Who are the people who carry the business on their shoulders? Your staff!
Your business cannot function without your employees. In fact, the size of a business is often measured by the number of employees it has. But managing the staff is another story.
Small and Medium Enterprises (SMEs) are the backbone of Malaysian businesses. But if you are a startup or a fairly new company, managing your employees is a challenging task. Managing your employees means providing them salaries on time, calculating their incentive, bonuses and overtime not to mention the tax that entails it. If you cannot process these tasks properly, your employees will not retain for long and on the other hand you will be on hotspot from legal authorities for tax issues.
Hence, you need a reliable payroll software to handle all your employee related transactions. From keeping track of your employee’s working hours to calculating their salary precisely, a payroll software can save both your time and money. It will help you to calculate your employment tax as well as file them so that you are also updated on your tax matters with the authority.
How do you implement an efficient payroll software?
We say, you choose a payroll software that best suits your business operation. That way, all your payroll tasks will be automated so the payroll process will be faster with less human errors. Besides, you won’t need a super expert to handle your business payrolls as the payroll software is efficient to handle complicated wages calculation as well as tax filing.
Let’s find out what happens when Malaysian businesses try to handle their payroll on their own.
Typical Payroll Challenges Small Business Owners Face
1. Time consuming
If you are a small business, each of your employees’ time must be put to increase your business revenue. However, if you decide to handle the payroll transactions on your own, then you have to dedicate a portion of your valuable time in the internal processes that are not producing any returns. If you have a suitable payroll system then you can better use this time to increase your sales and profit margin.
2. Lack of Statutory Insight
When you handle your payroll on your own, you have to be knowledgeable about the statutory regulations, deadline and structure to calculate your contributions properly. Or else you may be subject to hefty fees from legal authorities which can shoot up your overhead cost significantly and give you a bad name if you don’t comply with regulations.
3. Need to hire experienced admin
If you have to recruit someone who has adequate knowledge of handling payroll, then you have to go for an experienced admin. This may cost you much more than installing a payroll software, which can be easily operated by a less experienced employee.
4. Take care of complicated tax calculation
Year end taxes are one of the big headaches of businesses. You have to make sure everyone has their EA form and you file the correct tax amount to LHDN on time. Without help of any payroll software, this process can become super messy super fast and easily overwhelm you with stress and worry.
5. No one to help or assist
Tax seasons or overwhelmingly complicated salary calculations can strain you thin if you try to do it all alone. Without anyone to help, it is easy to lag behind on your payroll tasks and make mistakes in panic.
How can a payroll software benefit your business in Malaysia?
So,what is the solution to the challenges described above? Payroll Software.
Let us tell you why!
● You won’t have to spend hours every month sorting out your payroll.
● Saves your time to better focus on your sales and marketing.
● You don’t need to outsource or hire experienced staff to handle your payroll.
● Your payroll tracking will give you a better reflection of your business cost.
● You will have payroll records to compare your business performance to staff incentive to produce better output.
● You will have a better system to automate your taxes and salary payment.
● Often, payroll software comes with a customer service or assists which will help you to learn how to handle your payroll system efficiently.
● Payroll software will turn something as mundane as the payroll process into a proper structure to give you more value for money.
Top 10 Payroll Softwares in Malaysia
In this article, we will review the top 10 Malaysian payroll software that can handle your business payroll functions with ease.
1. AutoCount Cloud Payroll
AutoCount Cloud Payroll offers you all solutions for your payroll challenges including payroll module, e-leave module, e-claim module, e-time attendance module.
The software is compliant with all the current statutory regulations of Malaysia including PCB, EPF, SOCSO, EIS and HRDF. You will find all the required forms, submissions and reporting integrated with online payment to local banks so that you can manage your payroll effectively.
Besides, it has some essential HR tools with additional visual tools and charts, built-in HR template and employee records complete with statistics, charts and notification so that you can track and calculate your employee salary with ease.
It offers all your payroll activities in a nice little loop to master your payroll system like a pro even with minimal experience. Besides, it has a video guide and an excellent customer service to help you run the software and solve all of your queries.
And if you are concerned about flexibility, don’t worry! AutoCount Cloud Payroll comes with a mobile app that can be accessed anytime, anywhere. Your employees will also have their self service portal to access and print their monthly payslip and EA form so that you can seamlessly process your payroll tasks.
It is trusted by the Government So, the Government has appointed AutoCount Cloud Payroll as one of the Technology Solution Providers under its Matching Grant Programme for the first 100,000 Malaysian SMEs to apply. You can use this 50% Matching Grant up to RM 5,000 to scale your business software and maximize your efficiencies.
You can try AutoCount Cloud Payroll’s free trial to see how the software can come to your use. And if your company has only 3 employees or less, then you are FREE to use the full access of the software. Pay only as your team grows.
Actpayroll is another great payroll software that is both affordable and easy to use. You can use this LHDN approved software to automate your EPF, SOCSO and PCB calculation. It also helps you to make fast and accurate salary calculations for your staff to manage a cost effective and time efficient payroll system.
HR2000 is easy to navigate to manage and automate your payroll system. You can easily keep track of your staff salary, leaves, claims as well as time management to pay them on time. It also complies with SOCSO and other statutory regulations to keep your tax matters in order as well.
