Payroll is an important process for every company for which theemployers pay their employees for the work they have done. An efficient payroll system is one that organizes employee payments and filing of employee taxes. These tasks include tracking of their working hours, calculating salaries, withholding taxes and deductions, printing and delivery pay checks and paying employment taxes to government.
Automated payroll system uses software to compute all types of payment, such as salaries, hourly, bonuses, pay raises, increase or deduction of wages, reimbursements, overtime and commissions. The result is reliable and correct if the entries key in are correct. It will automatically generate pay checks, stubs and allow direct deposit.
Automated payroll system allows authorized personnel to access to personal data of the employee, data such as annual leave, sick leave, performance records and entitlements. We can also access to other information such as benefits, expense and even pay slips. Making adjustment or changes to each employee will only take a few seconds.
Computerized payroll system eliminates many cumbersome (that may require manpower resource to pay attention to it) and increases the productivity of the company. It also calculates the employee’s CPF and IRS deductions accurately and paid in a timely manner, which helps to avoid government’s penalties.