the key aspects and their expenditures. When you can see all of the information on a single page, how easy would it be to develop your company rather than calculating every time your company has invested in something?

2) Why don’t I hire an HR and make them do all the job

An average HR in Malaysia gets paid up to 50000 RM and more in a single year. Payroll software is not trying to take out their job, but by buying an HR software which can deliver all the functions that they can perform would cost only up to 3000 RM or lesser based upon choosing our versions for your company. If you are looking to reduce your operational costs, you save more than 45000 RM a year which can be spent on hiring more people for improving your core business for a more significant expansion and many more.

3) Why don’t I use a basic software where I can save all the data for my company expenditures?

By using a software, saving data is the toughest part. When there may be different expenditures when it comes to running a company, it is very imperative to save the data and retrieve it for future purposes. A small mistake can cost you dearly because it would ruin the calculations and would cause you great misery. By opting for payroll software, save all your data in the right place and make sure it stays that way. You can add future expenditures to it anytime you want, and since the whole point of choosing a payroll software is that the entire system is automated, the chances of errors to occur are very less since technology is continually developing.

4) Would my information stay confidential if I outsource my payrolls?

When it comes to security, all the data is saved on a cloud server, which is like the best technology at the moment when it comes to securing your information. By saving it on the cloud, you also have the facility to access and change the data anytime you can’t, which means you don’t need to go to the office every time to search and modify information.

5) I have just begun my startup and looking to calculate everything on my own. I just don’t need a software to calculate my bills since it would just pile up on my bills.

When it comes to a startup, your resources and money are all you can start off with. While handling numbers are of lesser priority, the most critical function is to improve the core business. What are the most critical calculations required when it comes to beginning a start-up, an accurate timesheet which denotes every employees’ contributions to the company, generates payrolls obviously, pay taxes to the government to avoid penalties, download payslips for bank purposes? We at HR2eazy have come across this and have come up with a plan HR2eazy Mini Free which offers all the above features free of cost.

Not only this, with other versions like HR2eazy Mini Basic, Mini Professional and Premium you get to choose from a wide range of options like

  • daily pay calculations
  • approve reports
  • add attendance shift allowances
  • integration of attendance marking devices
  • travel management
  • KPI management
  • training management
  • petty cash management
  • inventory management

And this does not stop over here; we would tend to add more features according to business trends and requirements.

To know more about our products and services, please reach out to www.hr2eazy.com so that we can concentrate on designing your payrolls while you can focus more on developing your organization.

Why salary deductions are very important when it comes to choosing your payroll software for running an organization?

Calculating taxes for every organization in involves a lot of paperwork. Every payroll must be deducted with the right amount of taxes every time, even if taxes and other deductions are wrongly made, the company is responsible for it and would be given penalties for discrepancies. When it comes to deductions, too much of it would create a hole in the pocket for employees’. To avoid this, every company should watch the deductions closely to follow accurate trends.

Let us explain to you how the processing of deductions works while starting an organization in Malaysia. What we do at HR Payroll Software is automate every required deduction so that there are no problems in creating employees’ payrolls.

Payroll Software - Accurate Dedections

LHDN

Filing taxes have never been easy. Just by entering the value of tax along with the salary of the employee, calculate also whether the employee is tax exempted or not. If they are not, calculate the amount of money as tax.

KWSP

Choose from options like tax exempted or not while selecting the employee and then choose the month and the year to see the salary of the employee and later, calculate the percentage that is needed to be filed as taxes.

HRDF

While upon selecting the birth country of the employee and select whether the contribution of the employee to be made as fixed or a percentage. By selecting the pay grade and the age range of the desired employee, generate the amount needed to be deducted.

EIS

When it comes to insurance, carefully select the amount to be deducted. When it comes to EIS, mostly .25% is the levied amount from the salary.

SOCSO

Likewise, for making the SOCSO payment, choose the immigration status of the employee and check whether the employee is tax exempted or not. Later after selecting whether the candidate is eligible for tax exemption or not, choose the salary grade and ranges of salary and age, decide how much amount needs to be paid.

ZAKAT

Calculating Zakat is important for every lawful Muslim by nature. By calculating the amount needed to be paid after calculation, the amount is deducted from the salary and is sent to the committee. Even additional Zakat can be added if required by the employee or the organization.

By looking at the way we process payrolls, you might have come to a conclusion that making deductions might be simple, that is where our success lies. Payment of taxes and many other deductions are very important when it comes to the development of the nation. By choosing the right malaysian income tax calculator, you not only reduce time to make calculations required for paying taxes, you also make sure there are no errors occurring to avoid any payment dues.

Since time changes and along with that change the number of deductions to be made, we carefully have a look at the changing business trends so that you do not have the need to search for them every month and change calculations accordingly. We do make all the necessary changes and also place them in our automated system to avoid any mistakes in the deductions.

By outsourcing your payroll information, we make sure that every process is on track and there is no need for a human resource for calculations. We try to reduce the commitment needed by every person and make sure the employers concentrate on the things they love most, developing the company to the next phase.

To know more about calculating the deductions and other payroll related matters, please do visit our website to get a clear insight into how HR2eazy works and choose us for easy processing of payrolls.