Why Your SMB Should Invest in a Payroll Software System

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Why Your SMB Should Invest in a Payroll Software System

Payroll management can be a major challenge for growing small- and medium-sized businesses (SMBs). Get it wrong and your employees will quickly lose morale and your reputation in the marketplace will suffer. That’s why you need a payroll software system that eliminates human error and automates payroll management to ensure you’re achieving best-practice payroll management that will support your business growth.

Here are some of the advantages of using a payroll software system for your business:

Ensures accuracy

Getting your people paid on time, every time, is fundamental for building trust and staff morale. A payroll software system will ensure all your employees receive their wages, holiday pay, sick leave, superannuation contributions, bonuses or any other compensations that you provide, through a fail-safe, automated payment system.

Manages growth

Business growth is front and centre in the minds of all SMB owners but managing that growth can be a challenge. That’s where a payroll software system can help. Simply add new employees to your payroll system and scale up with ease as your team grows.

Boosts productivity

Whether you manage payroll yourself or have a payroll team at the helm, implementing a payroll software system will replace time-consuming manual spreadsheet accounting with a range of automated features that will save you significant time.

Maintains compliance

Many payroll software systems automatically get updated as tax and other employment legislations change. Gpayroll is one such example. Using this software will save you the headache of manually keeping pace with your compliance obligations.

Automates leave requests

Some payroll software systems, such as Xero, provide a self-service staff portal that will enable your employees to log in to request leave, enter timesheets and access payslips from any device. Leave requests are automatically sent to the appropriate manager for approval, thus eliminating an unnecessary paper trail of leave request forms.

Selecting a payroll software system

There are many payroll software systems currently in the market but selecting the right one for your SMB comes down to assessing how each will fulfil your specific business needs.

Xero is a cloud-based payroll software system that’s easy to use, thanks to in-built webinars and live online support. It offers direct deposit functionality, automatic tax calculations, has built-in timesheets, and also a self-service portal your employees can use to request leave and manage their account.

Gpayroll is a Singapore-based payroll software system that offers automated wage payments, complimentary compliance updates and automatic monthly and year-end statutory filings. It also provides multiple pay run options with auto scheduling so you can be sure your employees will be paid whether you’re in the office or not.

Wave has been specifically designed for small businesses and is an affordable alternative to some of the larger players. You pay per employee rather than a set monthly subscription fee, which is excellent for managing growth. It also offers a fast, simple online set-up so you can get started without too many hassles.

An automated payroll software system saves you time and money so you are free to focus on building your business. This, in addition to the happy employees that it will guarantee, is reason enough to invest in it.