Electronic payroll management allows savings of up to 88% per document
Payroll issuance and delivery of payroll entails expenses for Mexican companies of over 37 pesos on average. A considerable part of the cost (90%) goes toward the printing, delivery and safekeeping of the receipt signed by the worker. This data is taken from a survey carried out by EDICOM in interviews with benchmark companies in Mexico with more than 400 employees.
The report also provides other significant data: workers spend around 20 minutes collecting and signing their paychecks, a period that may increase in companies with more employees, where long waiting lines form at the doors of the Human Resources Department. Moreover, it is estimated that 5% of the documents have to be reissued due to mistakes or going missing. These figures demonstrate the operational inefficiencies involved in manual payroll management.
Furthermore, with the recent Tax Reforms, the organizational drawbacks faced by companies in Mexico are compounded by the technical difficulties, as it is now mandatory to issue payroll and salaries in CFDI format for submission to the SAT.
The easy solution to this inconvenience is automation of the process by means of totally electronic management. This can give rise to a savings of up to 88% per document for Mexican companies, but also brings other associated benefits. With the rollout of an electronic solution such as EDICOM CFDI Payroll, there is no more waiting, manual errors or papers going missing, and all the legal requirements are met. The workers sign their paychecks from their workstations with a simple click.
You can find out more about the survey's conclusions and the EDICOM CFDI Payroll solution here: