Should I automate my company payroll process with a payroll software ?
Yes, buying a payroll software can help you calculate salary, overtime, bonuses, allowances, expenses and deductions for all personnel in the organization. Payroll software helps you to keep all the daily, weekly, monthly, yearly wages and taxes information for all employees. Just a few clicks, payroll reports are regenerated for annual income submission to IRAS and man power analyst to relevant department like Ministry of Manpower.
Either Software as Service (SAS) hosted by Teambuild or hosting your own software in your own server, eHR payroll software has the functions to import the old or existing pay record to the new web-based payroll system. History records will be needed to calculate the additional wages CPF contribution and year end IRAS annual income submission.
End of each month or pay day, HR just click initialize payroll, then all the wages, allowances, OT, deduction will be computed. It saves your company a lot of money and time since it overtook the traditional payroll system like manual paper calculation, excel calculation like manual excel macro control to calculate the employee CPF and employer CPF, Skill Development Levy, and Social Donation.
What should a good payroll system possessed?
A good payroll system should be able to produce your employee payslip, CPF submission, bank GIRO text file on your payday by a simple click of button. All the backend task like pro-rate the employee salary, deduct unpaid leave, compute the employee and employer CPF, ordinary wages or additional wages computation, reimbursement, advance salary handling etc will be prorate and calculate correctly by payroll software.
Paper payslip are time consuming and can be costly to distribute. By nature of them being paper are not environmentally friendly. Once set up the epayslip, there are also significant time savings to be made not forgetting the fact that specialist payslip printing and sealing machines no longer need to be purchased and maintained. Reduce cost, less paper improve carbon footprint, securely communicate to your staff, 24/7 access from anywhere.
Automated payroll system provide the most organize, efficient and effective way of managing the overall financial control of a company. eHR Payroll system can be used by all kinds of companies, from Multi-National Company (MNC) to Small Business Enterprise (SME) or even small business owners.