You might be thinking, a financial service should know how to handle payrolls. They don’t need software to help them do it. They’re professionals and are trained to handle such things. Some might be worried that the software might take over their jobs if they decide to use it, too. Know why it is crucial to finance yourself for payroll software.
Let’s get one thing straight; payroll software is NOT stealing your jobs!
Like any software, they are meant to assist you. Even if you’re a finance expert, you would need payroll software to help you with some tasks.
Many Branches of Finance
You may not know that finance has many branches such as corporate finance, public finance, retail, private & investment banking and accounting. Their purpose is to manage funds, provide financial advice and help allocate resources. That includes allocating funds for employees’ payrolls.
And who’s going to administer them to the employees?
Small businesses may be able to get by handling payrolls manually but what about big businesses or corporates with employees over 100 people?
Can you make sure that everyone receives their compensation right on time or correctly?
Complications of the Payroll Process
If you look at the flow chart, you can see that there are up to twelve steps in payroll processing. There may be more or fewer steps but these are basically what happens during the process. As mentioned before, small businesses may be able to handle the process as their employees are less than fifty on a usual basis.
But for big businesses, especially corporates, this can be a nightmare. No matter how good you are in finance or accounting, there’s no doubt that mistakes will happen. Taxes might be wrongly calculated, mandatory contributions are missed and payrolls are late. Only time will tell how long will the law reach you before the angry employees barge in to complain or riot first.
Payroll software can help mitigate this. The processes are automated, which saves you time and calculations are highly accurate to save you from the law. You can just let the software do your payroll for you while you can focus on more important tasks
Tell Me About The Benefits
Saving time and reducing mistakes are mentioned a lot but there are more to payroll software than just those two. Here is a list of benefits of having one:
● Time-Saver: Wave goodbye to manual calculations! It automates the process, freeing up your valuable time for other important tasks.
● Go Paperless: Payroll software digitizes records, making paperwork a thing of the past, while keeping sensitive data locked up tight in the cloud.
● Employee Happiness: Ensures timely and accurate payments, boosting morale and earning you major points as an employer.
● Compliance Guru: Keeps you up-to-date with tax laws and labour regulations, helping you maintain compliance effortlessly.
● Fort Knox Security: Rest easy knowing your data is safe and sound. Payroll software boasts top-notch security measures like data encryption and access controls to protect your employee information.
Of course, you must’ve seen these everywhere like ads or social media posts but surely, you feel slightly tempted to try to check them out. Perhaps you can try checking out how can your payroll management be simplified with payroll software.
Try Out Payroll Software from Info-Tech
The best way to learn about payroll software or start using them is to reach out to one of the providers. Info-Tech is here along the way to answer your queries or want to try out a demo! Our team is dedicated to ensuring our customers are having a good experience with our products and will guide you along the way as you try out our software.
Oh, did I mention that our payroll software can integrate with other software like claims, leaves and attendances?
Interested? Email us at sales@info-tech.com.hk or call us at +852 3577 8299 now!
