HOW CAN MSMES BETTER MANAGE THEIR PAYROLL SYSTEMS?

Payroll can be a pain for budding Micro, Small, and Medium Enterprises (MSMEs) who are looking to grow their profits, scale their operations, and take their business to the next level. 

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However, while having a functional payroll management system is critical to success, getting there is easier said than done. MSMEs face various hurdles in doing so, including limited human resources, compliance with the maze of bureaucratic regulations, complicated benefit computations, and diverse payroll schedules, among others. These, not to mention the birthing pains of transitioning to a payroll management system. As such, some MSMEs go at it the good old fashioned way: manual pen and paper processes that take time and effort.

If you’re an MSME on the fence about investing in a payroll management system, you’re in luck. We outline below what makes a payroll management system worth it and what you should look for in one.

1 Automated benefits and taxes calculation