The best Payroll software WPS compliant

Organizing and improving your HR processes in your company is a vital step to make your business more efficient. And during the last few years, the systems that were designed to carry out these processes have improved exponentially. Payroll Software and WPS systems can prove the significant growth of HR management services.

In this article, you will learn everything you should know about these services provided by HR companies in the UAE. Some of the elements that you’ll discover here are related to the benefits of these systems and how they work. Also, you will know about other relevant details of them. Let’s observe:

1. What is a Payroll Software system for HR management?

2. What is the WPS system for HR purposes and how does it work?

3. How many are the requirements for joining WPS in the UAE?

4. What are the benefits that your company can obtain with these services?

5. How can Connect HR help you obtain these services to boost your company?

1. What is a Payroll Software system for HR management?

Antiquated methods to process payments in a business are now completely obsolete in our current times. Therefore, many companies across the UAE and other countries have decided to employ a new system. This new system is known as a Payroll Software and many professionals have designed it to complete payroll tasks efficiently.

A Payroll Software is a very popular application that is used to organize, manage, and automate the employee payment process. Having a system like this in your business can help you to track all payment processes closely. Besides, it can also help you to maintain the records of all payment processes that your company has carried out.

In addition, having an efficient Payroll Software makes you able to perform other activities in your company more effectively. For instance, it will allow you to manage and monitor time and attendance without hassles. Furthermore, it also makes possible the management of tax information and pay structure with more efficiency and effectiveness.

However, it is almost impossible to implement this system in your company without the intervention of a third-party company. Companies related to HR technology are in charge of providing the implementation of this software to companies that require it. Therefore, if you want more efficient management in your company, you should learn more about these companies and their services.

2. What is the WPS system for HR purposes and how does it work?

What is the WPS system for HR purposes and how does it work?

On the other hand, you can also find the WPS system to make improvements in your HR department. “WPS” are acronyms that refer to “Wage Protection System”, and it is also an electronic system like the Payroll Software. However, it carries out different functions compared to the Payroll Software, so let’s see now what those functions are.

This electronic system has the main function of allowing companies to pay employees’ wages in different ways. Payments can be done via banks, bureaux de change, or financial institutions that have been authorized to provide this service. It can be a useful tool when completing this process, but it’s necessary to obtain help from a professional first.

The WPS is one of the newest initiatives from the Central Bank of the UAE and the Ministry of Labour. The purpose of its creation is to provide an efficient and secure mechanism that could streamline the timely payment of wages. Also, it has been a useful tool to fulfill important objectives of the UAE Ministry of Labour.

One of the things that the Ministry can do with a WPS is developing a database to record wage payments. Subsequently, this method allows the Ministry to ensure the full payment of contractual wages. And besides, it can timely ensure the payment to a large number of workers too, making this a practical system.

2.1. What parties from the Ministry partners are the targets of the WPS?

A Wage Protection System can involve four main parties to carry out its functions, and those are the following ones:

  • Workers or employees: these individuals are the ones who work in the private sector in return for contractual wages. The Ministry issues labour cards for each worker to identify them as employees. Therefore, their labour cards must contain relevant information about each individual along with their personal ID number.
  • Employers: these are the individuals who own companies and hire workers in return for agreed-upon wages. Their companies, businesses, or institutions must be registered with the Ministry of Labour.
  • Banks: the employer must have a bank account to transfer the wages amount to an appointed agent. This transfer to the agent will be done through the WPS. After that, the agent is the one who will distribute the wages to the employees.
  • Agents: there must be an authorized agent from any bank, foreign exchange office, or financial institution. The appointed agent must be capable of offering wages payment services via WPS after obtaining approval from the Central Bank of the UAE. There is a list of the authorized agents that the Central Bank of the UAE issues and updates regularly.

3. How many are the requirements for joining WPS in the UAE?

The best Payroll software WPS compliant

In order to have a WPS active in a company, the company must meet certain requirements. If you want to obtain this system for your HR department, make sure to meet the following conditions:

  • Firstly, the company or business must be registered with the Ministry of Labour. Otherwise, it will not be possible to join the WPS.
  • Secondly, the company or business must have a bank account in any of the available banks that operate in the country.
  • Thirdly, the company or business must enter into a contract with an authorized agent from a bank. The agent can also be from a foreign exchange office or any other financial institution approved by the Central Bank. Besides, it is vital that both parties agree on service charges and fees.

If the company meets all these three requirements, it will be able to join the WPS. Nonetheless, there are other details that you should about this system, such as the following ones:

  • According to the deadlines that are specified in Ministerial Resolution No. 788 of 2009, employees’ wages will be transferred via WPS.
  • Also, the employer must be responsible for all expenses that the WPS requires. These expenses include service provider charges, bank fees, among others. Having said that, the employer cannot share these expenses with their employees by any means. In other words, they are not allowed to reduce their wages directly or indirectly to share the previously mentioned expenses.
  • And lastly, the company must transfer all wages to the employees via WPS within two weeks of their due date. However, it is also valid to transfer them on the dates that the work contract specifies. That is in case the company pays the employees’ wages more frequently.

4. What are the benefits that your company can obtain with these services?

If you have a Payroll Software and WPS, you will be able to obtain the following benefits for your company:

  • Full protection of your employees’ wages, along with transparency and competitiveness.
  • These systems can provide innovative solutions that will help employers safeguard their interests.
  • Employers will be able to reduce time and effort when paying employees’ wages.
  • These services can strengthen work relationships by improving job security and safeguarding the rights of all concerned parties.
  • Employers can fulfill their salary obligations since the UAE Ministry of Labour is constantly updated on wages data in the private sector.
  • It is possible to avoid labour disputes related to wages due to the protective measures that these systems provide.

5. How can Connect HR help you obtain these services to boost your company?

ConnectHR

Since these systems are vital to make your HR department more productive and effective, hiring payroll services will be necessary. You can find plenty of options in the market, but not all of them can guarantee satisfying results. However, with Connect HR by your side, you’ll have the best and most affordable services at your disposition.

Helping your company to grow and be more efficient is our main goal as a professional agency. Therefore, you can request our services to start making improvements in your company’s HR department. You’ll be able to complete your payment tasks and procedures in a more efficient way with our different available services.

Some of the services that we offer to companies of all sizes include HR management, payroll, and WPS. Besides, we also offer other useful services to support your company’s HR tasks, like insurance and attendance. If you need more information about our services, do not hesitate and contact our team to request them.

Would you like to contact Connect HR to obtain more information about the Payroll Software system and the WPS for companies in the UAE? If you have any questions, call us on +97143316688. You can email us at example@gmail.com, and you will talk to one of our representatives who will answer your questions.

Author avatar
Praseeja
Praseeja is part of Connect Group capable of handling company’s accounting department and billing processes by ensuring to issue accurate invoices and credit memos, updating customer records, and send out monthly billing statements. Maintaining day to day accounting transaction and assist Finance Manager to prepare financial report, filing TAX returns, internal and external audit reports and other financial workers within a company