Everyone has heard of payroll, and some even of online payroll. Whether as an employee, employer, or the person processing and performing payroll. It is a time consuming, complicated, and often stressful task, as a mistake can easily occur. Not only does one need to ensure that the correct calculations are made, but one has to also make the correct payments. If a mistake is made, compliance can be negatively affected, employees can become restless, and a business’ productivity can decrease.
In this article, we will discuss a number of aspects regarding payroll as well as how switching to an online payroll option can be beneficial to your business.
The Difference Between Payroll and a Salary
A salary is the amount of money that an employee receives weekly, biweekly, or monthly, as compensation for providing a service/working for a company. Payroll is the procedures that are followed and methods used to pay the employees of a company. It includes calculating the amount owed to each employee as well as any legal contributions employers need to make. These contributions can include payments to UIF and other institutions.
Who Performs Payroll
Payroll is typically performed by the HR (Human Resources) or finance department. This is because it requires individuals that are knowledgeable on accounting and the tax laws of that specific country.
Payroll can also be outsourced to firms that deal exclusively with payroll and matters relating to it. This is often a preferred payroll solution due to the fact that there is less margin for error.
Can I Do Payroll Online?
Yes! There are a number of software options that have been specifically designed and created to facilitate safe, accurate, fast, and secure payroll online. With an online payroll software solution, you can perform payroll from anywhere as long as you have a stable internet connection.
Why Choose Online Payroll?
There are several benefits that a company can enjoy when making use of an online payroll system that has been designed with the user in mind. Some of these benefits include, but are not limited to:
- Increased productivity
- Automatic calculations that take place in real-time
- Instantaneous legislative updates
- Increased convenience
- Trusted and secure backups
What Is the Easiest Payroll Software to Use?
PaySpace is an easy to use and secure payroll system that is cloud-native. It allows you to rest easy knowing that your country’s legislation has been embedded into the software, ensuring that your payroll will always be compliant. It also allows for multi-device access, making sure that you are able to login and work at anytime from anywhere. Convenience increases dramatically with this software as the pre-defined and automated components save time and effort.
Find out more about this revolutionary software and how it can streamline your payroll process while ensuring continuous compliance for your small, medium, or large business, by contacting us at PaySpace.