Payroll Software is used to manage and streamline the process of paying your employees. It automates labor intensive tasks such as calculating salary, withholding tax and depositing monthly payments into the designated bank account of each employee.
After registering an employee into the system with information such as their salary, working hours and bank account details, minimal maintenance is required afterwards.
Why should companies start using a payroll software?
Accurate pay slips – With a software, there are lesser room for human errors and calculation mistakes. Many software have built-in pay slip templates for you to choose from so you do not have to do one up from scratch.
Easy calculation – Bonuses, allowances and deductions can be predetermined for auto-calculation. Minimum effort is required for what used to a tedious job.
Compliancy – Many payroll software are localized to stay compliant with laws and regulations. These software will ensure that you are on the right track and avoid causing trouble with the authorities.
Reports – Generate consolidated reports easily with a payroll software. This helps your business to get a clearer picture of the various expenses.