Why use Payroll software?
Payroll software offers lots of different advantages – for the user, the employees and the organisation.
This article gives you 9 powerful reasons why you should use payroll software even if you have just one or two employees.
1 Cost Effective & Saves Time
There is great potential to save money… especially once you can use the software quickly and efficiently. You should be able to process a pay from for 20 people within 30 minutes. This saves time and money. Payroll software helps to speed every aspect of the payroll process with a range of automated features
2 Tax (PAYE) updates
You might have missed the latest tax updates, but payroll software will help you by notifying you when these updates arrive. The tax tables in the pay software also calculate student loans and KiwiSaver employee and employer deductions.
3 Create Payslips
Create payslips, print or email with the click of a button. Payroll software allows you to quickly and easily generate payslips for all your employees, and with templates you can be sure that the statutory minimum amount of information is included. Payslips in NZ are not yet mandatory but employees like to get one.
4 Holiday Pay automatically calculated
Calculates annual leave, sick leave, manages lieu days and most importantly, works out the leave rate automatically. This is a big job to do manually as you need to work out the 52 week average. Furthermore, leave is reported to employees on their pay slip.
5 Pay day Filing
Stay out of the IRD's radar by filing your pay day returns soon as your employees are paid. You are more likely to remain compliant with a reliable up to date payroll & will save time filing. Processing manually is slow.
Use reminders for employee reviews, pay rises, loan deductions or other such tasks. Use notes for warnings, misdemeanors, leave dates. Attachments may be used for contracts, IRD notices or other employee related documents.
7 Avoid Making Mistakes
It is easy to make mistakes when you manage aspects of payroll manually, but with the right payroll management solution it becomes much more difficult to make such mistakes. Comprehensive validation procedures and checks stop you from entering the wrong information such as bank account numbers or IRD numbers.
8 Employee calendars
Available with some payroll software, employee calendars & a leave approval system give you a super easy way to manage sick leave, absences and overtime. In a glance you can see how long employees are away for, whether they should be at work, what type of leave they are currently on, how much leave they are entitled to etc. It makes planning a lot easier.
9 Less Need for Expertise
When the right software is used and the payroll demands are modest, anyone with a good understanding of employment legislation can manage a company’s payroll requirements effectively. This is good for smaller businesses that want flexibility. In addition to software tutorials, payroll software providers such as MYOB offer comprehensive support services as part of the package, to help with software issues or with how to deal with any aspect of payroll.