Truth is that if you own or manage a company, even a small one with 4-5 employees, you must have a Payroll Software installed and there are a few good reasons for that.
First things first! It always comes down to money and cost. Implementing a Payroll software is not going to cost you money. Actually it will save you a lot. If you are currently using a professional service it probably costs you a fair amount of money every single month. And if you do the Payroll on excel it also costs you a great deal of time, which as we all know equals money. Payroll software does require an initial investment but it promises to do all the hard work fast and reliable with only a few clicks. So it will save you a lot more in the future regarding to the initial investment.
Tax updates are also a major issue. A payroll system processes tax information and helps you comply with your tax obligations. Especially in Cyprus, but I guess in most of countries, legislations regarding tax etc are modified very often. Doing the Payroll manually might cause you to miss an update or a new legislation and end up having troubles which will cost you once more time and money. While a well supported Payroll software will always comply with all necessary changes and keep you up to date!
We are only humans. Mistakes happen. Avoiding them saves money and time. It is so easy to make mistakes when you manage aspects of payroll manually, but with the right software it becomes much more difficult to make such mistakes. Almost every process is automated and comprehensive validation procedures will stop you from entering wrong information.
Overall a Payroll Software will do everything for you fast, automatically, reliably. It’s a must!