Payroll management is an essential and central element in any company with employees. It can be a complex task for an employer, especially if there are multiple employees. To comply with the law and avoid making errors in the payment of wages and the issuing of payslips, it is advantageous for an employer to switch to payroll software.
Payroll software automates payroll processes, editing and sending payslips. This means greater flexibility and visibility in payroll management. Here are the top five reasons why companies should switch to payroll software.
Money saving
Using payroll software can save businesses of all sizes money. The experts at PayFit software explain, "Using payroll software saves employers money since they don't need to call in an accountant, whose costs are generally higher."
The price of payroll software varies according to functionality and the number of employees in the company. Most providers offer several packages that can be tailored to your company's needs. Often, the arrival or departure of an employee does not entail any additional costs!
Time saving
Every month, the employer is obliged to carry out the various calculations and declarations involved in issuing payslips. This is a long and tedious task when the employer does not have a dedicated payroll department.
With payroll software, the employer no longer needs to control all the variable payroll elements (absence, leave, overtime, etc.). By simplifying HR processes and automating payroll, employers can focus fully on their business.
According to PayFit, "payroll software offers employees access to the system, enabling them to request leave, absences, salary advances, expense reimbursements, etc. in complete autonomy. All the employer has to do is accept or refuse the request, without having to talk to the employee". The result is better organisation and greater transparency for employers and employees alike.
Error reduction
When employers prepare their employees' payslips on their own, they can sometimes make mistakes. These can lead to financial and legal penalties.
Payroll software is one way of reducing errors in payslip preparation and payment since all amounts are calculated automatically. All the employer has to do is report the various events relating to employees in just a few clicks, and the payroll software takes care of the calculations without error or oversight.
Expert guidance
Many payroll software packages offer a legal and accounting guidance service. Employers who are not experts in payroll and HR can use this guidance to ask questions on these subjects.
Constant legal watch
The use of payroll software enables employers to keep up to date with the latest legal developments. The experts at PayFit software explain, "Our experts and legal advisors ensure regular updates of the variable payroll elements taken into account in the payroll software. Thanks to payroll software, employers can be sure that they will no longer apply the wrong rates to their employees".
Copyright 2023. Guest article edited by the Donut Blog Team