Payroll is one of the most difficult yet important duties that a company must manage, and it must be done correctly to boost employee morale and prevent compliance problems. To increase the trust your employees, have in your company, every step of employee payroll, from calculating compensation to documenting payroll reports, must be error-free. The best course of action is to implement an online payroll system, given that miscalculated paychecks and uneven pay schedules may even cause employees to leave your company. No matter where your employees or teams are located, payroll can be completed seamlessly, correctly, and on time thanks to an online payroll system that automates the entire payroll calculation process.
Here some benefit using Online Payroll System:
1. supports remote payroll calculation
No matter where your employees or teams are located, payroll can be completed seamlessly, correctly, and on time thanks to an online payroll system that automates the entire payroll calculation process. By giving appropriate rights and permissions full visibility into each stage involved in payroll processing, this facilitates collaboration between the HR, finance, and payroll departments.
2. Makes payroll convenient for employees
Using online payroll system means that everything is automated. Your employees can access the site to understand their pay structure clearly, download their pay slips whenever they want, provide documentation of investments, file income tax returns, understand pay growth, and more.
3. Promotes data security
Payroll involves a sizable amount of private information that needs to be handled with extreme caution. Payroll data is subject to theft and even destruction when it is managed manually. However, the highest level of data protection is provided by payroll management software solutions. For instance, not every employee in your firm will have access to every piece of data contained in these platforms. Depending on the position an employee holds, access might be defined.
4. Better Accuracy
Nothing is worse than a payroll system error, and employing online software lowers the possibility of those expensive mistakes. Making a mistake that underpays your staff could kill company morale and potentially land you and your organization in legal trouble. You may significantly lower the possibility of human error and ensure that your employees receive exactly the compensation they deserve by using online payroll software.
5. Automatic Tax Updates
With each passing year, the superannuation rates and tax tables will only become more confusing. The ability to seamlessly update online payroll software whenever the government decides to change the tax rules and complicate the life of small business owners is one of the main advantages of this type of software.
Nowadays, many companies including GP Outsourcing Asia are embracing the benefits of online webbase payroll systems for many reasons such as the ability to conduct more efficient and accurate payroll processing, centralized information sharing and the ability to track employees service history. You can also include your overseas employees or remote work employees by allowing them to access their pay records through a secure and easy-to-use interface. Employees and supervisors with access can apply or approve their own leave requests, update personal records and access their Social Security contributions details. Employees and employer of EOR (Employer of Record) candidates benefit from this process as they both jump start their business in Malaysia without having to invest into expensive payroll system that compliances to Malaysia Laws, Human Resources and payroll resources/manpower.