Payroll software manages the recurring process of employee payments, ensuring they are on time and in the required format. Timely and accurate payroll is critical in maintaining a happy and productive workforce.
Manual payroll is historically time-consuming and prone to errors. Payroll software automates many of the manual tasks, minimising effort, and saving huge amounts of time. Calculations, tax returns, reports, and deductions are completed by the system, reducing manual input and the risk of human error. Payroll errors lead to upset employees and financial penalties. According to the International Revenue Service (IRS) 40% of small to medium-sized businesses face penalties related to incorrect payroll. Find out more about our Payroll Software OCS HR.
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The challenges of payroll are further increased when it comes to the maritime industry and international payroll requirements. In addition to timely and accurate processing, the software solution must also cater to the requirements of a transient workforce with multi-national, multi-currency transactions, and payroll calculations. It is a complex task that requires specialist payroll software, knowledge, and experience to manage effectively.
The OCS HR suite has a comprehensive payroll module that enables the easy set-up and calculation of payroll for office-based and vessel-based employees. The solution handles multiple currencies and global payroll and has the major advantage of containing all data required to run complex maritime payroll in one solution.
Payroll has the following functionalities:
Payroll contains country-specific tax deductions and templates for reporting to authorities for Norway, UK, Denmark (DIS), Philippines and Singapore. Other rule-sets can also be applied. The OCS HR system incorporates all major employee data and the actual working schedule, the payroll functionality is well suited for outsourcing purposes.
Find out more about our Payroll Software OCS HR.
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