Reasons to have payroll software:
1. Saves you lots of time and money: Manual payroll processing is tedious and time consuming. Inputting attendance, overtime & leave data for all your employees into an excel sheet for processing every month end. It's quite some work and may lead for some errors. This can be completely automated
2. No manual intervention, hence highly accurate: Humans are intelligent but they are slow and inaccurate, hence it's wise not to rely on humans for lots of calculations. Let a computer do all calculations and processing quickly and with high accuracy.
3. Allow you to process payroll in a shorter time quick: Payroll is to be processed with attendance, overtime & leave data. And you will have to wait for the last day of the month to get these data. If you want to pay your employees on the next day, you have hard time to do the payroll processing. So, using the payroll software the processing employee will be really fast, no matter how many employees you have.
4. Process your payroll with overtime and leave data: You should be able to pay your employee for every minute of overtime he does. Also, may be you want to cut pay for every minute he is late. Payroll processing should also take leave balance and entitlements into account.
5. Leave Module: you can able to monitor the number of leaves the employee taken and balance available and any point of time.
6. Leave Encashment: At the end of the year company auditors need to know how much money need to reserve if the employees want to cash out their balance leave. Payroll software can able to provide simple & quick report for it.
7. Pay slips: Concealed pay slip can be printed given to the employees. Even pay slip can be sent via e-mail to the employees e-mail account which can be further protected by password.
8. Salary Transfer to the Bank: Salaries can be transferred to the employee bank accounts via bank GIRO option. It is more convenient, paperless, fast & accurate.
9. Income Tax Payment: Ireland Revenue Authority of Singapore makes it mandatory that if the employee head count is more than 25 then the company should go for online submission called AUTO INCLUSSION. I.e. it becomes employer duty to disclose their employee's annual income to the income tax board. Using the payroll software the employees yearly income can be consolidated and directly submit to income tax authorities.
10. CPF Submission: It is mandatory by Singapore Government to submit the CENTRAL PROVIDENT FUND amount to the respective authority. The provident fund amount varies depends on the employee age & salary. The payroll software is smart to calculate the amount and can able to direct submit the CPF board.
It is a fact that small business and companies can't afford to have the payroll software. So the Singapore government introduced a Subsidy scheme to offer subsidy up to 50% of the qualifying cost of the payroll software.
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