There is much more to running an efficient modern payroll and HR environment than paying your employees on time and printing payslips.
To reduce paperwork associated with your weekly and monthly wage and salary runs and automated system such as paymaster can bring considerable benefits as well as cost savings. Here are 4 ways in which your payroll solution and increase productivity and improve efficiency.
- Take it easy tax submissions
Every month South African tax regulations and labour laws become more challenging and complex, it never seems to end. There is so much to remember and manage in addition to PAYE, in South Africa there is UIF, the skills development levy and the employment tax incentive that needs to be fully and correctly accounted for. Something seems to change every year without fail.
When choosing a payroll package it is essential that it is tailored to meet local tax and the labour regulations ensuring all the often complex calculations are made to ensure on time and accurate submissions to SARS. Your software should also be automated to ensure processing is performed using the latest software and legislation. Getting the submission to SARS wrong can be costly with fines or even censure from SARS if incorrect or not submitted on time.
- Reduce the space for fraud and errors
Perhaps the greatest expense for any business is payroll and means fraud or just plain errors can be extremely costly. Your payroll should provide the information needed to keep a close eye on all transactions and impose checks and balances throughout the payroll environment.
The best solutions incorporate features such as bank account and ID verification from within the system that reduces the opportunity for fraud and closes the door on paying the money into the wrong bank account in error.
- Planning is important
It is not just about automating your business processes; automating your payroll is about providing management information. Your payroll systems contain valuable information that can allow your business to better manage employee performance for example, and allow you to see at a glance how the human resources in the business are contributing towards improved profits and allow for future planning where more staff are needed and show potential costs.
- Empower employees
Employee Self-Service is generally available is up to date payroll systems such as paymaster. This is a tremendous help and time saver for the busy smaller business owner or manager who would otherwise spend too much time on the payroll processes taking him out of where he is needed most.
So much can be done through Employee Self-Service including leave applications, travel claim submission, downloading of current and past payslips and of course updating of personal details either on a smart phone or pc. With employee self-service there is no need to manually recapture any claims or submission as the system will automatically apply the updates.
These 4 features can bring about considerable savings in your business. Paymaster has the capacity to handle this for you, why not try paymaster today with a free demo.