Every employee waits for their paycheck at the end of the month. The process of preparing their salary can be a tedious one. Payroll can be more challenging to handle when the company is growing and accommodates more and more employees.
There are ways, however, to effectively manage the company payroll. Many of today’s organisations have started using payroll software systems to make accounting for employees’ salaries more accurate. With a payroll software system in place, employees get their salaries without delay or computation errors.
Features of a payroll software system
A payroll software system in Singapore has various functions. Back when they were first developed, their main function was to keep records of payroll for documentation and auditing. Additional features were later included, such as calculation of wages and deductions, and linking to bank accounts for automated deposits.
Among the most common features of payroll software systems are:
Computation errors can be avoided with a payroll software system in use. The person in charge of preparing salaries can then input the necessary tax formulas applicable to each employee. This way, everyone in the company not only gets their salaries, but also pays their taxes without the unwanted hassle.
Self-service features – Payroll software in Singapore are also equipped with self-service features. Depending on the level of access, employees can check their respective payroll accounts, such as logged hours during a particular cut-off period, salary deductions, available leave credits, and paycheck updates. They can also file disputes for spotted errors on salary computations, or access payroll forms on their own.