As a business owner you know how important your employees and your payroll are, which is why you can benefit from using professional payroll software in your accounting or HR department. It will simplify many of your internal processes and ensure accuracy and secure record-keeping at all times.
One of the most important aspect of using payroll software in your company is the fact that it will save you significant amount of time. You won’t need to manually process payslips and employee deductions, making your entire payroll process smoother and more effective to manage. Your payroll solution will automatically process your weekly or monthly payroll and automate your processes.
Another great benefit of using payroll software is its ability to allow for accurate employee deductions as well as accurate records. Your employees’ payslips will always be on time and accurate, and you will have all your data and information stored securely in a centralized location. This means that you will have one software package that handles your employee records, your payroll information, your company’s financials, as well as a history of all your payments and deductions.
Some of the popular payroll software solutions offer a structuring model that announce an employee or to structure an employee’s salary package according to various models. The most popular method used is Total Cost to Company, which allows you to work out what the total cost will be with regards to an employee, including all benefits, deductions and allowances. You can also choose to structure an employee’s package according to Nett to Gross Salary, which will simplify the hiring process.
Third Party Deductions
With payroll software you will be able to automatically deduct all the relevant deductions and fees that is required by law, and pay them over to the relevant authorities. This saves a lot of time, as you won’t have to manually deduct and pay over your employees’ contributions every month. This is especially helpful with regards to tax payments, as these can be deducted and paid over automatically.
Other benefits that your payroll software might offer include a self-service option, where employees can log into a web based portal and update their information, as well as download their payslips and their tax contribution details. This is fast becoming a very popular tool as it helps employees and employers to connect and be updated at all times. Reports are another very important aspect of your payroll function, and with professional software you will have instant access to a variety of company reports.
You can also choose to have multiple transactions managed automatically for you; this includes making changes to a large selection of employees at a time, like processing need or company shut down periods. You can also use this to processor your employee bonuses using one central solution.
Preferred Solutions is a leading supplier of accounting software for small, medium and large businesses in South Africa.