Managing employee administration, no matter the size your staff contingent, can be quite a time consuming task but it has to be done. As a small business owner, you owe it to your team to ensure that they receive the necessary documentation to pursue their personal financial goals.
Ensuring that you manage payroll accurately and issue payslips on time every month is an important part of nurturing your team, they are your most valuable asset. Payroll software is the solution to ensure that the process is handled as efficiently as possible.
Here are five ways in which payroll software can save you time, improve accuracy and compliance with tax laws:
1. Employee satisfaction
The first and most important reason to issue timely and accurate payslips to your employees is not because the ‘law says you have to’. Rather think of it as a means to keep your staff satisfied. Without the correct and required information on their payslips they won’t be able to take out any form of credit to pursue their own financial goals. Payroll software greatly simplifies the process by automating the generation of payslips. Each payslip needs to contain the required employee, company and tax information to ensure compliance and employee satisfaction.
2. Accuracy, every time
As a small business owner you are most likely taking care of financial administration yourself. While you have a million things on your plate, payroll most likely becomes a task that is left to the very last minute. It increases the chances of human error – leaving out important information or incorrectly calculating leave or overtime can cause complications for your staff and SARS. Using payroll software to assist you, ensures that every employee’s information is accurately imported and displayed on their payslip without fail.
3. Payroll software is a great time-saver
Managing all the processes in your small business can be an overwhelming and time-consuming task, especially if handled in-house. Unless you’re an admin ace, this process can feel like a nightmare. Fortunately you don’t have to spend nights tossing and turning as there’s help at hand. Implementing payroll software can take care of the tedium of dealing with employee admin without having to fork out money on outsourcing payroll management. By automating the payroll process and the generation of payslips you’ll save time and effort.
4. Increased security of crucial data
Handling payroll in-house requires you to have sufficient and reliable IT systems in place to withstand any potential threats. This may sound like a costly investment but it doesn’t have to be if you use an online solution. An online payroll software provider gives you the added advantage of off-site data storage in a safe and secure data centre guarded by high-standard IT security measures. You also have instant access to your payroll system – all you need is a PC and an internet connection. One of the most attractive features of using payroll software is that your data is secure while still leaving you in control. You greatly minimise the risk of potentially losing or compromising your employee and business data.
5. You don’t need accounting experience to take care of payroll
Let’s face it, not everyone is a numerical genius. Trying to figure out what exactly needs to be included on a payslip and keeping track of every employee’s salary, deductions, tax and UIF can be a real head scratcher. Payroll software removes the sting out of managing this process as it requires no accounting experience. This gives you more flexibility to focus on other aspects of your small business that requires your attention.
Our online accounting and business management software is designed to help you, the small business owner, to simplify and optimise the payroll process. With SMEasy, your employee information is safely stored and imported onto each payslip which consists of all information to ensure compliance.
Because we’re online, you can manage this process remotely to ensure that every one of your valued employees get their payslips on time, every time. At only R150 per month including VAT, it makes it very affordable for you to provide professional payslips to your staff and stay on top of your payroll. Experience our smart online accounting system for yourself by signing up for our free 30 day trial.
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