Payroll accounting softwares remain a tool that no human resource or accounting specialist can underestimate when it comes to what it can do to the totality of the business. To entrepreneurs, a payroll software like Salarium’s SAL Payroll is a game changing investment.
When we say investment in economics, it means the purchasing or creation of goods that can produce other goods that will result to a foregoing source of income and consumption. In finance, an investment refers to the money spent on something that will provide expected returns and earned interests within a specified time.
As most accountants and payroll specialists know from experience, it is vital to have a tool that brings efficiency to payroll calculation that manual payroll processing simply can’t.
Aside from being time and space consuming, manual payroll processing has several disadvantages.
- There is a risk of data duplication and inconsistency of data.
- Manual means low security. Filing cabinets with locks won’t be enough to secure confidential company and employee records. Hard copies can easily fall into the wrong hands, after all.
- It is most likely for a payroll staff to commit potential mistakes in manual payroll processing such as unintentionally switching data during time card preparation. It is costlier when there is a need to re-issue or bonus and compensations.
- The need to recalculate payroll makes the process time consuming. Payroll staff would have to spend more hours recalculating wages, compensations, reimbursements, and tax withholdings if they fail to do it correctly the first time.
- Endless paperwork that only deals with data duplication and other repetitive tasks. Doing the record filing and payroll computation manually could only mean tedious encoding of every employee’s payroll details.
- Data retrieval usually takes a long time.
On the other hand, automated payroll processing provides error-free calculation, accessible data, real time modification of data, electronic payslips, and numerous payroll- and human resource-related tasks.
A good, reliable Payroll System Software offers various features and services at a minimal cost.
Here are some other reasons why an automated payroll system is a powerful tool:
- Data are kept well-secured and data retrieval is fast and easy. Since employee records are saved and backed up on cloud, pulling out of records becomes hassle-free; data are already made available online.
- An automated payroll system can create accurate business forecasts. Payroll specialists are given assistance with financial data. A payroll system software is also an excellent provider of business intelligence reports and analysis.
- Tax computation and management is uncomplicated and effortless. SaaS-based payroll systems follow and are synchronized with the current tax regulations and local legislation.
- Computerized payroll system minimizes human error, thereby cost-effective.
Salarium, with its cloud- based system, makes payroll processing easy and convenient. Its intuitive and intelligent design can handle employee records management with ease and offers customization options that gives its users the freedom to modify the system according to their business’ needs.
Payroll processing is one of the fields that Salarium wants to help companies in the Philippines and around the world with. As proven by thousands of companies, payroll automation allows multiple business growth and improves employee-employer relationship. To get free access to SAL Payroll, visithttps://www.salarium.com/users/signup or email us at firstname.lastname@example.org.