4 tips to easily achieve payroll compliance

This article is brought to you by KeyPay.

Between stressful deadlines, endless calculations and repetitive checks, have you ever found yourself wishing everything was easier?

Achieving payroll compliance is never a walk in the park. While employees typically don’t think twice about payday, every payroll professional knows that delivering consistent pay on time every month takes a lot of blood, sweat and tears.

Between stressful deadlines, endless calculations and repetitive checks, have you ever found yourself wishing everything was easier?

While payroll compliance requirements cannot be changed, there are easier ways to deal with them. We’ve put together four tips that make payroll compliance easier, while saving you time and effort along the way:

1. Automate payroll calculations

Payroll calculations such as pay rates, tax deductions, and CPF deductions all have different formulas. Instead of manually calculating each for each employee, use payroll software that automates all background payroll calculations for you, immediately eliminating the risk of manual errors in payroll data and ensuring compliance.

2. Set up automated triggers or warnings for each payroll cycle

It is always important to check for errors that may occur in each payroll cycle to ensure compliance. However, instead of manually checking the payroll cycle from start to finish, save time and effort by using payroll software that automatically alerts you to a specific issue that needs your attention, such as missing bank details or if an employee has taken more time off than expected. been accumulated.

3. As much as possible, host all your payroll data on one platform

When payroll-related data is hosted on multiple platforms, not only is additional time required to import and export data across multiple platforms, but it also leaves room for human error and a risk that the data transferred are obsolete. Rather than using multiple software packages to manage payroll, rosters, timesheets, and employee data, find payroll software that hosts these features within the same platform.

Alternatively, if a payroll software does not have these built-in features, check if the payroll software has an open API that allows you to integrate the payroll software with the human resources or workforce management platform. of your choice to seamlessly transfer real-time data with the push of a button.

4. Access real-time updates with cloud-based software

Payroll legislation is constantly evolving. But when you have office software that is updated less frequently than cloud-based software, you run the risk of inaccurate payroll calculations and payroll execution with stale data.

Invest in cloud-based software that processes payroll legislation updates in real time, without disrupting your work, allowing you to confidently process payroll with precision in an ever-changing legal environment.

About KeyPay:

KeyPay is an award-winning cloud-based payroll and workforce management platform designed for accountants and outsourced payroll service providers.

In a single, integrated platform, KeyPay automates the flow of employee data through lists, timesheets, time off management and reports. With everything under one roof, accountants and outsourced payroll service providers can cut costs and break free from payroll stressors with a system that makes it simple.

Since its launch in Australia in 2012, KeyPay has expanded to the UK, New Zealand, Singapore and Malaysia with continued global recognition for its offering.

Learn more about KeyPay here.

Image / Provided by KeyPay

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