Work smarter not harder: 4 tips to easily achieve payroll compliance

This article is brought to you by KeyPay.

In between stressful deadlines, endless calculations, and repetitive checks, did you ever find yourself wishing it could all be easier? 

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

In between stressful deadlines, endless calculations, and repetitive checks, did you ever find yourself wishing it could all be easier? 

While the demands of payroll compliance can’t be changed, there are easier ways to tackle it. We’ve gathered four tips that makes achieving payroll compliance easy, while also saving you time and effort along the way:

1. Automate payroll calculations

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

2. Set up automated triggers or warnings in place for each pay run

It’s always important to check for errors that may occur in every pay run in order to ensure compliance. However, instead of manually checking the pay run from start to end, save time and effort by using payroll software that automatically alerts you of an exact issue that needs your attention, such as missing bank details or if an employee has taken more leave than what’s been accrued.

3. As much as possible, house all your payroll related data in one platform

When payroll-related data is housed in more than one platform, not only is extra time required to import and export data across platforms, but doing so also leaves room for human error and potential for the data transferred to be outdated. Rather than using multiple software to manage payroll, rosters, timesheets, and employee data, find payroll software that houses these features within the same platform. 

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

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

Payroll legislation is always changing. But when you have a desktop software that is updated less frequently than a cloud based software, you are at risk of inaccurate payroll calculations and running pay runs with outdated data.

Invest in a cloud-based software that processes updates to payroll legislation in real time, with no disruptions to your work, allowing you to confidently process payroll accurately amidst ever-changing legislation. 

About KeyPay:

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

In a single, integrated platform, KeyPay automates the flow of data from employees across rosters, timesheets, leave management, and reporting. With everything under one roof, accountants and payroll outsourced providers can save costs and free themselves from the stressors of payroll with a system that makes it simple.

Since launching in Australia in 2012, KeyPay has expanded to the United Kingdom, New Zealand, Singapore, and Malaysia with continuous global recognition for its offering. 

Find out more about KeyPay here. 

Image / Provided by KeyPay