How To Choose the Right Payroll Software for a Small Business?
Payroll software is mainly designed to automate and simplify complex payroll processes, minimize potential calculation errors, and even ensure regulatory compliance. With countless payroll solutions to choose from, it's not easy to find the best one suitable for both the early and long-term needs of businesses of all types and sizes.
Only a few HRMS solutions offer full-spectrum features with wide scalability as well. One of them is QuickHR, a fully integrated cloud-based Human Resource Management System (HRMS) that provides a comprehensive payroll module where HR professionals can experience automated and streamlined payroll processes.
Let me tell you more about the functions of payroll software and why QuickHR has one of the best payroll software for small and large businesses.
Gather Employee Records
Payroll software is built with constant interaction across all necessary payroll account entries such as attendance data, income structure, timesheets, leave, claims, and more.
With a solid integration framework, there's no need to purchase separate HR software solutions and switch from one system to another. Thereby, reducing heavy workload and allowing more time for HR professionals to focus on high-level HR tasks like recruiting, hiring, and training.
QuickHR’s payroll module helps ease hectic payroll periods with an interconnected HRMS platform where every HR department can access and process real-time records such as salary prorations, leave applications, timesheet incentives, and claims, all in one place.
With automated payroll software, businesses can ensure that all employee records are complete and up to date, preventing accounting errors and record deductions.
Set Up Payroll Schedule
It’s necessary for business owners to figure out which payroll forms are necessary for the company and its employees. With a flexible payroll system, it'll be easier to streamline payroll generation according to varied factors such as employment type, contract length, pay period, and more.
QuickHR’s versatile payroll software is capable of generating multiple pay runs for full-time, part-time, and freelance employees with different pay periods. The all-inclusive platform also offers automated payroll generation for monthly, bi-monthly, daily, or ad-hoc payroll runs. With flexible and customizable settings, QuickHR will be fully compatible and suitable for a business' growing needs.
By ensuring that every employee is receiving accurate and fair income distribution on time, businesses will be able to boost employee engagement effectively.
Calculate Multiple Payroll Runs
Manual-based payroll systems hold a high risk of calculation errors. To avoid costly errors and increase employee morale, payroll software automatically helps keep track of work hours and facilitates timely paychecks with great precision.
QuickHR's all-encompassing payroll module provides optimized payroll processes with automated and accurate calculation of wages according to varied shift plans, flexible overtime computation, and incentives for punctuality.
Integrated with QuickBooks Online, Software Suggest, and Xero, QuickHR also ensures that monthly payroll numbers stream right onto accounting charts, enhancing workflow efficiency.
Review Regulatory Compliance
With payroll software’s auto-inclusion and full regulatory compliance features, businesses will be able to prevent fines and penalties which may lead to great financial loss.
QuickHR’s payroll module allows automatic calculations and deductions in adherence to the government compliances. These include tailored CPF formulations, auto SDL deductions, Bank GIRO and CPF submission features, and MOM itemized payslips.
QuickHR is an IRAS-approved software solution that guarantees smooth monthly submission by handling IRAS season with direct AIS linkage of payroll information captured on the system.
Moreover, the Infocomm Media Development Authority (IMDA) has evaluated QuickHR as an effective, market-tested, and cost-effective pre-approved solution for government grants offered to SMEs.
Approve and Submit Payroll
With the automated processes of payroll software, all that's left to do is to approve them, saving time for higher productivity.
Unlike many other HRMS, QuickHR comes with an accessible nature, making it an ideal platform for individuals who are relatively inexperienced with complex and deadline-driven payroll processes. HR professionals can easily allow the system to tabulate multiple payroll calculations, and let the manager confirm them.
In addition to this, QuickHR's payroll system comes with mobile accessibility where HR teams and employees can access and upload information as well as monitor real-time updates while on the move. This will make it easier to manage and approve payroll in real-time, preventing delayed salary distributions and heavy workload.
Save Payroll Records
Payroll software solutions offer maximized storage where every record of salary credit is stored securely on its servers. By having a comprehensive payroll history, it'll be easier for HR professionals to ensure maximum clarity and accountability despite the diversity in payroll runs.
QuickHR's payroll module has its data hosted on Amazon Web Services (AWS), the largest cloud provider in the world. The software is also built with heightened data security, featuring a cloud infrastructure with multi-tier encryption. This means that all data are encrypted, as are the automated backups, snapshots, and replicas.
QuickHR's secure and maximized data storage enables smarter and faster decision making, thereby driving positive results and progressive business growth.
Generate Reports and Analytics
With an extensive analysis of the overall salary structure and staff costs across departments and even individual jobs and contracts, organizations will be able to have in-depth and real-time insights, providing more opportunities to adapt to the ever-changing workplace conditions.
QuickHR’s payroll software has the ability to analyze employee data and create customized analytics on HR matters such as attendance, payroll, leave, and claims, providing a wealth of meaningful reports.
If you want to know more about it, feel free to request a free demo at QuickHR Singapore HR Software with absolutely no terms and conditions!
New blog update: Singapore Public Holidays 2022
Source Website: https://quickhr.co/features/payroll
