Payroll software in Namibia is available and underutilized. Payroll is a process that takes a lot of time and effort when performed manually. It needs to be accurate and compliant, if it is not, it could cost a business a lot of money and trouble in the future.
In this article, we will discuss how payroll works in Namibia as well as what you should expect from payroll software in Namibia.
Payroll Software in Namibia: How It Works
Namibia subscribes to the Pay As Your Earn (PAYE) system. This system requires the taxable amount owed to the Namibia Revenue Agency (NamRA) to be deducted from the employee’s salary on a monthly basis. The deduction also requires the employee to withhold the amount owed to social security contributions. However, both employees and employers are liable to pay towards social security contributions. Foreign residents are only taxed on the income that they generate within Namibia. Payroll and the amount deductible from an employee’s salary is typically performed by a payroll administrator.
What Namibia Payroll Software Can Offer
Though it might seem simple payroll and calculating PAYE in Namibia can be quite tricky. Payroll in itself requires the payroll administrator to calculate days worked, annual, sick, and family leave and much more. This is why it is advisable to make use of a compressive payroll software system. There are various benefits that payroll software in Namibia can offer payroll administrators, including:
- Convenience: Online payroll software systems that are cloud-native allow one the freedom to perform payroll from anywhere as long as you have your laptop, internet access, and your login details. In a digital world, this is a game changer as a payroll administrator does not have to physically be at the office to perform their duties anymore. It should also be mentioned that this is a completely secure feature, as storing information on the cloud will ensure that the data you are working with is always guarded.
- Efficiency: As payroll is a complicated process the introduction of automated processes has made payroll faster. You now do not have to check the numbers multiple times as automated features ensure everything is correct each and every time.
- Compliance: A comprehensive payroll software system should have the latest legislative information embedded into the software. This means that you will always be up to date with the latest requirements.
- Employee Self-Service: Payroll software allows employees to access the data and documents that they require without the assistance of a payroll administrator. This will remove this extra task from the payroll administrator’s to-do list and allow the employee to get what they need when they need it. Employees will also be able to access the system from anywhere, granted that they have an internet connection.
- Easy to Use: Online payroll software is easy to use and does not require any intensive training courses before getting to work.
- Cost-Effective: As an online payroll system drastically reduces the time it takes to complete payroll it frees up a lot of time for your payroll administrator. This means they will now have time to complete other important tasks and could even reduce the employee headcount, depending on the size of the business.
PaySpace is a comprehensive payroll software system that contains all of these features and more! Contact the team to find out how PaySpace can simplify and increase the accuracy of your payroll process.