Four Amazing Benefits of Online Payroll Management for the SME
Owning and managing a small business with employees are challenging. You have to handle strategic decisions and forecasting, budget, pay salaries, keep track of tax regulations, and more. You are also responsible for the success of back office functions. However, employing a person full time to manage the payroll function does not always make economic sense if you have ten or fewer employees. You want to save on cost, but want the advantages of professional payroll management and this is where online payroll solutions are beneficial.
Regardless of whether you delegate the task of payroll management or handle it personally, using an online solution holds several advantages of which four are discussed below.
- Improved Employee Relations
Employees want to be paid on time, but what if you are on the road and cannot sign salary advices, process such and make payment because you are not at the office? Your employees do not understand since they have financial responsibilities and require payment to be done in a timely manner. By using an online payroll service, you can keep track of leave pay due, hours worked, and more. You can also generate salary slips and make payments from wherever you are through an internet connection. Indeed, you only need your smartphone or mobile device and connectivity. It means on-time payment and you ensure employee satisfaction.
- Improved Accuracy
SARS and employees are unforgiving when it comes to mistakes on the salary advices. An error that causes an employee to be paid less than their due can affect employee morale. By making use of an online payroll solution, as available through PayDay, you gain a higher level of accuracy and significantly reduce the risk of error. As such, your employees are paid the correct amounts, their salary slips are accurate, and your payroll management stays SARS compliant with PayDay Virtual – PayDay’s online payroll and human capital solution.
You know time is money in the competitive business environment of today. You can only do so much in a given timeframe and thus need solutions to help you achieve more while reducing cost. An online payroll software solution streamlines the payroll function and with many automated features, helps you to save time. This means that you have more time available to focus on tasks that improve business operational efficiency and save money in the process.
- Improved Information Security
Your payroll information is confidential and with the information stored in the virtual world where high levels of security are in place, you minimise the risk of data breaches regarding employee personal information. Access control is provided, ensuring confidentiality as required by law.
Many more benefits are to be gained by using an online payroll system, including the fact that you do not need specialised payroll knowledge and training. View our PayDay Virtual solution and make the switch to a more secure, accurate and time-saving way to manage your small business salary management function.