Why Small Businesses Should Use Payroll Software
As a small business, there are definitely issues with many processes and workflows within the company. Having limited cash flow for the start or at least the first start up 2~3 years, every cent and almost every moment counts.
When it comes to paying your employees there are definitely many things you need to consider. OH its definitely not just how many hours he/she has worked or just a fixed pay issue. When it comes to doing up the payroll there are laws and rules that need to be kept with and within Singapore alone we have so many acronyms that we are familiar with but not too familiar HOW to work with. Just for the records we have components such as your employer CPF , employee CPF, SDF, FWL , for taxes we have IR8A , IR8S, Appendix 8A and etc.
For those who have been experience with business or HR related work, this would be easy and something that you are familiar with, but for those who are new to the business work, i believe it would be a hassle and this would take quite some work before one can understand the workings of all this acronyms and what they stand for and to even make sense of what to do for it.
Having a Payroll Software solves the issues for entrepreneurs and HR professionals. Payroll Software such as the one offered by KP PAYROLL have in build processes that will help you calculate the amounts you need to contribute for each section when it matters , eg. how much donations are you suppose to pay if you’re from a certain race, based on your age group what are the CPF rates applicable.
Many entrepreneurs and HR managers use Excel spreadsheets to do the workings and to do the contributions accordingly but do not forget that Excel spreadsheets, the formulas can be meddled with if you do not lock up your data properly, also for the data that are entered, if there are malicious intents by the person who was in charged with HR to make certain edits, one would not be able to do a recovery on this matter. Whereas a payroll software would be able to lock up your data every month through posting and at the end of the year do a locking up and backing up of data for future use or in the case of any errors to do an error recovery.
Furthermore, in modern day Singapore, with the iSprint programme and PIC programmes by the Singapore government agencies, IDA and IRAS, the cost of such software can do from thousands of dollars to instead hundreds of dollars.
We appeal to SMEs to start automating your Payroll Systems today!