Aaaaah..... running payroll 🙆🙆🙆 .
Running payroll is usually perceived as a tedious, hectic, and overwhelming process.
As a business, if you do not have software ( or you have one that is letting you down ), then most of your time is spent working and reworking your excel sheet every end and beginning of the month, trying to figure out why a number of employee's salaries are not okay.... Let's not even get started on making sure your Payroll is tax compliant😤.
Keeping track of each employee and his/her attendance records, leaves overtime, taxes, deductions, and benefits is a time-consuming process, which leaves employees, management, and HRs frustrated.
A business may even lose its employees because of the business's inefficiency in running its Payroll. This is why having Payroll software is important: It automates the whole Payroll process, making little to no room for errors and making sure your business is tax compliant.
A Payroll Software is a solution/application that manages & automates your employee records and payments in one place.
Image: WorkPay Africa
A cloud-based Payroll Software like WorkPay can keep your employee records safely encrypted in a secured server ( via the cloud ), making the software available anywhere, anytime.
Having a cloud-based system also allows for collaboration between teams, and provides employee logins that contain their payroll details such as payslips and P9.
You also easily get statutory reports making sure your monthly taxes are paid on time.
How Can You Cut Costs With A Payroll Software?
1. Save Time
Payroll software eliminates the manual work in your payroll processing. Remember, time is money, and when you waste time, you lose money.
According to Gravity flow, an hour wasted per employee amounts to $3750 dollars every year. You can only imagine how much an organization of 50+ employees would lose.
With a mere click of a button, you can spend less time calculating applicable tax rates, salary advances, and applicable employee payroll data.
2. Remain Tax Compliant
We all know that every employer will get penalized for not filing their returns or filing late returns.
There are also other less common taxes that do not apply to all employees and may slip under your fingers during payroll processing. Such an error can land your company into trouble with the taxman.
A smart payroll system ensures that you remain compliant and minimizes the chances of errors in tax calculations.
3. Cut The Cost Of Outsourcing
If your company outsources its HR&Payroll services, having a Payroll System can help you run your own in-house payroll, affordably. With just the right training, your Hr team can comfortably run payroll, saving money on outsourcing services.
4. Cut Costs On Costly Errors
Human errors are prone to happen, and these errors can be very expensive. Eg, if you miscalculate the amount of tax to be paid or salary to be paid to your employees, it may lead to surplus payments that can see the business losing money.
5. Have Your Employee Data Secure
A payroll system is safely encrypted in a secure server as compared to excel sheets. It is easy to lose sensitive information while using an excel sheet, like forms, reports, bank details, and employee data.
A payroll system keeps your data safe, and it is possible to give access to different members of your team, depending on the role they play in the Payroll process. This means that a supervisor can feed salary details in the system and not have access to employee records.
Image: WorkPay Africa
A payroll system is also easily integrated with other HR functions such as Time & Attendance and Biometric systems. A system such as WorkPay can help your business cut costs by providing an all-in-one system for all your Payroll & HR needs.
Image: WorkPay Africa
You can download the WorkPay product brief here, to see how WorkPay can help you cut your payroll processing costs.
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