{"id":6669,"date":"2021-01-21T15:00:00","date_gmt":"2021-01-21T07:00:00","guid":{"rendered":"https:\/\/www.workstem.com\/?p=6669"},"modified":"2024-11-06T14:51:08","modified_gmt":"2024-11-06T06:51:08","slug":"why-a-payroll-management-system-is-crucial-for-smes","status":"publish","type":"post","link":"https:\/\/www.workstem.com\/hk\/en\/blog\/why-a-payroll-management-system-is-crucial-for-smes\/","title":{"rendered":"Not Just for the Big Companies: Why a Payroll Management System Is Crucial for SMEs"},"content":{"rendered":"<div class='post-index' id='post-index'><a href='###' id='post-index-close'><i class='fa fa-list'><\/i><\/a>\r\n\t\t\t\t<h3 class='post-index-title'>Chapter catalogue<\/h3>\r\n\t\t\t\t<div class='post-index-inner' id='post-index-inner'>\r\n\t\t\t\t<ol class='post-index-list'><li class=\"post-index-item\" data-tt=\"title-idx-0\" ><a href=\"###\"title=\"It helps a company become more flexible\">It helps a company become more flexible<\/a><\/li><li class=\"post-index-item\" data-tt=\"title-idx-1\" ><a href=\"###\"title=\"Ensuring compliance becomes a lot easier\">Ensuring compliance becomes a lot easier<\/a><\/li><li class=\"post-index-item\" data-tt=\"title-idx-2\" ><a href=\"###\"title=\"Reduced human error\">Reduced human error<\/a><\/li><li class=\"post-index-item\" data-tt=\"title-idx-3\" ><a href=\"###\"title=\"Better data storage on the cloud\">Better data storage on the cloud<\/a><\/li><\/ol>\r\n\t\t\t<\/div><\/div>\r\n\t\t\t<script>\r\n\t\t\t$(function(){\r\n\t\t\t\tvar contIdxHeight = $('#post-index-inner').height()+20;\r\n\t\t\t\t$('#post-index-inner').css('height',contIdxHeight+'px');\r\n\t\t\t\t$('#post-index-close').on('click',function(){\r\n\t\t\t\t\tif($('#post-index-inner').height()>20) {\r\n\t\t\t\t\t\t$('#post-index-inner').css('height',0);\r\n\t\t\t\t\t\t$('#post-index-inner').css('padding-top',0);\r\n\t\t\t\t\t} else {\r\n\t\t\t\t\t\t$('#post-index-inner').css('height',contIdxHeight+'px');\r\n\t\t\t\t\t\t$('#post-index-inner').css('padding-top','20px');\r\n\t\t\t\t\t}\r\n\t\t\t\t});\r\n\t\t\t\t$('.post-index-item').on('click',function(){\r\n\t\t\t\t\tvar tt=$(this).data('tt');\r\n\t\t\t\t\tscrollPosition(document.getElementById(tt));\r\n\t\t\t\t});\r\n\t\t\t});\t\r\n\t\t\t<\/script><div class='post-content-full'>\r\n<p>When one thinks of the phrase \u201cpayroll management system\u201d, the image that is typically conjured is one of incredibly complex data sets, endless spreadsheets, and legions of encoders. This intimidating image can give the impression that <span style=\"color: #3366ff\"><a style=\"color: #3366ff\" href=\"https:\/\/www.workstem.com\/hk\/en\/product\/payroll\/\" target=\"_blank\" rel=\"noopener\">payroll management systems<\/a><\/span> are only fit for big, multinational companies with hundreds of employees.<\/p>\r\n<p>However, the truth is that small to medium enterprises (SMEs) still stand to benefit greatly from payroll systems. After all, keeping track of employee pay, bonuses, <span style=\"color: #3366ff\"><a style=\"color: #3366ff\" href=\"https:\/\/www.workstem.com\/hk\/en\/product\/tax-reporting\/\" target=\"_blank\" rel=\"noopener\">tax<\/a><\/span>, <span style=\"color: #3366ff\"><a style=\"color: #3366ff\" href=\"https:\/\/www.workstem.com\/hk\/en\/product\/mpf\/\" target=\"_blank\" rel=\"noopener\">MPF contributions<\/a><\/span>, final payment, and the like are a crucial part of any business, no matter the size.<\/p>\r\n<p>Below are just some of the many ways an efficient payroll management system can benefit SMEs.<\/p>\r\n<h2 id=\"title-idx-0\" class=\"icon-anchor\">It helps a company become more flexible<\/h2>\r\n<p>The COVID-19 pandemic has shown the world just how important flexibility in business really is. Businesses in some sectors such as restaurants and travel had to massively scale down or even shut down entirely. On the other hand, you had businesses providing essential services who had to massively scale up almost overnight. The determining factor for success here was how flexible they could be in responding to drastically changing circumstances.<\/p>\r\n<p>Businesses must remember that payroll is much more than simply signing a few checks. More than just the world\u2019s changing circumstances, businesses need to realize the situation of every employee is different.<\/p>\r\n<p>The data kept in payroll management systems can provide crucial insights to where a business is headed or how a situation is affecting day-to-day operations. Having data stored in a central location and easily accessible allows businesses to flexibly respond to situations, based on real-time insights. For example, managers can easily monitor team working hours, leaves, and manage holidays with just a few clicks. They can even be notified if there has been a drastic increase in the number of leave requests and start investigating why. Right then and there, business leaders can allocate time and resources much more efficiently and respond to things as they unfold.<\/p>\r\n<h2 id=\"title-idx-1\" class=\"icon-anchor\">Ensuring compliance becomes a lot easier<\/h2>\r\n<p>Clear and concise employee policies can save businesses a lot of time and money down the line. Having clear policies on paid time off, leaves, and progressive discipline can clear up any confusion and prevent lawsuits. Similarly, adherence to laws on tax contributions ensures seamless business operations later on.