The Benefits of Payroll Software
Are you still using excel for payroll processing?
In our world today, technology is growing exponentially. Forward-thinking organizations are utilizing technology to streamline their business processes. The ability to automate certain business processes and adapt to technological trends can mean the difference between business growth and stagnation.
We are in an age of technological disruption where digital transformation is a vital element in business growth. If your business doesn’t have a digital mindset, you need to wake yourself up.
Technology’s Implication to HR
HR teams are too important to get bogged down by manual administrative tasks such as manual payroll processing and manually calculating/generating reports to BIR. They should be capable of contributing to the organization on a larger scale. For this to be possible, we argue that HR teams should be efficient by saving time in manual tasks so they focus on more important strategic HR activities. A good start to make this happen is to automate your payroll process through payroll software. By doing so, your HR team can do the tedious, time consuming, and prone to error task of manual payroll processing in a click of a button.
Here are the benefits of payroll software:
- Work out payroll calculations and deductions quicker
- Generate accurate payslips
- Calculate bonuses, expenses, holiday pay, etc with minimum effort
- Reduce the burden of compliance
- Automate certain tasks, such as year-end reporting.
- Store data such as payslips and annual reports in a secure, easily accessible system
- Monthly remittance (1601C) can be easily generated
Why Do Something Manually If It Can Be Automated?
More and more companies are now using payroll processing software to streamline their payroll process. This results in a more efficient HR department—automation features such as calculating payroll taxes and deductions save time for employees so they can focus on more important matters.
Manual payroll processing usually takes a lot of time. It is a stressful, time-consuming task for payroll teams. With today’s technology, through payroll software, payroll processing will only take minutes. What was once a tedious task is now a much simpler process.
How To Know If You Need A Payroll Software
If your company experiences the following, it is now time to take a step forward and use a payroll software:
- Not being able to process payroll in time and delayed salary disbursement, leading to employee dissatisfaction.
- Multiple human/calculation errors in payroll.
- Manual, tedious, and time-consuming payroll processing, resulting in little to no time to initiate strategic HR activities.
- Managers not being able to track relevant employee information such as leave balance, status, etc.
- Inefficient workflow and communication system to initiate action for leave requests, approval, etc.
An automated payroll system can help you process payroll and salary disbursement with greater speed, efficiency and confidence. More than that, some payroll software also includes employee self-service features that would streamline HR tasks such as filling of leave, time & attendance tracking, and finance reports.
In the long run, payroll systems would save you both time and money because of accurate and efficient computation vs. prone to error and time consuming manual accounting.
Now, since Christmas is just around the corner I recommend you start looking for a payroll software that would fit your business well. Click the link and we’ll give you a free demo so you can have a first hand experience Get rid of the anxiety and stress-inducing tasks of bonus calculations, year-end tax computations/deductions, and manual computation of the summary of all 2316 of your employees. Christmas is something everyone should be looking forward to, it doesn’t have to be a burden for your HR/Payroll team.
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