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Running a small business is not at all a walk in the park. From certain business processes, manpower, marketing, and operations, the business owner of an SME needs to take responsibility and accountability for just about everything.
What are SMEs? SMEs are small and medium-sized enterprises. Small is when the business enterprise has 10 to 99 employees; and Medium is when there are 100 to 199 employees. Anything above 200 is considered large; anything with below 10 employees are considered Micro enterprises.
Small businesses are either services or retail operations like grocery stores, medical stores, coffee shops, food kiosks, bakeries, and small manufacturing units. They usually require lesser capital and fewer employees and from little to no machinery requirement at all. These small businesses are suitably meant to function to run on a small scale to serve a local community and to provide good profits to the small business owners.
However, small businesses grow and it comes with its challenges. SMEs face a wide range of obstacles from limited access to finance, lack of databases, lack of capitalization, undeveloped sales channels, and low levels of strategies which are some of the reasons behind the slow growth of SMEs.
Yet, there is a great way to jumpstart their operations. Powered with hard work, collaboration, commitment, and pursuit of success, growth is inevitable. And expansion is necessary.
Expanding a small business is possible by establishing the groundwork of the business. So how can small businesses possibly achieve that? With the help of cloud payroll software for SMEs, growth is imminent.
But, business owners need to watch out since there is very little room for committing errors as small businesses cannot afford a hit-or-miss situation. Such challenges call for the implementation of cloud-based payroll software in the Philippines, specially made for SMEs.
Employing cloud payroll software for SMEs has game-changing benefits. These are:
1. Using the Software is EASY and FLEXIBLE to use
Cloud payroll software for SMEs is easy to use. It helps with payroll, time management, and data management. It is also flexible and allows businesses to tailor the system to their specific needs, ensuring maximum flexibility.
2. Utilizing the Software provides better data security
The payroll data of any organization is highly secure and sensitive. By utilizing online payroll for SMEs, small businesses can safeguard important information from various security threats.
3. Implementing online payroll for SMEs is cost-effective
You can enjoy the benefits of a powerful online payroll for SMEs and HR systems at a very minimal cost. Maintenance expenses are kept to a minimum, letting the company save in the long run.
4. Availing of an online payroll for SMEs means Automation
Saying goodbye to manual computations is easy. With a cloud payroll for SMEs, automation is a common thing. It automates the computation of tardiness, undertime, overtime, absences, and holidays from the uploaded biometrics text files and CSV logs. It also automatically computes mandatory payroll deductions like BIR withholding tax, SSS, HDMF, and PhilHealth contributions.
5. Having cloud-based payroll software in the Philippines is Efficiency Understated and Accuracy Fortified
Automatically computing mandatory payroll deductions eliminates the need for tedious and time-consuming manual computations. And this ensures accuracy. Moreover, the HR task of generating and filing these reports to these agencies like the BIR, SSS, HDMF, etc. is automated, freeing up HR staff to focus on other tasks like strategic planning and employee relationship building.
6. Getting an online payroll for SMEs provides Self-Service Solutions
The best self-service solution that SMEs can get hands-on is having a cloud-based payroll software in the Philippines. Employees can easily access details like leaves, pay, and attendance with these software solutions. They will just need a few clicks to view their bonuses and salaries. By this, the employees do not have to reach out to the HR staff again and again for getting information. This saves everyone time and effort and also improves transparency and accountability.
7. Having a cloud-based payroll software regulated Compliance
The HR industry is always dominated by statutory updates every now and then. When HR departments depend completely on manual, there are chances of failing to comply with important regulations that can lead to penalties and fines. Cloud-based payroll software acts as a lifesaver. It can help ensure that you stay on the right side of the law.
8. Implementing an online payroll for SMEs provides Reporting Capabilities
HR needs to know the status of the company and how it is faring. With online payroll software Philippines, an SME can avail of detailed reporting capabilities, allowing access to monitor payroll costs and identify areas for improvement. With reporting features, you can generate reports on employee salaries, taxes, and deductions, as well as identify trends and patterns in payroll data.
9. Installing a cloud payroll for SMEs provides customized company settings
Each company is unique and has specific payroll needs. With customizable company settings, you can set up tax codes, payroll schedules, payment methods, and employee benefits to match your company’s requirements. This means you can streamline your payroll processes and reduce errors, all while ensuring that your employees are paid accurately and on time. Plus, with our easy-to-use interface, customizing your payroll settings has never been easier.
With these, small businesses no doubt can benefit from cloud payroll for SMEs. These days, most people are used to working remotely, and availing cloud payroll for SMEs is definitely a smart move.
If you are looking for the most reliable and user-friendly cloud payroll for SMEs, EasyHR offers a comprehensive and user-friendly cloud payroll and HRIS software solution that simplifies and streamlines HR processes. With its advanced features and customizable options, it is the ideal solution for SMEs in the Philippines looking to improve their HR management and efficiency.
Try it now, avail of a free demo: https://human-incubator.com/easy-hr/
