How Can HR and Payroll Software Help Your Small Business Save Time and Money?
If you’ve been doing your payroll manually, you’ll know that it takes long hours of your day and often results in miscalculations and errors. While you can seek the assistance of an – HR or CPA, it is costly, and small businesses have tight budgets.
Fortunately, payroll software is efficient, fast, and cost-effective. Its use doesn’t require accounting expertise; you can do it in just a few minutes. Let’s take a look at the different ways in which HR and payroll software can help your business save time and money.
Online timesheets to track Time & Attendance
The time tracking feature of payroll software monitors employees’ working hours. Moreover, it records leaves, absences, vacations, etc., that affect payroll. The most popular payroll software allows you to upload online time tracking sheets automatically. Due to this feature, you don’t need to track work hours manually and add them to your system, which helps you save time and eliminates the chances of errors.
If you input incorrect entries, payroll calculations will go wrong. On numerous occasions, few companies have paid some of their staff more than their salary and gone unnoticed. With the help of the time tracking feature, the system can calculate commissions, bonuses, overtime, raises, deductions, etc., accurately. Since your effort to go through these monthly calculations is eliminated, you save endless hours, sometimes days.
Deductions & Statutory Compliances
The best payroll software has formulas for GOSI, EOSB, added into the system. Thus, it automatically calculates deductions based on the data provided and applies them to salaries. There are chances of miscalculations if you process this data manually, leading to concerns with – ZATCA, Minstry of Labour etc .
HR and payroll software generate payslips automatically. You can customize the information on the payslip before sending them to employees. Payslips help employees stay up-to-date with their salary details, lowering the burden on HR teams to respond to salary-related queries.
No accounting expertise required
When HR and payroll software didn’t exist, companies spent a lot of money on an accountant or CPA to do payroll tasks. Today, you can manage everything yourself without any additional qualifications or payroll software experience. Yes, good ones will post to financial ledgers after payroll approval. Small businesses or startups can save a significant amount of money by using the software, as there is no need for an entire department to get payroll done.