Payroll software is a program that automates your payroll processing function, to help you better manage your payroll tasks and ensuring accuracy and timeliness of your payroll and payroll related payments.
Having a payroll software is critical for any business in Singapore, no matter the scale of the business and how many headcount they have. This is because payroll payment has to be accurate and confidential, for the employee purpose and also for regulatory purpose. Employees will be disgruntled if they get the wrong payroll amount and unnecessary time will be sent trying to reconcile their differences which may arise due to overtime miscalculation in terms of hours or overtime rate used. From the regulatory perspective, there are several factors to consider in order to arrive the applicable contribution amount to be made by the employee and employer. The factors may range from age, gender and so on. There may also be tiered rates or salary range concerned in deriving the regulatory contribution. Hence, to manually calculate the payroll is not just ineffective as the time can be better spent on other more productive areas, it is also subjecting the company to wrong amount contributed to the regulators. This will result in the company paying fines, which is a cost that can be avoided.
After knowing the importance of getting a payroll software Singapore, let us look at the important features and functions that you should look out for in a payroll software.
Firstly, you have to ensure that the dashboard of the software contains the critical modules and features of the payroll processing system is user friendly and easy to understand. The modules should be displayed in a step by step process and in systematic order, so as to ensure that you do not miss out any step and that any handover is seamless.
Secondly, you must look through the reports available in the software and ascertain that they contain the auditing reports, management reports and other related reports that are mandatory for regulatory purpose and useful for the company to monitor and forecast their business costs. The reports must also contain those supporting tax details of individual staff, to help the staff file their annual tax at ease.
Thirdly, the pay slips should be automated. Itemised payslips are mandatory and therefore it is critical that the payslips are automated so that you do not need to input line by line. Manual input will also increase probability of human error. Besides payslips, banking slips should be automated as well, so that they can give it to the staff upon request.
Lastly, do enquirer about the after sale support of the payroll software company. After sale support is critical as you may encounter some temporary teething problems when you start using the software. The support team can help you address your problems at a faster rate and help ease you into the use of the software. Some questions ask are do the software company provide on the job training to walk you through the software functions and let you have hands on experience after the session? Do the software company provide phone or email support after the training session? How long is the after sale support provided by the software company?
With the above factors listed, you will definitely be able to find a payroll processing software small business that suits your needs and give you a more stress free payroll processing experience.