MICRO FINANCING INSTITUTION: CURRENT ISSUES RELATED

One of the major issues is; very low technology scalability in both the systems. To get the greatest benefits from an information system, it should be an adaptable tool that can progress as the business progresses. Since the technologies used were not adaptable operations get locked into inflexible technology.

Payroll management being a multifaceted job requires a comprehensive, and a flexible solution that fits the business. The Payroll Services is also responsible for processing payrolls, payroll distribution, payroll data, employee payroll deductions and employer/employee benefit premium payments. Coping with the rapid changes in payroll legislation and the advances in software and technology is a challenging and time-consuming task. The present system lacks these features and has become obsolete in technological aspects.

Core-Banking system being the major business transaction processor, and the facilitating interface of the core business, it should also be the main business decision support system, whereas the present system is limited in its capabilities and merely oriented towards operations. It comes under it comes under the management systems layer but not the decision support layer. Further the IT personnel have assessed that technology used will become obsolete within three more years.

Forming an IT working committee, to handle human resource shortages in systems handling is a recommended practice. Whenever a resource lap occurs the committees members are there to cope up with the situation hence guarantee continuation of business without hindrances.

The payroll system needs an assessment to prove its functioning. A guide which allows identifying the best payroll system features that meets the best of their needs is given below.

– Business analysis and overview

– System wide, operations, technology and support functions listed

– HR functions listed

– Payroll functions listed

– Total number of functions and criteria listed

Going through this correct and formal path will enable them to acquire a system that delivers on what they really need most today while providing a custom software which is flexible enough to handle tomorrows new business challenges.