How to enhance the quality of payroll management
It won’t be wrong to say that payroll management has been as old a business process as the business organisations themselves. People work for money, and expect to get paid the wages they signed up for, on the date/time they agreed for. In the modern world, this commitment of employers to pay the right salary at the right time has become extremely crucial in ensuring that their employees are happy, motivated to work for them and contribute to the business’ growth.
Being a complex and monotonous process requiring multiple calculations which are cyclic in nature, payroll management can be exhaustive and error-prone when handled manually or through outdated on-premises systems. In a country like Malaysia where taxation and employee benefit regulations need to be strictly complied with, the tasks require a lot of focus and time from the HR teams to ensure that all rules are adhered to. Further, if your business has employees outside Malaysia then there is the additional need to ensure that they are paid on time and in accordance with the laws of the countries that they reside in.
At a time when the pandemic has compelled all businesses to undergo a digital transformation, if your HR people remain tangled with the outdated payroll practices then chances are that they won’t be able to help the business grow faster. This is where an advanced cloud-based payroll software comes across as the perfect solution. It will not only help the business enhance its quality of payroll management, but also lead to superior employee and HR experience.
Let’s take a look at some of the ways in which the payroll software would be able to enhance the quality of payroll management for your business:
Accurate payroll processing – A modern payroll software will be powered by artificial intelligence and machine learning. It would analyse historical data compiled over the years in a matter of seconds to detect any anomalies and to ensure that the payroll processes are accurate.
Adherence to timelines – With automation of calculations, the payroll software would reduce the days spent on payroll processing into just a few hours. This time saving leads to speeding up of payroll processes and timely salary disbursal to all employees.
Convenience – A good payroll software streamlines and optimises the processes. Complex calculations and compliances get automated, and this leads to not only savings of time, but a lot of convenience for the HR people and the employees alike.
Essentially, when you deploy a cloud payroll software, you are able to fulfil the commitment of paying accurate salaries to all your employees, on time and wherever they are. You don’t have to worry about frequently changing taxation rules or other regulations as the system would get automatic updates for the same. In fact, it can also help you file various tax forms and set reminders for the filing date to ensure that you don’t miss out on any compliances.
Going beyond payroll management, a world-class payroll software would also help you take care of end-to-end HR tasks courtesy of integrated Core HR, Time & Attendance and Expenses modules. Being a cloud software, you can choose to deploy it on-premises, on-cloud or avail the benefits as a managed payroll service. It will help you to:
- Create organization-specific rules
- Define your business logic for Earnings, Deductions, Bonus, Arrears, Leave and Attendance
- Stay compliant to standardized practices across geographical locations
- Take into consideration variances within individual, local geographies
- Deal with multi-element, multi-decimal, multi-currency, and multi-country payroll
Go ahead and choose the best cloud-based payroll software in Malaysia and optimise the payroll management function for your business!
