MJ Blogs

Payroll Software being sold as a part of ERP suite, or standalone is becoming the need of the hour. With the rising of global mobility and multinationals, the software is in great demand. The major players in the market are SAP, ADP, Oracle, Cornerstone, Workday and Ramco Systems. Payroll Software offloads the work of Finance or Separate Payroll Department to a great extent. Gone are the days when payroll officers used to calculate payrolls on excel worksheet. With this there are many challenges which the payroll software providers face. Below we have discussed major challenges with solutions available. Let’s start… Compliance As there are many regulations which a payroll must be compliant with, the payroll software may not be compliant with it or may request manual inputs which adds to the burden on staff. There may also be a difference between the legislation announced by the government and actual working style in the region. The Changing Environment ...

Tax Year:                                   Calendar Year i.e. Jan-Dec Currency Code:                     EUR Currency Symbol:                 € Currency Name:                    Euro Pay Frequency:                     Monthly Language:                               French Capital:           ...

Imagine an office work planner embedded within the **Sociometric Badge of an employee. The work planner gives you instruction on when to start which task. Tells you to relax and alarms you to drink water at frequent intervals. ** A sociometric badge (commonly known as a "sociometer") is a wearable electronic device capable of automatically measuring the amount of face-to-face interaction, conversational time, physical proximity to other people, and physical activity levels using social signals derived from vocal features, body motion, and relative location This (Workplace Planner + Sociometric Badge) linked to every meeting room in your organization. You can actually rate a meeting from your Badge itself at your convenience. Your badge tells you to prepone the meeting as you have movie booked during that time and also tells you the meeting schedule of your counterpart so both of you can fix meeting at best available time, saving you from multiple from and to...

Predictive Analytics are a rapidly upcoming trend in Human Resources. We already know that human resource management systems are gaining popularity due to the workload, it takes off from the HR Department. Be it the performance appraisals, preparing salary slips, statutory reporting, paying taxes, approvals and what not, HRMS takes care of each and every need of HR and Finance department when it comes to Payroll Processing. Predictive Analytics is now application of Analytics on information gathered by HRMS to predict future outcomes. It is a technology that learns from historical data to predict the uncertain future. The early adopters of Predictive Analytics are Google and Wikipedia. Actually, the most important instrument of Google’s People Operations is statistics. The interview is fully automated. The questions are computer generated in order to shortlist best candidates. Most useful applications of predictive analysis till now is in Customer Relationships, Mar...

Everybody has heard about Bitcoin which was released in January 2009. The current Market value of Bitcoin is INR 10, 81,672 (US $ 16949.12). Bitcoin use block chain for transaction. The Blockchain is a public ledger (record book) that records Bitcoin transactions. Understand by Example è   Mr. X pays 1 Bitcoin to Mr. Y. This transaction broadcast to this network using readily available software applications. Network nodes validates transactions, add them to their record book, and then broadcast this book to other nodes. So, it is a distributed network. Bitcoin have no physical presence and value of coin purely depends upon demand and supply and Bitcoin production is limited. There are rules by which Bitcoin can be produced. The logic used here is ‘Blocks’. Blocks are pages of ledger (record book). Bitcoin Generation Formula The number of Bitcoins generated per block starts at 50 and is halved every 2, 10,000 blocks (about four years). The limit on bi...

Currency: Euro Wage Payment: Monthly Tax Year: Calendar Year (Jan-Dec) Language: German Website:  http://www.bzst.de/EN/Home/home_node.html (Tax Department) Capital: Berlin Social Security All employees working in Germany are generally subject to the German social security system, which consists of the following statutory insurances: ·          Pension Insurance ·          Unemployment Insurance ·          Health Care Insurance ·          Nursing Care Insurance ·          Occupational Accident Insurance The Calculation Base is Gross Salary. The Contributions by employee are tax deductible. Limits and rates differs as per region. CALCULATION LOGIC EXPLAINED BELOW: Pension Insurance: 18.9% of gross salary up to threshold of € 71,400 p.a. ...