Techblog
How SMEs can spend less time on admin work - Easily issue Payslips
SMEs often get bogged down with time-consuming administrative tasks, like issuing payslips, that take time away from more productive work that can contribute to the growth of the company. Apps like Essentials Payslip help to reduce the complexity of such workflows and frees up time to focus on more important tasks.
SMEs are now required to issue itemised payslips and key employment terms (KETs). This means that payslips should include mandatory components like allowances, overtime hours, and salary deductions. These changes, introduced in April 2016 by the Ministry of Manpower (MOM), are beneficial to the staff but can make the payroll process even more time-consuming especially if it's been done manually.
Less space for errors
Many SMEs found the changes introduced by MOM to be disruptive and found that it led to rising manpower costs. Often, this is because SMEs had to spend more time manually creating payslips. Additionally, issuing itemised payslips can result in more errors.
SMEs can find help with such administrative work in digital solutions such as Essentials Payslip. The app automatically includes all the components that are required by MOM, such as over time pay and rate, additional allowances like bonuses, and deductions. Employers can avoid potential human errors on the payslips as the app is designed to calculate everything automatically. Once they have filled in the relevant fields, they just have to save and review the payslip to ensure that everything is correct and that nothing has been missed out. The app even has a CPF calculator that calculates both the employer's and employee's contribution.
This is far more convenient that creating a manual payslip using Excel. With this app, employers are reminded of the components they have to include under the amended Employment Act. This reduces the chance of employers making any errors.
Simple and saves time
The good news about this app is that just about anyone can use Essentials Payslip because it was designed to be simple to use and easy to understand. Employers can easily create and manage employee profiles, which takes around a few minutes to set up. The entire list of employees on the system can then be viewed easily on a dashboard which gives a quick overview of the team. Simply click “Create” to issue a payslip - and fill in the relevant fields, and the process is complete.
Easier access to payslips
Besides generating payslips, the app also allows employers to send a notification to their employees automatically. The cloud-based software stores these records online and is accessible by both computer or mobile device with a secured login.
This storage method makes it easier for employers to comply with new regulations in the Employment Act that require SMEs are required to maintain and archive the payslips and key employment terms of current staff for two years, and an additional year following on from the departure of an employee.
This software not only makes it easier for employers - but employees as well. They can easily access their payslips online without having to bother their HR colleagues.
Essentials Payslip enables you to:
- Provide an easy-to-use template that is already compliant with MOM’s new payslip requirements
- Automate payslip and payroll processing functions, allowing staff to easily access and store their own records
- Store all employment records and payslips online, to be easily accessed anywhere, anytime