When it comes to managing employee compensation, payroll administrators agree that it is a critical but complex function that should be handled with care.
Payroll generally involves calculating employee earnings and factoring out statutory deductions – a process where one tiny mistake can cause an avalanche. Thankfully, many businesses today recognise the need to automate payroll to nullify the risk of errors and non-compliance and save time while they’re at it.
SeamlessHR, a SaaS company operating out of Lagos, Nigeria, is the first fully integrated end-to-end, cloud-based HR and Payroll platform in Africa. The payroll software, aptly named SeamlessPayroll, allows payroll managers to run payroll in 3 simple steps.
Because of the dynamic nature of payroll, it is vital to put the changes that occur during every pay cycle into consideration before payroll is run. These changes usually include prorations, additions and deductions that are supplementary to what already exists. For example, if a company has a new hire, the payroll administrator would need to include the newbie in the organisation’s payroll. Other instances are benefits in kind, salary advance, loan repayments, requisitions, bonuses, overtime, commissions, paid time-off, sanctions, exits etc.
Due to the integration of SeamlessPayroll with HRIS, some of these changes can be detected on the system automatically. There are also manual payroll changes that occur outside the system. The payroll administrator can add these manual changes, and they can determine if it is an addition, deduction, or a prorated value and whether it is a percentage of the gross or basic salary, a fixed or variable amount. With SeamlessPayroll, you can make up to 500 payroll updates all at once.
Step 2: Run payroll
After all the necessary payroll changes have been made, it is now time to run payroll. Here, SeamlessPayroll calculates your allowances and statutory deductions. It’s automatic, so you can be sure that it’s error-free.
One super neat thing you can do is run payroll in batches. This means that you can run payroll more than once if your organisational processes require you to do so.
In this step, you can also generate the payroll reports you need, whether it’s the master report or variance report. Payslips are also sent to your employees so they have documentation of their earnings.
Step 3: Payout
SeamlessPayroll allows you pay directly into your employee bank accounts, and remit to statutory bodies like PFA. And the best part is, it’s all trackable and you can generate payment receipts, so you never have to wonder if an employee received payment or not.
Depending on the organisation, payroll changes and runs are approved by designated individuals. The approval workflow feature on SeamlessPayroll allows you to design a workflow that streamlines your payroll just the way you want it, ensuring that the right people give their approvals at the right times.
Employee benefits have been known to help improve employee retention. The challenge for many businesses is finding suitable benefit brokers and administering these benefits to their employees.
SeamlessPayroll to the rescue, again. The inbuilt benefits management feature known as SeamlessPayroll Marketplace helps businesses find brokers that provide the kind of benefits relevant to their organisation, administer these benefits, and manage employee enrolment efficiently.
SeamlessPayroll doesn’t just help you crunch the numbers; it streamlines your compensation and benefits all in one platform seamlessly. Pun intended.
Don’t just take our word for it, request a demo with our payroll consultant and see for yourself.