5 Signs You Are Ready For A Payroll Software as a Service (SaaS)
30 Dec 2020
When your business first started out, Human Resource (HR) administration is somewhat straightforward. Your payroll administration would perhaps comprise of a handful of ten employees or thereabout, with uncomplicated calculations via excel spreadsheets. Employee benefits are relatively simple to administer. Attendance and leave records are easy to track via timesheets.
As your business expands and more employees are being recruited, the HR administrative problems start creeping in. Understandably, your employees will want to be paid on time. On top of that, you need to keep proper records of time attendance, leave records, employee benefits to ensure accurate wage calculations during each pay period. This can prove extremely overwhelming for the person who is responsible for the company’s payroll.
Here are 5 indications that you are ready for a payroll software.
You find payroll overwhelming and complicated
Employee wages and deductions have to be calculated with high accuracy. All these requires a lot of time and effort as bookkeeping has to be precise and correct. Time-keeping and employees’ leave records has to be up to date to prevent miscalculation of wages. Even with only a few employees, these few tasks can prove to be an overwhelming affair every monthly.
You have made several unforgivable payroll mistakes
Making mistakes is an inherent part of human nature, and the rare instances of hiccups in payroll is still tolerable. However, when employees start receiving late paychecks on an occasional basis, or more frequent wage miscalculations, unhappiness is likely to rise amongst your employees. Some of your star employees may even start looking for greener pastures.
You struggle to meet the payroll and tax filing deadlines
If you find yourself constantly racing against time to ensure your employees receiving their paychecks, or frantically burning the midnight oil just to file taxes before the tax portal closes, perhaps you could seriously consider engaging a payroll software. It can save you a lot of time, and costs arising from painkillers to fight stress.
You need to focus more on your business
The whole point of your business venture was not to spend hours calculating payroll and writing paychecks. Engaging a payroll software frees up your time to focus on the more critical needs of your business.
You are still writing cheques to employees
Writing paychecks to your employees is costly and highly inefficient. Instead, engage in online payslips to save the earth and allow your employees to view their payslips easily without the fear of losing the hardcopy.
While using a payroll software might seem to be an additional expense especially to small businesses that are just making their mark in the market, it is still less costly as compared to a high employee turnover due to messy and delayed payroll administrations. It is never too late to engage a payroll software.