Importance Of Payroll

Employee Performance & Payroll

Employees of all companies and businesses need to be paid their salaries on time each month to ensure they do not lose morale and stay driven. Late or delayed payments can cause employees to question the financial integrity of the company and result in underperformance. In more severe cases, employees would resign adversely affecting the reputation of the company.

Compensation & Benefits

Apart from disbursing salaries, payroll is crucial in managing employee compensations and benefits. These include a vast array of payments such as sales commissions, annual bonuses, housing allowances, travel allowances, reimbursements etc. Other benefits could include health insurance, provident fund etc.

All of the above help companies to differentiate between their employees and reward those who perform better. This creates a more competitive environment. Employees also tend to feel more valued based on the number of benefits they receive.

Government Regulations & Taxations

It is extremely critical for all companies to operate within the laws of the country they are registered in. Employers need to ensure that they withhold the right amount of tax from their employees. This prevents discrepancies when filing taxes with the government.

Further, in most countries, companies can declare employee salaries and compensation as an expense and not pay corporate tax on these amounts. This lowers yearly tax bills.

It is also important to note that larger companies would find it even more cumbersome to manage their payroll efficiently. They need to ensure that taxes, social security and other statutory payments are made on time.

Why ByteCrunch?

ByteCrunch solutions allow you to manage your payroll smartly and efficiently, whether you are a start-up or an SME.

ByteCrunch is hosted securely on the cloud with Micrososft Azure and allows you to store unlimited data/employees. The architecture is built to auto-scale; as your company grows bigger we provide additional hardware and storage to ensure you receive the highest quality of service with no disruptions.

ByteCrunch will store your entire employee and payroll data including contracts, salaries, compensations and benefits. Most importantly, it will ensure your employees get paid accurately and on time.

You will never need to worry about late tax filings with the government as ByteCrunch allows you to generate all statutory reports at the click of a button.

Contact the ByteCrunch Team to learn how our solutions can help your company by drastically improving your HR & Payroll processes.

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