Working on the payroll is a big headache for HR professionals if they have missed out on some essential details. Imagine a big company with hundreds of employees working, and these are people who will be receiving monthly payments. The work attendance and absences are noted on the payroll information. Manual recording of the attendance of these hundred employees can be tiring, especially if you are only working it alone.

Thus, payroll software has helped many organizations manage the cycle of payroll operations. Some companies are undecided about acquiring payroll software because they think it is expensive. There are important features of payroll software aside from the benefits. It is offered at a cheaper Payroll software Malaysia cost, so be wise in your decisions like investing in this payroll system.

Understanding payroll software

Any payroll professional or HR tells you about more payroll processing than simply calculating the paychecks. Here are what the HR and payroll professionals worked on:

• enrolling employees into the payroll
• ensuring spotless compliance
• maintaining payroll records till exit

There is a set of repetitive tasks monthly. The payroll software helps professionals work in one system, keeping several tabs to work on various activities in one place.

Importance of payroll software

There is a wide range of activities involved in payroll processing and management to look after critical assets of an organization. It is the people or employees working in a company who are the real asset. So, it gives them the right pay they deserve, especially when doing overtime for the company's productivity. Doing it manually or in an outdated system makes it complex and time-consuming.

Dedicated software helps the HR and payroll professionals facilitate other payroll tasks. It allows small business owners and HRs to create a space for essential business projects.

Automating payroll

Manually processing the payroll means you leave the door open for potential mistakes that make it expensive. Payroll software automates; both simple and complex tasks that empower you to work on payroll better.

Reliable payroll software functions from opening to closing the pay period, keeping the process organized and easy.

Track payroll expenses

Payroll is a recurring expense for any business. The payroll expenditure rises each time a business grows bigger. Complete visibility in one of the biggest contributors to your profit and loss statement monthly is needed. Payroll software generates all the following reports:

• employee salary registers
• statutory
• bonus payouts

Make taxes less taxing!

Some scenarios like penalizing a business for non-remittances of taxes become rampant today. Here are the functions of payroll software when it comes to tax concerns:

• Adapt to changing tax laws
• Choose a statutory applicable to your business
• Control the PF contributions and more

Your organization stays confident and makes accurate tax deductions all the time.

Relevant business app integration

The payroll staff can easily coordinate with multiple teams. You can get inputs for the payroll processing monthly. The process is time-bound and complex with a growing business. Secure integrations help you access data from different teams in one system. Payroll software is closely integrated with the accounting and HR platforms, bringing these crucial departments under one roof.

Secure payroll data

A payroll system is home to sensitive information about the employees' records, such as:

• Salary
• Taxes
• Bank accounts and more

Payroll software enhances the integrity of the payroll data with organized easy access controls. It is easy for you to distinguish between the multiple roles of every department in a company and eliminate unauthorized access.

As an HR, you have a lot of paperwork daily. The payroll software of a company allows you to enroll employees in payroll quickly. You can have complete profile information of employees in one cloud-based software. The employee information is contained with the following:

• basic information
• salary details
• tax
• payment information

Is payroll software expensive?

Payroll software costs include:

• Employee compensation. Employee compensation includes:
  • wages
  • salaries
  • paid leave
  • piece rate pay
  • commissions
  • bonuses
• Employer-paid portion of all payroll taxes:
  • taxes
  • government unemployment insurance programs

The payroll costs also include the administration of the payroll program for the business, including:

• compensation of the payroll staff
• payroll process fees
• depreciation on payroll data collection devices

Payroll costs consist of all costs incurred by the employer to compensate the employees.