How payroll software can save your business time and money 

How payroll software can save your business time and money

A 2018 Zenefits article revealed that, at the time, 25% of business owners were still painstakingly doing their own payroll using pen and paper.

Sleepless nights and wasted time weigh heavy on the shoulders of the modern business owners trying to do it all themselves.

Making the shift from manual payroll processing to payroll software is guaranteed to benefit any business, saving time and money while greatly simplifying the business accounting process.

– What to consider when choosing payroll software

Keep reading to explore nine ways your business will save money, maximise productivity, and streamline end-to-end payroll activities with payroll software.

1. No accounting skills required

Traditionally, business owners have sought to outsource their company payroll functions to third-party providers, paying them for their time and expertise.

With payroll software solutions, business owners become their own payroll administrators – without needing any payroll skills to look after end-to-end company payroll.

2. Accurate calculations

Know a business owner still relying on their battery-powered calculator for payroll calculations?

Payroll software automatically manages all of it, taking care of things like overtime, deductions, commissions, pay raises, and other figures you’d otherwise have to spend time on.

3. Automatic tax deductions

Taxation: the only thing tougher to manage as a business owner than your own payroll. The reality is that there really isn’t any space for mistakes when it comes to managing tax responsibilities.

With payroll software, tax rates are all coded into the algorithm. The platform calculates and applies deductions automatically and instantly.

4. Automated salary slips

Employees often make use of payslips, when applying for credit or new employment. For this reason and others, many small business owners need to make payslips a priority from month to month.

Sending out payslips is another task payroll software can handle, automatically sending all company salary slips on a predetermined date and time.

5. Greater flexibility

When businesses thrive, they grow. Growing teams means growing payroll responsibilities, which often means a greater time commitment in order to manage the additional admin.

Payroll software platforms offer flexibility in scalability. Business owners can easily add new employees to payroll or broaden the scope of accounting functions they can make use of, with just a few clicks.

6. SARS compliance

Privacy of information legislation (POPI Act) and SARS requirements leave many business owners uneasy. Are they fully compliant and ready for an audit at any given time?

Adopting in-house payroll using powerful payroll software means continuous 100% compliance with SARS requirements, with private business and employee information remaining completely secure.

7. Customer support

Moving payroll functions from a manual process to a payroll software solution can be quite a daunting task when first making the transition.

The best payroll softwares are backed by support teams available to guide business owners through any struggles they may be facing.

Sources Consulted:

Human resources: payroll outsourcing 2019 | Statista

How Can Payroll Software Save You Time And Money

Why Aren’t You Outsourcing Your Payroll Yet? – Arcoro HR

Why Do So Many Small Businesses Use Pen and Paper for Payroll? – Workest (zenefits.com)

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Personal Information
Where a party receives any personal information (“PI”) related to the other party, the party who receives the PI, will comply with and have adequate measures in place to ensure that its employees, agents, subsidiaries and representatives comply with the provisions and obligations contained in the Protection of Personal Information Act, No. 4 of 2013. Any PI pertaining to one party which is required by the other party, will only be used by that other party for the purposes of this contract and will not be further processed or disclosed without the written consent of the latter and the recipient of that PI will take all reasonable precautions to preserve the integrity and prevent any corruption or loss, damage or destruction of the PI. If and when the contract is terminated, each party will, save to the extent that it is required to do otherwise by any applicable law, erase or cause to be erased, all PI and all copies of any part of the PI relating to the other party”.