Payroll management is a key component for the success of any business. Ensuring accurate employee pay calculation and payroll taxes build trust among employees and can greatly benefit your business.
Payroll software makes the preparation of employees’ salary easier. Nowadays, many businesses are using payroll software to calculate employees’ salary. It automates the process of calculating taxes and deductions. It simplifies tedious tasks of documenting, figuring and executing a payroll on hourly, weekly and monthly basis.
Payroll is one of the most basic and essential tasks for any organization to pay salaries to their employees. It allows accurate calculation of salaries and simplifies the tasks related to payroll activities in any organization. Business payroll software can be the perfect system for processing the company payments. If you have more than 5 to 10 employees, a standardized and organized way of handling payroll is necessary. Using Payroll software is the right solution in this regard.
Hallmarks of Great Payroll Software:
Below are some hallmarks of great payroll software:
- Payroll software is reliable and user-friendly.
- It reduces efforts and time utilization in manual processing of payroll.
- It stores appropriate information of each employee that helps in accurate calculation of salaries along with tax deductions. As a result, it reduces administrative and payroll preparation costs.
- Payroll software allows generating reports. These reports can be converted into Ms Excel Form.
- It allows maintaining employee profiles.
- It can calculate monthly salary, EPF, SOCSO and user defined overtime.
- It is able to handle multi company transactions.
- It supports auto pay system (APS)-MBB.PBB, CIMB, RHB, HLB and etc.
Factors to Consider Before Buying Payroll Software:
If your employees work according to hourly rates or with overtime premiums and have different pay structures for different shifts, payroll calculation becomes a more complicated task. Calculating gross pay, taxes, deductions and incentives can become a major headache without using payroll software. Therefore, companies need payroll software that suits to their business needs.
- Determine the number of employees that you currently have in your office before making decision of purchasing payroll software. Payroll software is ideal when you have enough employees which make payroll calculation very complicated.
- Another thing to consider is the complexity of your payroll system. Manual payroll calculation can be quite complex that increases the chances of human error. Therefore, using payroll software is an ideal choice.
- Choose the software that suits to your business needs and size.
Small business payroll software programs are becoming more users friendly and accurate. It is a helpful tool to manage payroll needs of small organizations. It allows calculation of employee salaries, bonuses, tax withholdings, wages, and tax deductions.
The cost of payroll software depends on various factors such as payment duration, number of employees and tax procedure followed by the state. Lots of companies are providing software solutions all over the world. Choose a reliable company to get quality software solutions.
We offer software solutions for small sized businesses in Malaysia. Contact us today for reliable and quality software solutions.