<\/p>\r\n<p>Payroll systems such as Workstem are designed are designed to guarantee compliance and protect entitlements . Not only does it track the details of employee leaves and paid time off, but Workstem also comes with tax returns, detailed payslips, and real time MPF contributions. Thus, enterprises are free to focus on sales, product development and other businesses.<\/p>\r\n<h2 id=\"title-idx-2\" class=\"icon-anchor\">Reduced human error<\/h2>\r\n<p>Even the best accountants are only human, leaving the possibility of a mistake. Whether it\u2019s a misplaced decimal or a wrongly labelled contribution, these mistakes can end up costing businesses a ton of money.<\/p>\r\n<p>Automated payroll software reduces the need for manual data capture, calculations, reporting, and\/or returns. With the click of a button, what would have taken a team hours of work is now resolved in a matter of seconds.<\/p>\r\n<h2 id=\"title-idx-3\" class=\"icon-anchor\">Better data storage on the cloud<\/h2>\r\n<p>Data is among a businesses most key resources. It\u2019s how businesses keep tabs on what their clients are doing, what they prefer, how they interact with their business, and much more. This is what makes data loss so crippling for a business\u2014it costs a business about $141 (USD) for each lost data record.<\/p>\r\n<p>Payroll software secures data by putting it on the cloud, a solution that also lets users access it from multiple devices at different locations. Never again will a manager have to worry about accidentally deleting employee files or leave records getting corrupted when a work PC catches a virus.<\/p>\r\n<p>In conclusion, although there is no cheap payroll management software the purchase will definitely pay for itself in the long run. In many ways, the ability of payroll to preempt problems and smoothen transactions with employees will turn payroll from a useful to a full-fledged business partner.<\/p>\r\n<p>With HR systems like <span style=\"color: #3366ff\"><a style=\"color: #3366ff\" href=\"https:\/\/www.workstem.com\/hk\/en\/\" target=\"_blank\" rel=\"noopener\">Workstem<\/a><\/span> around, HR managers can work from anywhere without compromising the quality of their work or the welfare of their employees, even during these trying times.The Workstem system can also provides a full range of solutions to help you to management of other HR processes, such as<span style=\"color: #3366ff\"><a style=\"color: #3366ff\" href=\"https:\/\/www.workstem.com\/hk\/en\/product\/rostering\/\" target=\"_blank\" rel=\"noopener\"> Rostering<\/a><\/span>\u3001<span style=\"color: #3366ff\"><a style=\"color: #3366ff\" href=\"https:\/\/www.workstem.com\/hk\/en\/product\/attendance-management\/\" target=\"_blank\" rel=\"noopener\">Attendance<\/a><\/span>\u3001<span style=\"color: #3366ff\"><a style=\"color: #3366ff\" href=\"https:\/\/www.workstem.com\/hk\/en\/product\/leave\/\" target=\"_blank\" rel=\"noopener\">Leave<\/a><\/span>, MPF and <span style=\"color: #3366ff\"><a style=\"color: #3366ff\" href=\"https:\/\/www.workstem.com\/hk\/en\/product\/tax-reporting\/\" target=\"_blank\" rel=\"noopener\">tax<\/a><\/span> return management, etc., help you can truly realize digital transformation and improve management efficiency and employee satisfaction.<\/p>\r\n<p><em><strong>Read More:<\/strong><\/em><\/p>\r\n<p><em>\r\n\r\n<\/em><\/p>\r\n<p><em><a href=\"https:\/\/www.workstem.com\/hk\/en\/blog\/how-to-choose-hr-system\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span style=\"color: #3366ff\">How to Choose a Payroll &amp; HRM System?<\/span><\/a><\/em><\/p>\r\n<p><span style=\"color: #3366ff\"><em><a style=\"color: #3366ff\" href=\"https:\/\/www.workstem.com\/hk\/en\/blog\/top-5-reasons-why-companies-need-an-organized-leave-management-system\/\" target=\"_blank\" rel=\"noreferrer noopener\">Top 5 Reasons Why Companies Need an Organized Leave Management System<\/a><\/em><\/span><\/p>\r\n<p><span style=\"color: #3366ff\"><em><a style=\"color: #3366ff\" href=\"https:\/\/www.workstem.com\/hk\/en\/blog\/traditional-hrm-system-vs-modern-one\/\" target=\"_blank\" rel=\"noreferrer noopener\">Traditional HRM Software Vs Cloud HRM Software, Which One to Choose?<\/a><\/em><\/span><\/p>\r\n<div class=\"mceTemp\">\u00a0<\/div>\r\n\r\n\r\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Chapter catalogue It helps a company become more flexibleEnsuring compliance becomes a lot easierReduced human errorBetter data storage on the cloud When one thinks of the phrase \u201cpayroll management system\u201d, the image that is typically conjured is one of incredibly complex data sets, endless spreadsheets, and legions of encoders. This intimidating image can give the&#8230;<\/p>\n","protected":false},"author":11,"featured_media":21223,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[272],"tags":[468,469,463],"class_list":["post-6669","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-all-en","tag-hr-tech-en","tag-payroll"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Not Just for the Big Companies: Why a Payroll Management System Is Crucial for SMEs - Workstem<\/title>\n<meta name=\"description\" content=\"Keeping track of employees\u2019 wage, bonus, tax, MPF contribution, final payment and other entitlements is a key of any business in all sizes.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.workstem.com\/hk\/en\/blog\/why-a-payroll-management-system-is-crucial-for-smes\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Not Just for the Big Companies: Why a Payroll Management System Is Crucial for SMEs - 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