Operating a business comes with a multitude of tasks across departments. Small business owners, particularly, usually perform more than one role for their company, and among the most critical functions they carry out is completing payroll. However, in many companies, payroll processing is often lodged in the human resource (HR) department.
Regardless of who completes the payroll, one thing is for sure – payroll processing is an essential aspect of business that must be done efficiently and accurately. For this reason, an increasing number of businesses now embrace using HR payroll software to improve their payroll process. There are plenty of benefits that come with using this type of software. Read on to find out why you should consider investing in payroll software in Singapore now.
Saves time
Payroll is a time-consuming process that generally involves a lot of tasks, such as entering long pay stubs and doing calculations. Small business owners who usually struggle with the lack of time to carry out every crucial function in running a company, the laborious payroll process can be a huge problem.
Fortunately, with technological advancements, particularly the development of business-related software, business owners can now afford to spend more time on achieving essential business goals instead of performing routinary tasks. With payroll software, you can simplify all the complex tasks involved in payroll processing and make payroll management more efficient.
Secures data
Managing payroll requires processing large amounts of personal data about your employees, such as their names, addresses, salary information, bank account details, and social security numbers. These are all sensitive pieces of information, which the law requires you to protect from loss, misuse, accidents, and prying eyes.
One of the best and most reliable ways to ensure payroll data security in your company is to use payroll management software that guarantees all your data is encrypted and securely saved on a server. Payroll software’s most critical security features are access control, secure storage, and password protection.
Reduces the risks of errors
Human errors are common and natural. However, this is also one of the significant drawbacks of a manual, paper-based payroll processing system – it is vulnerable to costly human errors. In some instances, these errors can even be so severe as to warrant statutory sanctions or penalties.
To avoid all of these, it is best to do away with manual payroll processing altogether and invest in HR payroll software instead. One of the best benefits of payroll software is its ability to minimise or eliminate errors. Compared to manual work, payroll software provides greater assurance that all monthly or daily calculations are accurate all the time.
Enables constant tracking
In addition to helping you perform the payroll tasks more easily, quickly, and accurately, payroll software also offers other features that will help you maintain a detailed record of your employees and assist you in operating your overall business in an organised manner.
This is the bonus of many payroll software – they can track employee actions, such as absences, work leaves, time shifts, vacations, lunches or breaks, and so on. This type of software often provides other useful functions like creating a secure database of your employees. In other words, with the use of payroll software, it is already possible for you to keep track of every employee and their work schedule.
Conclusion
Utilising software to handle tedious payroll tasks is an excellent way to make your business more efficient. This type of software solution will not only save you time and secure your data and make your payroll process and other operations more accurate and streamlined. So, if you are looking for ways to enhance your overall business, investing in payroll software is a brilliant way to start!
For the most effective and reliable payroll software in Singapore for small medium-sized enterprises, Zealys is the service provider you need! We have top-notch HR software that will automate your payroll and reports, make your payroll process more flexible and efficient, and ensures your business’ compliance with Singapore statutory requirements.
Get in touch with us today at [email protected] to learn about software solutions and services.
