Payroll can be complicated to calculate, especially as companies grow. In the case of wrong calculations resulting in overpayments or underpayments or even missing a payment employees can quickly become disenchanted resulting in lost productivity and frustration. From the employer perspective incorrect, or late payments to IRD may result in expensive late penalty charges.
Manual payroll options tend to consume a lot of time and result in high costs for businesses. As business operations shift to the cloud, an online payroll system is an effective tool that saves your company time and money, as well as boosting employee morale.
Manual payroll is where a company performs payroll by hand or with a spreadsheet. Payroll staff typically store the payroll information in a document, calculate PAYE and pay staff manually. They then fill out the employer deductions and employer monthly schedule forms and pay IRD PAYE on the 20th of the next month.
This traditional method of payroll has several disadvantages:
More Costly and Time-Consuming
Manual payroll can be time-consuming and error-prone as data is entered manually. Spreadsheets need to be constantly updated manually as the number of employees increases. Manual payrolls incurs high costs for businesses and are not accurate. Manual payroll can take hours or days to perform depending on the number of employees. Additionally, manual entry increases the risk of errors that result in penalties and more time is required to correct them. The amount of administrative time required for manual payroll is a hassle for your staff and can be costly for your business.
Desktop payrolls are similar to manual payrolls. They not only require a lot on manual input but also require regular updates of the desktop software for legislative changes, daily backups of the data, and constant monitoring for on-line viruses, ransomware and other risks to desktop software processes. These measures are all handled for you automatically with Online Payroll systems.
Difficult to Retrieve and Less Secure
Payroll information is stored on a desktop computer or laptop, which can put the data at risk of being lost or stolen. By comparison, a cloud-based payroll service is secure and can be easily accessed on any device.
Online Payroll Software
iPayroll’s online payroll software takes care of paying employees, PAYE, KiwiSaver, IRD ir-filing and manages leave. Managers and employees can have the peace of mind of knowing that their payroll and leave are handled correctly. This enables them to focus on other activities that grow the business
Instead of spending countless hours and a large amount of money on manual payroll, iPayroll reduces costs by automating calculations and payments. There are no risks of missing payments or manual errors, reducing the potential for fines. The automatic updates to law changes and calculations free up your staff and reduce costs for your business.
Through our online payroll system, all the payroll and leave information are securely stored in the cloud. You and your personnel can access it anywhere, anytime (subject to security) without the fear of losing data or security breaches. This saves you money and time from retrieving and recovering data.
iPayroll helps many thousands of New Zealand businesses save money and improve their payroll experiences. Our friendly and experienced helpdesk offers ongoing support for your payroll needs, resolving any payroll issues your company may have.
We provide a range of online payroll options to suit the needs of your business. You can choose to manage it yourself or get us to manage it for you. Find out more about our free trial here.
Get in touch with us today to find out which of our payroll options suits your needs. You can reach us at firstname.lastname@example.org or give us a call!