Thursday, April 2, 2015

Payroll Processing

Automate Your Payroll Processing with Payroll System Software by Summit Tech

 

The software tools like, Payroll System, can greatly enhance your efficiency and productiveness when you are all geared up for a trouble free payday. When something goes wrong with your company’s payroll, you eventually find the culprit responsible for it. Such mistakes are costly. Most of the time, they creep into your payroll because you are doing it manually or by using Excel sheets. 

Well, this allows you to save a small amount that you otherwise would have to spend on paying to the payroll services or software manufacturers.

Is it really worth it?

Payroll System Software Lightens the Burden of Payroll Processing

The mistakes in your payroll may occur because of you not referring to the latest data. Tax structures change every year which means you must update the tax tables that use in calculation of salaries of your employees. Failure in doing so gets you tangled with the tax authorities.

Promotions, increments, incentives and raise in allowances and benefits can also affect the tax status of employees. It is a must for the individuals concerned with the payroll processing to make these changes reflect in the databases and take them into the consideration while making out the paychecks. 

A wrongly calculated paycheck can irk an employee and can be a cause of concern. The worst case scenario involves your company having to answer to a lawsuit.

Payroll System software system relieves HR department from the tediousness of the calculations that are an inherent part of the payroll. Once you set values for the CPF, levies and statutory contributions they apply to the calculation of all of your employees. 

This software relies on the biometric finger scanners to record attendance of your employees. The hardware used is a deterrent to anyone bent on committing a fraud. It does not allow buddy punching and provides the HR staff with readymade information relating to leaves taken by an employee.

It is also a great help in maintaining accurate timesheet. It enables the HR department to accurately calculate a paycheck on hourly-rate basis for all the days an employee attended the office.

Apart from the payroll, leave, attendance and timesheet management, this software also assist the HR department in company, claims and master setup management. It also provides for progression planning, which enables the management in keeping track of the past positions held by the employees and their employment history, in general.

Summit Tech, the Singapore based software manufacturer of Payroll System, has implemented security matrix to protect the sensitive data from the unauthorized users. In fact, the arrangement prevents even the authorized users from accessing data they are not cleared for.

Payroll System Software is a banking compliant tool. It facilitates timely and seamless transfer of salaries into the employees’ bank accounts. This web based software system connects with the popular accounting software systems in use. This feature of the software is very useful to the staff working in the accounting department. The companies using such software tools can easily start using this software to take care of their payroll function.

This payroll processing tool provides a variety of reports and dashboards to its users and helps in taking firm decisions. It allows users to upload unlimited number of company setups, documents and photos.

Payroll System Software maintains centralized records that are always accessible over the internet. It enables the authorized persons to use emails and SMSs to communicate with the employees in order to resolve issues.

The payroll processing is an important task and it needs to be done accordingly keeping in mind all the statutory regulations in place. On the other hand, it ties up staff from the HR, accounts and finance department of a company. Having a potent payroll software tool in place enables a company to relieve these professionals to take care of its core functions.

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