The importance Of A Payroll Software For SMEs

Running payroll can be daunting for HR professionals. It drains and takes much time, which would otherwise be used to grow the business.

Human errors are also prone to occur, which can be costly to the business and land the company in trouble. That is why having a system in place is of uttermost importance. 

Here are 3 importances of having payroll software in place:

1. Increase productivity

Payroll processing never ends. There is always an employee wanting a salary advance, or an employee claiming their expenses. By the time the month comes to an end, your HR person is overwhelmed and still has to figure out which taxes are applicable. Using Payroll software cuts time spent on running payroll, double-checking figures, and preparing reports by more than half.

Your staff will spend their time and energy in their core duties that improve the company’s productivity. Workpay payroll software makes it easy to find and retain great talent with a simple and intuitive HR, payroll, compliance, and benefits platform.

2. Compliance

Did you know that the difference between your interest rate( company ) and the market interest rate should be taxed if you provide loans for your employees at a lower rate? 

Did you also know that every quarter, the government issues out the applicable market loan rates? 

A payroll system makes sure that you remain compliant since tax requirements are met. Workpay payroll system takes care of your tax needs, making sure you remain compliant.

3. Run Payroll at a click of a button

Your procedures will be simplified. A payroll system such as Workpay comes with excel/CSV sheets that enable you to conduct bulk uploads of payroll data.  ( imaging having 50+ employees and having to work on excel sheets every month! Talk about exhausting! )

Once your payroll data is in place, your payroll processing is automated, giving you instant, fast payslips, and reports.

You can further send payslips to your employees via their email by clicking a button. 

Payroll software will not only save you time but resources such as money. Spend less in outsourcing payroll services, human error, and penalties from late tax filing using a reliable, compliant system.

Do you have a payroll system for your company?

Image : Workpay 

You can get these features and more using Workpay Workpay is an online software company providing solutions in HR & Payroll.

You can view their full profile here