Any entrepreneur with a growing SME knows the pressure of wearing many hats. Most of them are CEO, CFO, Accountant, Marketing Officer, Sales Agent, and a dozen other employees, all rolled into one extremely time-pressured individual.
Time is money, and anything that can help streamline your multitasking should be embraced with open arms. Payroll and HR functions are a prime example. Today, technology is removing much of the complexity associated with digitising these functions in a fast-moving business. Growing staff complements and complicated regulatory requirements used to mean small business owners spent hours pouring over spreadsheets just to get salaries out on time.
Luckily, with the advent of cloud-based service delivery, even small businesses can make use of digital tools that make these functions easy. Most digital payroll and HR vendors, PaySpace included, have developed products and solutions for even the smallest enterprise. In fact, PaySpace allows smaller employers all the convenience afforded to much larger businesses for as little as R25 per payslip.
Apart from having more time to focus on growing your business, there are many advantages that make using such software a no-brainer for any business owner.
Compliance for you
With the national budget stretched to breaking point, government is very actively stepping up its tax collection procedures and PAYE compliance regulations to make up for spending shortfalls.
Some businesses may have gotten away with non-compliance in the past, but today they can’t afford to get this wrong or they may face penalties such as censure, interest and fines from SARS and other authorities, and even imprisonment in cases of fraud or extreme negligence.
Convenience for your employees
Let’s face it: your workforce needs proper payslips and needs them to be readily available at short notice. Home loans, car financing, housing applications and many more everyday application processes require correct, compliant salary records.
With the risks of non-compliance this high, even small South African businesses need help with calculating their payrolls and filing returns. Automated solutions are helping business owners do this more quickly and easily than ever before, taking care of keeping accurate records, generating compliance reports, and responding to changes in the legal and regulatory framework without missing a beat.
Taking care of business anytime, anywhere
An entrepreneur nurturing a growing business is rarely desk-bound. In fact, they spend a good portion of the working week on the road, seeing clients and closing deals. The great thing about cloud-delivery of payroll and HR software is that it can be done securely and conveniently on-the-go, anytime and on any device.
Small business owners hoping to gain a competitive edge through greater efficiency, time- and cost-savings and effort-free legislative compliance need only look to technology for the answer. Payroll and HR is a prime candidate for digitisation and automation – and with the right partner at your business’s side, compliance, reliability, and convenience are assured.