Why Payroll Technology Is Important To Your Business - Biztorials

Why Payroll Technology Is Important To Your Business

Payroll

Payday is an important day of the month for employees. So for a company that cares about employee motivation, Payroll system should be of high importance, especially to the HR team.

A Payroll system is designed to organize employee payment, putting into consideration factors like work hours, taxes and other forms of deduction. A lot of Nigerian businesses (mostly SMEs) still use traditional system. However, todays focus is on automated payroll technologies and their importance.

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Here are some important values that these technologies can bring to your business:

Elimination of Human Errors:

Regardless of how intelligent or hardworking you are, you can always omit or overlook a very important zero in a very important document. For example, I spelt “today’s” in the second paragraph as “today” and I can bet you didn’t notice. In payroll, that could’ve been someone’s tax cut or worse, someone’s account number.

These technologies help to minimise the occurrence of such errors.

Payroll

Cost Effectiveness:

These modern technologies help cut the cost of hiring professional services. Cutting costs the right way is very important for especially considering the state of the economy.

Tax Policy Updates:

Most payroll softwares are equipped to notify you when changes are made in tax policies. You don’t have to go too far to update yourself and your system on Nigerian tax policy changes.

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Data Collection and Analysis:

A good payroll software will make it a lot easier to analyze employee data in order to build data-driven and effective strategies.

Some Nigerian payroll softwares that meet those needs are; PrimePay roll, PayDayNg, and TalentBase.