Paying your employees on time is absolutely essential for any company that’s worth its salt. Not only will it help you keep them motivated to keep giving their best month in and month out, but also preserve your good reputation. Using software for payroll in Singapore will help you accomplish these things and keep everything on track in an optimized and cost-efficient manner. To better illustrate the point, let’s look at the following 10 benefits of using it:
1. Speed
Paying salaries manually takes more time. When you compare how much faster payroll software makes the process, the difference is plain and obvious to see. In case you need to see some reports, it allows you to generate them at the press of a button, thus making everything simple and easy. As you’ve probably come to know yourself, business is about overcoming obstacles and making things as efficient as possible whenever and wherever you can. In the end, optimizing the workflow and finding ways how to accomplish something faster leads to a fatter bottom line.
2. Accuracy
For a small company, making payments manually is probably not that huge of a drawback. But what happens when you have to calculate how much you owe to thousands upon thousands of people? You see, a human brain is prone to making errors, and the more payments you process, the greater the chances that you’re going to make a mistake somewhere along the way. By using payroll software, making mistakes, believe it or not, becomes quite a challenge even if you try your hardest. This is because the software automatically double-checks everything for you and corrects the mistakes before they even have a chance to materialize.
3. Security
Sadly, not enough companies place enough emphasis on data security, even though failing to protect it could potentially cost them upwards of millions of dollars in penalties. In order to issue any kind of payment, you need that specific person’s full name, social security number, bank account details, and similar kinds of information. Just imagine what could happen if you’re targeted by hackers and the sensitive information gets out in the open? Aside from people losing trust in you and getting penalized, your reputation would also take a big hit. Payroll software, on the other hand, offers you the option to encrypt your data and protect it against would-be cyber criminals.
4. Automation
In the old days, making payments would require the knowledge of an accountant. Without having the needed formal training yourself, you’d unavoidably have to hire one, which is another expense that affects your bottom line. Well, guess what? Payroll software completely does away with the need for needing to hire one. At the same time, it allows you to calculate the numbers without needing to possess any kind of accounting knowledge whatsoever. Payroll software is known to be as user-friendly as possible, so there’s no need to be tech-savvy either.
5. Tax-change notifications
Without formal training in accounting and being a part of the industry in general, knowing how to handle taxes can be a bit of a hurdle. Even so, constantly monitoring it for changes and updates is something you’d have to do. Unless, of course, you’re using payroll software that does all of this for you, so you can spend your time doing other things and reach other personal and corporate goals. Moreover, if any tax rules changes you should know are about to take effect, the software will notify you about it.
6. Overview
What if there was a way to generate an interactive calendar with all the most important reminders on it? That way, you’d be able to see when you need to pay someone, who’s on maternity leave, etc. Well, payroll software is the answer you’re looking for. It also allows you to manage overtime and absences. With its help, it’s easy to attain a good overview over just about every variable that interests you. That way, making whatever plans you need to will become a breeze.
7. Reminders
Remember the variables we’ve discussed before? Things like when your employees are coming back from a vacation, the date when payments are due, and so forth. Having to remember all of this without any external aid can get frustrating and tiresome. Well, by using dedicated software, you will no longer have to remember all of this, because it allows you to set custom reminders based on any variables you determine.
8. Planning
Here’s another hidden benefit of using such software – it makes planning for future costs that much easier. Here’s how it works: first, you enter a couple of hypothetical numbers. Then, based on the numbers provided, the software calculates the costs you can expect to be facing in the future. While you could probably calculate these manually, there’s little reason to do so, when the process is so quick and simple when using payroll software.
9. Reliability
The reports this type of software allows you to generate are accurate and reliable, so you can count on them containing the right information whenever you need it. Yes, this includes all the tax information. What’s even better is the speed at which these are generated – we’re talking about seconds, if not moments. Such degree of reliability will relieve you of your worries and give you the freedom to spend your time thinking about things that really matter in your business.
10. Cost-effectiveness
After the initial investment you make to acquire it, the payroll software will make you money by making the process as cost-effective as it can be. In essence, it will pay for itself; after that, every minute of time you save is pure profit. And, in business, time is money. Of course, you will have to learn the ropes in the beginning, which should probably be factored into the equation, but the investment you make today is a surefire way of getting a nice return in the future. What other investment can you make with such certainty?
Conclusion
The points outlined above should be more than convincing. All of this combined makes the acquisition of payroll software a no-brainer if you have more than just a couple of employees on board. Have you already figured out how to spend the time it will help you save?
