Innovation & Technology

5 signs that you are ready for a payroll software

When your business grows to a certain scale, a professional payroll system can benefit you.

As your company expands, for most business owners, it is both a blessing and a curse (if you are not well-prepared). While it is exhilarating to see your efforts bearing fruits, the amount of work has become overwhelming, which leaves you feeling frustrated. With limited time and resources, you would soon start to think of seeking external help as a favourable idea especially when it comes to administrative task such as HR and payroll.

Since payroll is the backbone in keeping your staff happy, here are five indications that your business is ready – if not requiring - a reliable payroll system.

You find it difficult to declare MPF and taxes

Even though payroll in Hong Kong is not as complicated as other countries, the responsibility of declaring tax and MPF for the employees still lies with the employers.  Therefore, employers have to ensure all the regulatory compliances are met. If you find it a hassle to constantly having to keep up to date on the latest MPF or tax rates, perhaps it is time to consider engaging a payroll system.

Your company starts expanding and time is scarce

It is great that the business is making good progress. Congrats! As your company grows, you will find time and resources becoming scarce – or already so. In order to focus on your grand business plan or implementing that growth strategy you have, this means you are left with little time for other stuff like payroll. Engaging with a payroll software frees up your time to focus on more critical activities.

You are starting to make payroll mistakes

People make mistakes, and that’s forgivable if it doesn’t happen often. However, when the frequency of those mistakes starts to rise and employees start to feel unhappy about it, it is a wakeup call to start doing something about it. Payroll mistakes not only mean time loss in eradicating those errors, it could even result in legal consequences or penalties. These are probably not the best things to lose time on.

Payroll has become too risky or complicated

It is understandable that you start to get intimidated by the messy and complicated payroll task which you have to face every month. An effective payroll software can be of a sound solution to this problem. While outsourcing to a 3rd party sounds good to throw the burden to the professionals but you lose the control over your sensitive information. One plus point of an online payroll solution (like Gpayroll) is that it does not require any installations. All users have to do is to enter the URL to use the payroll system – even on tablet devices. This actually brings convenience to business owners as you can process your payroll on the go (even on the MTR) as long as there is internet access.  With the proliferation of technology in the HR industry, there are more payroll solutions catered for SMEs.

Employees prefer to be paid via direct deposit than in cash/cheque

Employees nowadays prefer to be paid via direct deposit compared to the old days of cash/cheque. With a payroll system, you would be able to bulk transfer the salary transaction to all your employees.  

This applies to freelancers or contractors too, as paying cash or cheque would require more time and are more prone to errors.

When your business has grown to a certain scale, it is advisable to consider how a professional payroll system can benefit you. Your time is priceless, spend it wisely.

You can also visit Gpayroll to tackle these itemised pay slips woes. Gpayroll, an online payroll solutions provider, offers a very unique solution which no other online payroll provider does.

Published Date: 23 Jan 2018

Content provided by Gpayroll

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