Top 5 reasons why you should use payroll software
The payroll process is one of the most important tasks for any business to perform as it is complex, requires accuracy and can ultimately can effect your employees’ motivation if not done correctly.
Using payroll software that is efficient and streamlines the payroll function can be of benefit to organisations in a number of ways.
1. Payroll software allows organisations to be compliant
A robust payroll system is built in such a way where the calculations of Tax, NI, Government bonuses and allowances are calculated automatically based on a complex set of national employment regulation rules.
This allows organisations to be compliant with their country’s payroll laws by the quick and easy generation, and submission of compliant documents which are legally required by the Inland Revenue Dept.
2. Payroll software allows organisations to save time and money
As Payroll software automates many of the process pain points and manually intensive tasks that come with such processes, over time, organisations realise that their payroll administrators gain more time to be able to work on other HR related tasks that are of value to an organisation.
This is because Payroll is not just about creating payslips, there are several processes (like submitting payroll information to the organisation’s finance team and end-of-year documentation to the Dept. of Inland Revenue) which go unseen by many within an organisation.
3. A robust Payroll system is secure
A very popular method for small businesses to work payroll in Malta, is to use self-programmed spreadsheets that take care of payroll calculations. This can be somewhat effective for producing payslips but could be dangerous, as files can easily be shared between employees and spreadsheet calculation methods altered without proper audit functions.
A robust payroll system requires that authorised users login to view, edit and process payroll data. Secure systems are also provided with additional login security features such as 2 Factor Authentication which ensures that only people who are authorised with payroll, will be able to access the system. Moreover, some payroll systems generate logs and full audits of tasks performed by each payroll administrator to ensure that all users of the system are accountable for any system edits and errors.
4. Payroll that is consistent, correct and on time keeps employees happy
Most people who work full-time jobs, have financial commitments that requires them to put money aside at the beginning of every month. Failing to provide employees with their keep correctly and on time can put your business at risk at it could lead to employees not performing and raising questions about the business’s financial integrity.
On the flip side, paying employees correctly and on time instils trust and keeps a workforce happy which ultimately will boost their performance and ensure that an organisation is running at its full potential.
5. Payroll systems that integrate with other software can save organisations even more time, money and errors
Organisations are now constantly striving to work at full efficiency, all day, every day, as the return for this practice is maximum profits. Some payroll systems offer integration with other software products and this allows for the variables that are entered into a payroll system to come from other automated and related sources.
Examples of software which can easily integrate with Payroll are Leave Management and Time & Attendance software.
Leave Management software could automatically send employees’ leave entitlements to a payroll system for them to appear on payslips without the need of any intervention from a payroll administrator (Note: As of 2019, it is now mandatory for Maltese companies to include employees’ leave entitlements in payslips), whilst a Time & Attendance system can provide approved working hours and overtime calculations, with minimal need of a payroll administrator’s efforts.
All this saves more time and money for organisations as the payroll process would be semi-automated.
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What else does DataByte offer?
DataByte also provide a Leave Management system for FREE with their Payroll system for Malta, and a Time & Attendance system with Biometric devices, all of which integrate directly to provide for a semi-automated payroll administration experience.
All 4 software products from DataByte form part of the DataByte WorkForce Cloud HR suite, which consists of additional software modules including a Task Tracking system which works in conjunction with the Time & Attendance module, as well as an HR Documentation system containing features that facilitate for easier HR Management as well as operational and legal compliance.
DataByte WorkForce also comes with a FREE Employee portal which allows Employees to:
- See the Payslips and FS3s submitted by their Payroll Administrator
- See their upcoming leave
- See who is on leave within their team for the day
- See their clockings for the day
- Access the Leave and TimeKeeping modules
- See any visits scheduled for them for the day
- See their current assigned tasks
Note: Organisations using the Payroll, Leave Management, Time & Attendance, Visitor Management and Task Tracking modules combined, would be able to make use of all of the above features listed.