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HR software: looking beyond processing payroll

Posted 3 years ago in Small business by Xero
Posted by Xero

Processing payroll is even easier now with options such as excel and batch payments using Internet Banking. So why should you pay to use a HR software?

As one of our integrated HR software HReasily, a Singapore born-and-bred HR SaaS solutions platform, says, “If focusing on your core business is your top priority, than you need a HR software”. The remit of HR function has evolved significantly today, venturing into compliance, employee satisfaction and even local employment regulations during business expansion strategising, which makes it essential for a results-oriented business leader to tap on HR softwares to automate and digitise as much of the workload as possible.

Payroll is often one of the biggest expenses for most small businesses but it is crucial in business management and employee satisfaction. Whether you are an accountant acting on behalf of your client, or a small business owner managing the payroll yourself, here are 3 ways HR software can transform your business.

Maximise employee satisfaction

90% of employees surveyed through Payboy, an easy-to-use compliant HR management software for any business size, were more satisfied due to the accuracy and timeliness of their payroll. Everyone knows that paying your staff the correct amount and on time is critical. Depending on your business pay cycle, calculating how much your employees should be paid each pay period can be a painful exercise. Also, let’s not forget the extra complexities of calculating overtime, holiday pay and benefits, to name a few. With the right HR software, all the calculations are done automatically for you. HR softwares like PayDay!, a cloud payroll and leave solution for small businesses (1-50) employees, also offers web and mobile solutions to enable employees to manage their leave on-the-go. You can now say goodbye to discrepancies, errors and understaffing that often results in payroll delays and headaches!

Compliance, compliance, compliance

Staying on top of statutory changes and contributions, calculating monthly CPF and declaring taxable income can be an administrative nightmare. Why don’t you let the Payroll Experts do that for you? With HR software, you don’t need to be an expert in payroll legislation to ensure that you are 100% compliant and up to date with changes from IRAS. Statutory deductions and contributions are calculated automatically, and with Talenox, a Payroll and Absence Management solution serving small and medium businesses in Singapore and Hong Kong, you can generate CPF file and submit IR8A simply with one click for Singapore.  While over in Hong Kong, you can export MPF files and IR56B forms. When it comes to filing season, SimplePay, a HR software designed to make payroll simple and faster than ever before, takes care of it by offering reminders of pending due dates to prevent late submissions.

Cross-border scalability

As your business grows, it’s important to have tools that grow with you, as oppose to slow you down. If you’re looking to expand into other markets, it’s often not just about the size of your company, but the complexities of the HR policies in those different markets. HR softwares such as Gpayroll, the only fully automated payroll system in Singapore, offers localised payroll and tax logic for Singapore, Hong Kong, Malaysia, China, Thailand and more. So instead of studying HR requirements of other markets as you expand, you can focus on growing your business! Beyond payroll, you can further streamline your HR processes with add on modules like leave, expense, timesheet and paperless onboarding management modules.

No matter if you’re starting up or growing your business, the biggest benefit of HR software is that all the work is completed for you. An added benefit of using a HR software in the cloud, is you can look for those that talk to your other business applications to truly automate your workflow and provide you with a single source of truth. With 9 Payroll + HR apps that integrate with Xero, it’s important to do your research and choose the HR software that will work for your business. Take a look here to find out more!

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