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Million Payroll Software is a payroll software Malaysia developed specially for small and medium enterprises (SME).
Million Payroll Software is compliant with Malaysia’s latest statutory regulations of LHDN, EPF, SOCSO, EIS, HRDF & most of the banks in Malaysia for employee salary transfer (online bank GIRO). As new compliance is introduced, there will be updates available to keep your payroll software in full compliance.
3 pay rate types – monthly, daily and hourly
Overtime calculation at rate of 1.0 times, 1.5 times, 2.0 times or 3 times
Annual and medical leave tracking
17 allowances and 15 deductions available for customisation
Generation of statutory forms: Monthly Borang A / Borang 8A / Borang SIP / Borang CP39 E-submission Files
Yearly Form E / Borang E and Form CP8D
Yearly Employee EA Form
Itemised Pay slip
Pay Summary: Basic Pay/Allowances/Deductions/Overtime/CPF
Personnel and Payroll Report
Leave Reports – outstanding leave v. exhausted leave
Work Force/Turnover Analysis
Net Pay by cash/bank
Yearly Employee Pay Summary
Monthly HRDF Listing / HRD Corp Report
Management Reports & Operation Documents
Payroll software has come a long way from the early days of paper-based systems. Today’s payroll solutions are far more sophisticated, offering businesses a range of features and benefits that can help them to streamline their payroll processes.
Businesses now have a wider range of options than ever for managing their payroll thanks to the development of cloud-based solutions and mobile apps. However, it can be confusing to know where to turn given all of the new options.
Why Use Modern Payroll Software?
There are several reasons why you might want to use payroll software for your business.
Keeping track of employee hours is one of the most crucial components of payroll. If done manually, this work can be time-consuming and tiresome, but using contemporary payroll software can make it considerably simpler.
The majority of payroll software has time-tracking functions that can track employee work hours automatically. Payroll may then be calculated effectively and precisely using this data.
Calculating taxes is a crucial component of payroll. Due to the numerous various tax rates and deductions that must be taken into account, this can be a challenging undertaking.
This process can be made more simpler by the tax computation functions of modern payroll software. Using information such as the employee’s pay and other factors, the software may automatically determine the correct taxes.
Payroll calculations must take into account additional deductions in addition to taxes. Health insurance and retirement savings plans are a couple of examples.
This process can be made more simpler by the deduction calculating features found in modern payroll software. Based on the employee’s salary and other data, the software may automatically determine the right deductions.
Direct deposit is a useful feature of contemporary payroll software. Employees can avoid going to the bank by having their wages transferred straight into their bank accounts.
Employees may find this to be a fantastic convenience since they won’t need to bother about
Reporting tools are another aspect of payroll software that may be highly beneficial to firms. These reports can give useful information on the payroll procedure, such as where there might be mistakes or inefficiencies.
The payroll procedure can then be made more effective by utilizing this information.
Just a few of the essential components of contemporary payroll software are listed above. As you can see, this kind of software has a lot to offer companies of all sizes. Payroll software could be the solution if you’re seeking for a means to streamline and simplify your payroll process.
Key Things Businesses Need To Know About Modern Payroll Software
The choice between an on-premises system and a cloud-based solution is one of the most important ones that organizations must make when it comes to payroll software. Both alternatives have benefits and drawbacks, so before choosing, it’s crucial to consider all the options carefully.
On-premises systems may provide more flexibility and control, but they also demand a higher initial outlay of funds. The cost and ease of use of cloud-based solutions, on the other hand, are often lower. They might not, however, provide the same degree of flexibility
How user-friendly the payroll software is should also be taken into account. The ease of use of the system and the effectiveness of employees’ ability to perform their responsibilities can be greatly improved by user-friendly interfaces and features.
Business owners should also think about the features that their payroll software needs to provide. Although even the most basic systems will only compute and process payroll, there are a number of additional capabilities like time tracking, vacation and sick leave management, direct deposit, and connectivity with accounting software that can be very beneficial.
The fact is, there isn’t a payroll software system that works for everyone. Your budget, your company’s requirements, and the requirements of your staff will all influence which solution is best for your company. You can obtain a service that’s ideal for your company, however, by taking the time to comprehend the various possibilities and
Payroll software can save your company time and money by automating various payroll processing processes, such as figuring out employee salaries, monitoring employee leave, and handling payroll taxes. It might be challenging to choose the best payroll software for your company, though, with so many options available.
To help you make the best decision for your company, we’ve put together a guide to choosing the right Payroll software in Malaysia.
Factors to Consider When Choosing Payroll Software
There are a few crucial considerations to remember while choosing the payroll software for your company. These consist of:
The Size Of Your Business
Small enterprises and enterprise-level organizations of all sizes can use payroll software.
You might not require every element a more complete bundle has to offer if your business is small and simply has a few employees. However, if you run a large company with hundreds of employees, you’ll require a payroll solution that can meet all of your requirements.
A solution that can handle the number of staff you have is what you should select.
The Features You Need
Payroll software in Malaysia comes with a range of different features, from the basics like salary calculation to more advanced features like leave management and tax compliance. Decide which features are most important for your business and choose a software that offers them.
Depending on the functions and features you require, payroll software prices can vary significantly. Before deciding what to buy, make sure you comparison-shop and compare pricing.
The Support You Need
You’ll probably require some kind of help from the software supplier when using payroll software. If you require online, telephone, or in-person support, make sure the business you hire provides it.
The Ease Of Use
You should pick a solution that is simple to use and comprehend because payroll software might be complicated. Make sure the software matches your needs by testing it out before you buy it.
Payroll software deals with private employee data, therefore it’s critical to pick a product with strong security features. Make sure the software employs encryption to safeguard your data and is hosted on a secure site.
Make sure the payroll software you chose can interface with any other business software programs you may be utilizing. By doing so, you’ll be able to manage your employee data more easily and prevent entry duplication.
You should think about the cost while picking payroll software, as you do with any software solution. To get the greatest bargain, make sure to compare pricing offered by several providers.
Software for payroll should be adaptable enough to fulfill your company’s demands both now and in the future. Make sure the program is scalable as your company expands.
It’s crucial to select a renowned and trustworthy source when selecting payroll software. Before deciding, make sure you do your homework on the business and read internet reviews.
Making the Right Choice for Your Business
For your Malaysia-based business, picking the best payroll software is a crucial choice. To choose a solution that matches your demands, be sure to take into account all of the above-mentioned factors.
Streamlining your processes, saving time and money, and enhancing your overall Hrm are all possible with the appropriate payroll software.
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