Is your current payroll system providing these 4 key features?
Payroll compliance can be one of the most time consuming problems you face when running your business. Many inefficiencies can stem from outdated payroll systems. If you feel as though your payroll system needs an upgrade to bring it into 2017, here are four key features you should insist on:
1. E-filing of PAYE returns
Most payroll systems are capable of e-filing your monthly (or bimonthly) IR345 and IR348 returns directly to Inland Revenue. Doing away with manually filling out and mailing paper returns will deliver considerable time savings to your organisation.
2. Access from anywhere
The advantage of a cloud-based payroll system is the ability to access your payroll system from anywhere with an internet connection. This opens up the possibility of remote approval of pay-runs as well as access to your records. Limited access rights can also be shared with your staff for administrative tasks, as well as read-only access rights for your accountant or bookkeeper.
3. Online record keeping
Another advantage of cloud-based payroll systems is the ability for staff to securely log in to an online portal and check their leave balances as well as reviewing payslips from previous pay-runs. This can save a lot of administrative hassle as staff can check their holiday pay balances without needing to request a report from you or your payroll administrator.
4. Accounting software integration
Payroll software that is integrated with your accounting software can deliver major efficiencies to your organisation, by posting up to date leave balances and allowing for allocation of wages to different jobs or account codes within your accounting software.
For more assistance with payroll solutions for your business, please contact your local BDO adviser.