Payroll software automates everything about payroll, thereby helping businesses to simplify and streamline payroll management. It eliminates paperwork and prevents manual errors while allowing payroll managers to carry out payroll processing at the earliest.
What Does Payroll Software Do?
Payroll not only includes calculating salaries for employees and providing them with paychecks. It also comprises handling deductions and tax filings while complying with regional laws. Considering the factors involved, payroll management is a complex, time-consuming process that demands constant attention.
So, managing payroll using manual methods is not a wise option. This is where payroll software comes into play.
With an automated payroll system in place, the employer can make sure that the employees receive their salaries on time without the payroll manager having to spend more time on payroll processing.
Besides, the organization can easily onboard employees across the world in a hassle-free way, manage them seamlessly while meeting legal compliance and maintaining updated tax tables through automation using the payroll software.
Importance of Payroll Software for Your Business
As said earlier, payroll management involves a wide range of processes that account for its complexity. Payroll software is the need of the hour for your organization if you want to put an end to the pointless manual efforts and meet the payroll requirements of all your human resources in the most efficient way at large.
Here is what you can gain as an organization when you opt for using reliable payroll software.
ZERO MISTAKES
When done manually, payroll can open doors to unintentional errors no matter how careful you are. The worst part of this scenario is, small errors cost you way too much.
Yes. One, you have to invest a lot of time and energy to find out where the error occurred followed by fixing the same.
Two, when you commit an error in the payroll or tax records you submit to governmental organizations, you end up paying a big penalty.
Either way, loss dawns upon your company.
As a business owner, that should be your worst nightmare!;
To prevent it from turning into a reality, you need the payroll software.
Since employee salary calculation, deductions, reimbursements and garnishments take place on an automated basis in the presence of the payroll software, there is no space for errors. So, you can rest assured payroll management happens smoothly.
MINIMAL TIME INVESTMENT
When you handle payroll processing using manual methods, it takes a lot of time to finish what you started.
Plus, payroll being a periodic process, it has to be carried out now and then. This means more time investment and labor.
On the other hand, when you opt for an automated payroll system to handle payroll, everything from employee payment to tax filing is taken care of.
All you have to do is, just approve what is already processed.
Can you expect anything better? Certainly not.
Checklist for choosing the right payroll software
Built with the latest technology framework, payroll software simplifies payroll management for ample companies out there. Given the multitude of products available in the market, you need to consider some factors to find out the right payroll software that caters to the needs of your organization.
SCALABILITY
Good payroll software supports small, mid-scale and enterprise-level businesses alike. It can address your payroll needs even when you expand your business in the long run.
INCLUSIVE ACTIVITY MONITORING
Only with a payroll software that can screen all employee activities from attendance to paid day-offs, you can maintain accuracy in payroll processing.
UPDATED PLATFORM
Many payroll components from tax tables to local laws may vary from time to time. The technology platform you use for payroll management has to have a keen eye for these updates thereby complementing efficient payroll management.
SECURITY
Data theft is one of the major threats in the digital era. To avoid the problem and safeguard your confidential information, you need to make sure that your payroll software comes with virtual vaults that cannot be broken by hackers.
NO HIDDEN CHARGES
A reliable payroll software gives you end-to-end transparency when it comes to costs. So, your organization does not have to bear hidden charges.
Why Choose Multiplier?
Multiplier is a comprehensive payroll software that helps you to handle global payroll without breaking a sweat. You can easily, hire, manage and pay remote employees in a hassle-free manner using this hi-tech platform.
PAYROLL AUTOMATION LIKE NEVER BEFORE
Multiplier makes way for efficient payroll automation in every country across the world, all on a single platform. No matter what the location is, we promise you 100% statutory compliance. With the carefully crafted payroll software, you can eliminate manual errors, achieve maximum precision and take control of your international employee payroll and independent contractor payroll in a single click.
STANDARDIZED PAYROLL PROCESSING
Global payroll processing involves loads of chaotic steps. Executing multiple steps with multiple time zones involved using a local payroll system does nothing but take away the hard work of your payroll management team.
Leverage the integrated calculation engines of our powerful payroll management software to achieve standardized payroll processing.
Get payroll processing for each zone done right on time while catering to the specific requirements of each location.
Ensure consistent and timely payroll processing for both full-time employees and independent contractors and get complete visibility into the upcoming deadlines well in advance .
COMPLIANCE MANAGEMENT
Our payroll software is fully equipped to solve all your tax related concerns just like that. It helps you to meet every employment-related requirement like a pro and paves the way for smooth tax filing.
For instance, Multiplier simplifies the process of eTDS 24Q form generation. You can generate quarterly reports and other income reports in no time. Besides eTDS form 24Q quarterly, our payroll software also makes it easier and quicker Form 27 generation. Our payroll system carries out all calculations based on the latest TDS rules and regulations at any given point of time.
GAIN ACTIONABLE INSIGHTS
Are you still relying on outdated weekly and monthly payroll reports backed by no solid proof? If yes, you are missing out on something big.
Real-time insights are a valuable asset for you to keep a constant eye on the payroll function of your company. This is not a choice anymore but an undeniable necessity especially if you are managing global payroll
Multiplier offers real-time intelligence for business owners like you to keep track of HR and payroll activities without any strain. Our advanced platform generates comprehensive analytical reports to give you complete transparency into your payroll. So, you can monitor your payroll with high accuracy anywhere and anytime. It is as simple as that.
Ready to unleash these benefits of Multiplier for your business? Feel free to get in touch with our consultants today.
Frequently Asked Questions
What are the most common challenges that businesses face when using payroll software?
The most common challenges that businesses face when using payroll software are the following
– The complexity of the software for HR personnel
– Integration of other tech tools that businesses use
– Data security
– Compliance with employment laws
– Regular updates and maintenance on payroll software.
How does Multiplier ensure compliance with local regulations and tax laws when processing payroll for global teams?
Multiplier’s team of experts ensures your business remains compliant with local employment and tax laws by staying updated with the latest regulatory changes in each country. We even partner with local organizations to ensure that our clients avoid the legal risks of expanding into new markets.
How does Multiplier’s payroll software handle employee benefits and compensation, such as tracking PTO or bonuses?
Multiplier’s payroll software handles employee benefits and compensation by defining and managing pay rules, tracking time worked, accruing and managing employee vacation, and calculating bonuses. The software’s flexible and customizable feature allows businesses to set up and manage employee benefits and compensation to suit their unique needs and requirements.
How does Multiplier ensure data security when handling sensitive payroll information?
Multiplier complies with the highest industry data security and privacy standards, such as General Data Protection Regulation (GDPR) and SOC 2 Type 2. Additionally, our SaaS-based platform is embedded with additional security measures, including passwords and two-factor authentication. Our team also conducts regular security audits to ensure that all systems are of the highest security standards.
