How is Payroll System Singapore Helping Business Enhance its Performance?

Running a business is like riding a roller coaster. It is not an easy task unless you cope up with the technology. There are numerous things which must be maintained in a seamless manner. One of the tedious tasks for the employer is to maintain timely and accurate data of all employees, their salaries and tax compliance. Nevertheless, use of a good payroll system Singapore could make the task less burdensome. 

Why is Payroll Important for Every Organization? 

Despite being a non-core activity, payroll task must be done with utmost care as it has a great impact on the employees of an organization. When an employer disburses salaries on time, it boosts the morale of the employees; they feel motivated to work with dedication and zeal. It indeed helps to increase the productivity. However, the task of payroll processing can be time-consuming and prone to error if you opt for manual method. 

This is where the online payroll software proves to be very helpful and efficient. It simplifies the mundane and complex task of counting employee’s salaries and other variables such as allowance, benefits, bonuses, etc. A payroll software automates the task, and everything can be done in just a few clicks of the mouse. 

A web-based payroll management system can be a very effective, fast, convenient and affordable solution if implemented carefully. Make sure to buy the product from a reputed vendor and also, consider below mentioned factors while selecting the final product. 

• Excellent support and customer care service

• Integration with accounting software and bio-metric finger scan

• Secured database or back system

• Report generation feature

• User-friendliness, simple-to-use feature

• On-demand demo

How Payroll Software Helps Business Increase Efficiency?

Following are the reasons why online software can be a win-win situation for an organization. 

Enhance Efficiency: 

When you use a good payroll software, it will streamline the activities. You would be freed up from the payroll processing task and can concentrate more on productive activities. The resource of the organization could be well optimized to increase the productivity. Moreover, payroll activities are done perfectly, ensuring timely salaries to the employees. It ensures 100% accuracy of the payroll data. 

It saves Time: 

It just takes a fraction of the time you earlier invested in doing payroll manually. Automation leads to the fast and prompt calculation of salaries of the employees. There is very less or no room for mistakes. But, in the manual method, it may take many days to do the same task. Also, chances of having errors in the manual calculation are very high. 

Compliance with Law:

Complying with applicable tax law would be easy if you keep the system updated with on-going statutes. It is challenging for a novice person to follow the latest tax tables while calculating the tax liabilities, but the same person can easily do the job with the help of the software (where automated tax table has been implemented). 

Motivates Employees

Employees of an organization feel motivated and encouraged to work more efficiently when they are being rewarded with remuneration on time. Miscalculations of salary or delayed salaries can make the employee lose faith in the management of the organization. Thus, it is necessary to provide the right amount of amount salaries on time. 

What are the Characteristics of a Good Payroll System Singapore? 

Today’s market is filled with plenty of payroll software making the task of selecting a good software quite challenging for the users. It is advisable to every user to take few factors into consideration to make the selection process easy and convenient.

• Web-based software is better than traditional system-based software.

• The interface should be user-friendly and easy-to-comprehend.

• A wide selection of modules has to be there.

• The system must be customizable as per the user’s requirement.

• Integration with accounting software.

• It must be accessible 24*7.

• The software can be used in any device such as the computer, laptop, tablet, smart-phone. 

Modules of Payroll System Singapore

Also, ensure to consider below listed important modules while selecting the payroll system Singapore for your company.

• Employee Management

• Master Setup Management

• Company Management

• Payroll Management

• Leaves Management

• Time Attendance: Roster & Time-sheet Management

• Claims Management

• Progression Planning

• Reports and Enquiry Management

• Email Management

• SMS Management

• Reports and Dash Boards

• Schedule Management

• Tracking

• Reporting

• Bio-metric (Finger Scan) Attendance support

• Billing & Invoice Management

Installing an online payroll software solution in place is one of the best decisions that an organization can ever make to simplify the workflow. However, you must choose the right and best software to keep the employees happy. As you know how employee’s morale help the business productivity to grow, it makes sense to invest in a good payroll software in this competitive world. 

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Email: info@summittech.com.sg