Quick Tips Payroll Management for Small Business in Malaysia
Sometimes payroll will be making someone mad especially in financial department for all small business company. However, payroll management is usually the most important and concern issue for many small business owners to ensure the correct ways of making it.
No matter how difficult and how long you take to make it in correct procedure, employee will surely expect their salary will be paid on the right time with correct calculation of payments too. Furthermore it may includes others payment such as overtime, allowance and bonus will definitely make it more worse and longer time to take for payroll management task. Payroll management is important in every company in order to make the best flowÂ
By making your payroll management in correct way, it surely will make you company runs smoothly as keeping your staff happy and focused on their position and task to growth the company business.
Here are quick tips for you to run your small business with smooth payroll management for better in future. This tips will surely help you in terms of managing your small business towards becoming a great company in future.
Things to do before Salary Day
Make sure to remember before reaching the salary day, you must complete these several tasks as follow:
- Calculate and record your employee pay, allowance, overtime and etc.
- Calculate and record the overall deduction such as epf, socso and etc from their salary.
- Produce and distribute salary slips for each employee with the overall details of salary, allowance, overtime and deduction.
There are several types of additional employee payments that you may have to concerns when it comes to dealing with your payroll management calculation.
- Bonus
- Commission
- Allowances
- Work Trip Claim
- Medical Claim
- Maternity Pay
- Overtime Pay
1. Concerns About Important Deadlines
Be sure to always alert and concern about any important deadlines such as financial date in order to have a smooth and easy financial procedure in company. It will be a hectic and stressful time when not concerns about an important deadline such as payday.
Be ready of all document and information needed before reach the deadline. Solve any problems and distraction earlier to avoid any unnecessary things happen when reach the deadlines.
2. Make an Investment in Payroll Software
In order to make your payroll management more easy and run in smooth ways, it will be a good choice if you can make some investment by buying a Payroll software. There are a lot of good and famous payroll system in malaysia that can surely reduce your burden in payroll management.
Payroll software will definitely help you to automated calculate the salary every month. Not only that, payroll system will also generate salary slips that includes all the details such as deduction, overtime and pay.
3. Find Better Support for your Payroll System
If you buying payroll system, surely you will be gaining a support team. This support team will ensure to help you solving any issue and make your payroll management more easier and simple ways.
Please choose the good payroll system that will provide along with the support team for your good regarding handling the software. A lot of support team via online or telephone can be deals on to make it more easier for your company management.
4. Record Details Carefully
If you start to run a payroll management using the payroll system, it is a compulsory to enter details regarding your employee. As a start, you must set up the details such as date of birth, name, basic salary and etc with very carefully and do not bother if you need a lot of time to settle it. This will ensure you will receive a good result of payroll in the future without any mistake.
5. Follow An Update of Payroll Legislation
Due to the changing of tax regulation it surely may affect on how you need to run your payroll, so it can follow along with the new laws. You need to always keep on update with new changes to have a correct information for making the payroll. You can have some some advice from trustworthy sources in just to make sure the new or changes information receive is true.
6. Pay for Payroll Software Training
Send your payroll teams for outsource training in order to have more efficient and productive in payroll management. If you use payroll software, there will be a training provided in order to cope with the payroll system and can save time while handling and understanding the payroll software.
The training usually can be held as online courses or face to face training which is aim to help increase the knowledge on how to use the payroll system.
7. Prepare Financial Backup Plan
Last things you should keep as top and concern matter is about payment receive by your business sales.
Running a business is not an easy procedure that can surely let you received the profit on the spot. You will need a financial backup plan in order to cover up with some of your customer that do not paying on time.
This will cause a lot of problem within your company especially you need to pay your staff on time without any trouble. Therefore, always remember to make a financial backup plan for your own good in the future to be prepared for any unnecessary situation occurs.