As someone said, a labourer is worthy of his wages. If there is one thing that brings smiles to the faces of employees, it is the sound of bank alert on their phones at the end of the month notifying them that salaries have been remitted. No wonder Toba Beta said “If to love each other is the job, then the happy life is the salary”.
By all means, payroll is a routine task which ensures accurate payments and deductions are done, and at the appropriate time. Imagine therefore, the unfortunate scenario of payment delays due to some inadequacy in the payroll procedure when salaries are due to be paid. Without a doubt, payroll process requires accuracy and detailed analysis which if done manually might lead to time wasting and miscalculation- a situation that may lead to serious financial trouble on the part of the employer.
It makes good business sense then, for a business owner to deploy an automated payroll system which organises all employee payment tasks by keeping track of work hours, calculating wages, taxes and other deductions, and delivering payments to all quarters as and when due.
All that is required of a payroll system is for the employer to enter employee data and hours while the software performs all necessary operations. More importantly, having a payroll system as part of a one-stop human resource software is even better because all processes are integrated and there is almost no need for the employer to input data as all accurate data are integrated to facilitate payment of employees’ salaries.
While payroll systems are common in medium and big-sized companies, small business owners would rather stick to manual payment and disbursement processes convinced they are avoiding additional cost of acquiring software. Instructively, though, businesses of all types can make use of a payroll system. And small business owners need to take a peek into the immediate future to appreciate the possibilities that abound in technology-enhanced businesses and workplaces, where standalone payroll software or full stack HRM software applications possess the capability to automate and integrate their employees’ work cycles from recruitment to retirement.