payroll systems too cumbersome? Here are easy steps Nigerians can make them simpler for business
When it comes to owning a business, the benefit of having a payroll can’t be over-emphasized. It is even more when it comes to the resources expended to manage the payroll as it should be.
The fact is that putting the payroll in place will take about 35% of the business profit. So if this isn’t managed effectively it will cause more damage than envisaged.
So it is pertinent to know how to manage the payroll effectively. The main idea behind the reduction in the cost of managing the payroll is to know first the certain goals you want to achieve. Then you can go further to simplify them.
If you have been wondering how you can reduce your payroll, then you are on the right page. The following top ways can help get you on the right path.
Instant tax reduction:
There’s no need for tax evasion as you try to manage your payroll. The good thing is that we always want the government to give us the basic amenities.
These amenities can only be made possible through payment of taxes. Of course, paying also on time will be an added advantage, so as such taxes remission should be accurate; avoidance of tax payment is a crime and is punishable by law.
So if your business is either a defaulter or doesn’t pay the corporate tax rate then it might just be time to rework the process of your payroll.
You need to start with the accuracy of your staff numbers and then move to physical management because it is always prone to bring errors.
So to avoid all of these you should adopt e-filing. This will be making the work easy for you, with e-filing your payroll system will put together the information that would be needed for the honest calculation.
Then the subtraction will be made instantly. This will help when changes want to be effected, there wouldn’t be a big disruption afterall
Accuracy with time collation
One of the tedious things to collate is time collation for staff. It can be difficult to gather this information accurately especially for company with large staff strength.
This is worst when staffs are to resume work at different time. Infact manually managing this can be difficult if one is preparing the payroll from the data collated.
Some staff is in the habit of getting favors from the people in charge of this time ledger. So the information collation might not be the true situation of things, so using the time machine will be a lot better.
You just need software that will give you the accurate information for time in and time out for all staff. This way, collation will come with some level of accuracy and it will be a lot easier.
So you can see you would have simplify this job by getting the right machine and software and the job would have been done in no time and accurate too.
Adoption of cloud storage
The best thing that has happened to modern payroll is the simplicity of retrieving information that might be needed by staff of a firm.
So now staff can access the information they need and at whenever they need it too. The fact is that salary payments that are operated on paper become tedious to operate and even to respond to enquiries with ease.
Because paper salary management comes with issue of having the stationery and the time to type out the responses too.
But with using payroll software all of these issues will be tackled at once. The truth is that with payroll software getting payment advice is a lot easy,
you can leave responses to FAQ on online and you don’t need to keep answering a specific question by different people repeatedly.
With this you can’t even worry about paper restriction, so the answers will be detailed enough for even a novice to understand.
Claims made easy
There will always be the issue of firm expenses that was borne by a member of staff or more staff. This isn’t a bad idea since it does come with a refund by the firm.
But sometimes reconciling these expenses that were undertaken by the staff is the issue.
It is usually a hard process, when those involved need to present their evidence with a lot and lot of paper notes and receipts.
Well, it must be so to really ascertain the actual expenditure but having a good payroll in place will have taken care of all of these a long time ago.
Payroll software will make provision for all these expenses and there will automatically appear on the payroll because it would have been inputted when the expenses had occurred.
So on the day of payment there will just be a reimbursement without staff needing to show evidence via receipts or text. E-receipt integrations, card integrations and other e-payment gateways would handle these entire processes better.
It will make the implementation way possible without going through any tedious task.
Payment made via direct deposit
The whole essence of drafting the payroll is to pay salaries to staff and other incentives that they had earned too. So to make this as simple as possible, a direct deposit to staff account can be adopted.
This will simply means that when the payroll system have automatically done the calculation and every other things put together for a staff full pay, then these monies can be remitted automatically to the staff different accounts.
This will eliminate the issue of any bank visit and queuing to get paid. So the bottom-line is that everything will be snappy and everyone remains satisfied. It is as simple as this.
Lastly, all these methods will need you having some technology in place to help your business.
Well, this is the technological age, so you need to evolve with it. So get some of these technologies and you would be on your way to bringing the needed technological advancement to your business.