In managing payroll, most business owners would agree that it is not the most straightforward task. Not only do you have to keep track of employee hours and salaries, but you also have to ensure that all statutory deductions are made correctly.
When it comes to managing payroll, businesses in Malaysia have a few different options. They can either do everything in-house or outsource some or all of the process to a third-party provider.
But what if there was a middle ground?
Enter payroll accounting software. Accounting software in Malaysia is designed to make the payroll process simpler and more efficient, without the need to outsource. In addition, by using payroll accounting software, businesses can be assured that their statutory obligations are being met.
If you’re based in Malaysia and are thinking of switching to a payroll accounting software, there are a few things you need to know first. In this article, we will be discussing five important things that you should take into account before making the switch.
1. The Cost of the Software
One of the first things you need to consider is the cost of the software. There are a variety of payroll accounting software available on the market, and the price can vary quite significantly from one product to another.
Accounting software in Malaysia, in general, is equipped with features and functionality needed by businesses. But the more features added in the software, the more expensive it will be. As such, you need to consider what your business needs and find a software that offers the right features at a price that you can afford.
2. The Ease of Use
Another important thing to consider is how easy the software is to use. After all, you don’t want to switch to a new payroll accounting software only to find that it is too complicated for you and your employees to use.
Take some time to research the different products on the market and find one that is user-friendly and easy to navigate.
3. The Compatibility with Your Existing Systems
If you’re using accounting software such as QuickBooks or Xero, you’ll want to make sure that the payroll software you choose can integrate with it. This way, you can avoid having to enter data into multiple systems, which can save you a lot of time and hassle.
This is important because you don’t want to have to invest in new hardware or software just to be able to use the payroll accounting software.
Make sure to check the compatibility of the software before making your purchase.
4. The Customer Support
Things can go wrong from time to time, and when they do, you want to be able to get help from a customer support team that is responsive and helpful. Before making your purchase, make sure to find out what kind of customer support is offered by the software provider.
5. The Security of the Software
Last but not least, you need to consider the security of the payroll accounting software. This is important because you will be storing sensitive information such as employee Social Security numbers and financial data on the software. Make sure that the software you choose offers a high level of security so that you can rest assured that your data is safe.
These are just a few of the things you need to take into account before switching to a payroll accounting software. Do your research and take your time in making your decision – this way, you can be sure that you’re choosing the right software for your business.