Keeping up with the latest developments in software is never an easy task as it takes a considerable amount of time and effort. However, this short list should just about get you in the know on the 3 latest, must-have features your small business needs to be looking for when choosing payroll application in Saudi Arabia:
Features to Look for When Choosing a Payroll Application in Dubai
No doubt, most businesses are seeking ways to achieve growth and gain an edge on their competitors. The old business cliche, time is money, fits well here because no business wants to spend too much of their resources. Our fast-paced world has forced businesses to bend towards solutions that help them increase productivity with the minimal resources for the highest return on investment.
How a Payroll Application Can Benefit Your Business
If you are tired of the long processes of payroll and calculation of taxes, a payroll application in Dubai might just be the thing you need to streamline your business processes.
- Save Time
Depending on the size of your business, you could be logging in quite a few hours on payroll. Let’s say, you spend about ten hours a month on payroll, that adds up to about 15 working days for the whole year! Payroll can take quite a bit of time and if there are adjustments to be made for every single employee, then imagine the hassle!
A payroll application in Dubai computerizes the entire process and does most of the work for you. The HR department will no longer have to keep track of every single employee and their time could be better spent on other important tasks. Plus, since everything is done by the application, there are fewer errors to fix down the road.
- Save Money
As your business expands, so does your payroll. Sooner or later, you will have to add more people to your staff to manage payroll. You can cut down the number of people you need with the help of a payroll application. You could either downsize the department or use that staff for other tasks that need attention. If you were to invest in a legitimate payroll application, you will be guaranteed error-free payroll processing. Lastly, you will cut down on printing costs as well because a payroll application makes everything paperless.
- Payroll Application Does More than Payroll
A good payroll application in Dubai just doesn’t do payroll, but it’s also loaded with many other features that could be beneficial for your business. These features could either be built-in or available as an optional add-on, such as accounting reports, time and attendance or HR modules.
Since payroll is an expense that needs to be accounted for, the option of exporting payroll reports could make life easier for the accounting department. You can additionally invest in an accounting application that is integrated with your payroll software to eliminate the need for creating an expense entry.
Being able to track employees’ attendance is probably the most time-saving feature any payroll application could offer. Most payroll applications have an option where employees can clock in and clock out, and at the end of the month, their timesheet is ready for assessment.
Looking to invest in a payroll application in Dubai? Since payroll is an important part of employee management, leveraging the latest solutions can help your business streamline processes and improve payroll accuracy. Nevertheless, what features should you be looking for to make sure you get value for your money? Below, we have discussed the features you need to look for before buying a payroll application for your business:
- Payroll Processing
As the name implies, this feature would automatically calculate the gross pay of your employees based on the hours they have worked, as well as any retirement contributions, deductions for taxes and insurance. It also takes into account any additional pay, bonuses or raises.
- Time & Attendance Management
Since employees will be able to clock in through the system or a manual time clock, tracking the hours worked by an employee is a hassle-free process. Timecard data can then be manually entered into the payroll application. This feature also records sick time and vacations. Most payroll systems have time and attendance built-in, while others may require integrating with an attendance module.
Reporting functionality – like compensation analysis, deduction analysis, gross-to-net payroll register, and more – is one of the most important features of a payroll application in Dubai. Typically, the software will offer reporting templates, but business can also create reports.
- Ability to Integrate With other Systems
Good payroll software should have the ability to integrate with other systems, such as an HRMS or accounting software. Separate modules for time and attendance management as well as benefits management can also be integrated with your payroll application in Dubai.
- Benefits Management
This feature can come as a separate module or built-in, depending upon the vendor. Businesses will be able to keep track of benefits offered like vacation/sick, insurance and retirement, among other benefits.
- Employee Portal
A self-service employee portal is becoming an increasingly common feature in payroll software nowadays, and for good reason. Employees can access the portal via a mobile app or web browser, regardless of the location, and view – as well as make changes – to current pay stabs. They will also be able to access HR-related data and their own personal information.
Tips on Using Payroll Application in UAE
Implementing a payroll application within your business is undoubtedly one of the best ways to enhance the productivity of your HR department, speed up the payroll process, reduce incidences of human error, and more. In fact, according to statistics, it can improve payroll-processing times by more than 60% and reduce errors by as much as 90%, making payroll application in UAE a valuable investment.