Whether you are a small business owner or have already expanded the business to the level where you have six or more employees, don’t ignore the advantages of using payroll software simply because you want to save money. Indeed, automation of various accounting functions and payroll management tasks can help you to save money, especially if you integrate the payroll management tasks with accounting.
Here five advantages of using payroll software:
1. Improve payroll accuracy
When using the right payroll software, you minimise the risk of payroll mistakes. With accuracy on payslips being exceptionally important for the employees, SARS and the company, you cannot afford mistakes. Manual or spreadsheet payroll processing leaves tremendous room for errors.
2. Improve forecasting ability
Using payroll software effectively has the advantage of giving you more transparency in payroll expense monitoring and management. You can use graphs for relevant forecasting of expenses and this information can then be used in business performance management.
3. Improve tax compliance
With an effective payroll software solution, you will be able to record tax payments, collect data, retrieve reports, do submissions, and avoid errors because the system automates many of the payroll calculations. Using our software will enable you to effortlessly stay compliant with the latest payroll tax regulations.
4. Improve backup reliability
Considering the many data security threats that companies in South Africa face, it is imperative to invest in a system that allows for automated or scheduled backups of the data.
5. Improve employee access to data
With the Employee Self Service Module forming part of our payroll software, your employees and their managers can access their payroll information, view and print their IRP5s, print salary slips, and make the necessary changes to their contact information. They can do online leave applications and the system will follow an automated process regarding approval. As such, you reduce the HR division’s workload.