Payroll management is about processing employee payslips (salaries, bonuses, deductions), complying with the state’s laws and compliances, and maintaining adequate documentation. Whether your company has 5 or 500 employees, you can not afford to make mistakes in your payroll management. Because you do not want to pay your hard-earned money in civil penalties from non-compliance with employment tax requirements. So here are 5 ways to optimize your payroll management:
Define an official payroll schedule, and stick to it. Communicate the same to your employees. Best is if you can create a payroll calendar, or define the same in your payroll software so that your workload gets reduced by a lot.
In PayrollNinja, you can set up different salary calculations for different employees as well. And the system will just repeat every month. Less stress on you.
Do you let your employees leave early?
What about those employees who are just working part-time? How are you tracking them?
In such scenarios, you might already be using fingerprint devices to log-in and log-out your employees to track their attendance. This way you are leveraging technology to help you out with employee specifics.
You can further leverage technology and optimize your payroll management if you integrate these attendance systems with your payroll software/system.
For instance, to optimize your payroll management, PayrollNinja will easily integrate the data from your fingerprint devices to help you calculate the attendance and process the calculations you’ve set for your different employees. Neat, isn’t it?
No more printing off spreadsheets to check your work. Focus on creating a paperless payroll process that starts with a flick of a few buttons and ends with processing the actual payslips of your employees.
Choosing the right payroll software will help a lot in implementing the paperless system you want to use at your organization. Doing so will help in increasing data security, fewer costs, and go green in the organization. No more printing physical paychecks, paper payslips, time cards, or timesheets.
Decide/Use the right payroll software
All the above points become all too easy to be implemented with the right payroll software in order to optimize your payroll management. Choose a good sturdy cloud-based payroll software that provides you secured access at prices that you can choose according to your needs.
Using a payroll software significantly reduces the time people spend processing the payroll. Additionally, the data is more likely to be accurate, as compared to manual payroll processing.
Moreover, a system like PayrollNinja offers automatic system updates that ensures that you are in compliance with Malaysian government agencies, such as EPF, SOSCO, EIS, LHDN and HRDF.
Or, you can simply outsource!
Yes, there’s always the option to outsource. Relying on the expertise of professionals seems like the wisest choice. They are, after all, equipped with the right software and technical and financial knowledge to assist you in the best way possible.
However, there are times when you might not be too comfortable sharing your company or employee information with any outsider. And that’s when a payroll software, like PayrollNinja, will assist you the best.
Now, over to you..
So what will it be for you – outsource or payroll software? Let us know in the comments below.
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1 thought on “5 Ways to Optimize Your Payroll Management”
Hi, Thanks for sharing wonderful article with us which is really informative and helpful for those who are going to payroll management jobs. You did a great work. Appreciate it. Keep it up.