PayrollPanda is super useful in calculating your employee salary, their leaves and overtime. You can use it to automate the payslip requests complying with all regulations and statutory needs to save time and minimize human errors at an affordable price.
Orisoft is another useful payroll system that has multiple functions to take care of all your payroll tasks in one seamless system. Orisoft allows you to record all your employee data faster, calculate their salary and claims instantly and organize the documents with ease.
iForte is a more advanced payroll software that handles all your HR tasks including recruitment, staff and payroll. It has been serving for 18 years with over 1.5 million worth payroll value with effective systems so that you can run your business cost-effectively. It also uses Digital HR Solution and Candidate Video Impression platform to hunt the best talents for your company.
If you are a more established company then you can choose Million as it has the capacity to handle multiple company transactions with various modes of payments. Their statutory report has in-built EPF, SOCSO and Income tax reporting features. Besides, the auto-pay system will help you to pay your staff salary in a time-efficient manner.
Ready Software just like its name offers readily available payroll services as well as human resource, fixed assets and employee self service features. They aim to improve the overall productivity of your business through its efficient handling of all HR and payroll tasks smoothly.
Netiquette Software is yet another all-in-one software that helps you to manage your payroll as well as inventory and other accounting transactions. With in-built Goods and Services Tax (GST) and Customer Relationship Management (CRM) features, it can be useful for small businesses to fastrack many of the daily operations.
Lastly, if you are a startup with hardly any money to spare on software then you can use Kakitangan payroll software which is free to use. It has all the basic functions to handle your payroll, medical benefits, leave and compliances under one software.
BrioHR is the best modern system HR manages require in order to be efficient and engaging with employees. Boasting a user-friendly system that is flexible and easily adapting to particular processes and HR practices, they are definitely more than just a vendor. From Talent acquisition to HR administration and all the way up to Performance management, you can trust their integrated platform to turn HR into a powerful strategic partner instantly. This best payroll software Malaysia can record leaves and time-offs, digital employee files, reports and analytics, expense claims, and so many more.
HR2eazy promises to minimise your company’s manual workload and emphasises its growth. This user-friendly yet secure platform is amongst the best payroll softwares in Malaysia. Not only it is easy to navigate, but it can also help you perform any payroll- and HR-related tasks in just a few clicks. HR2eazy can be used to prepare multiple payrolls, along with a comprehensive report that encompasses overtimes, unpaid, allowances, and deductions. You can even create a salary reconciliation report with this software in order to keep track of your finances and properly file your taxes.
Streamline your payroll process with this affordable payroll software Malaysia. Sage boasts a superb payroll system that minimises your HR team whilst maintaining employee satisfaction and keeping their data secure. Sage is by far the best payroll software for small business in Malaysia when it comes to avoiding penalties from filing inaccurate taxes. Furthermore, it comes with reliable software updates that allow your company to comply with the latest employment and tax legislation.
14. BOSS Solutions
BOSS keeps you away from manual calculations, all while ensuring your company’s ultimate compliance with Malaysia’s statutory laws. This best payroll software in Malaysia can handle multiple company transactions simultaneously, along with the feature of various payment modes that calculate hourly, daily and monthly salaries. Users of BOSS Solutions can easily customise the computation for allowance, overtime and shift calculation with using the built-in formula builder. You can also define your company’s payslips format to display all the crucial information. Other functions include detailed reports, mobile attendance app, and a real-time HR system for monitoring purposes.
Ramco was the winner of the Best Payroll Software award, hence trusted by Fortune 500 and multinational corporations across Asia, Australia, Middle East, Africa, United Kingdom and other nations. This payroll software though being global, offers compliance with local statutory regulations. Moreover, its user-friendly interface makes it easy and quick to use. Ramco users are able to view payroll and workforce information conveniently via mobile, tablet or desktop. Even better, their innovative facial recognition- and voice-based user interface powered by Google Assistant and Alexa allows employees to check their payroll through voice without having to manually login into the software.
Award-winnign Frontier-Ehr offers affordable solutions that support common HR processes, managing essential employee information, together with developing and engaging with employees. Unlike other payroll software Malaysia, their operational growth has been self-sustained and funded organically without any external injection of cash. Payroll wise, their Payroll Outsourcing System makes the best strategy to achieve operational gains and cost-saving as you can generate value through their support functions. They’re definitely not your usual company, but more of a group of dedicated in-house specialists who ensure compliance at every level using their extensive understanding of complex payroll functions, labour laws, taxation laws, leave application and various enactments.
17. Payroll People INC
Payroll People INC aspires to deliver innovative and pioneering Human Resource solutions and services to their users. Boasting a wealth of experience under their belt, you can trust their payroll software in giving your organisation the competitive edge. All in all, they seek to leverage their skills and knowledge of modern HR management practices to provide their clients with effective solutions and services.
Designed to be extremely user-friendly even non-HR professionals can use it right away, Talenox is great in managing staff profiles, payroll and leave. Most importantly, it’s always up-to-date with the latest Employment Act and statutory regulations, making it easy for clients to run payroll online and generate monthly pay records in time. Employees on the other end, can view their payslips online anywhere, anytime.
Swingvy is a Samsung-backed modern all-inclusive HR, payroll, and benefits platform for small and mid-sized businesses. It seamlessly connects all HR information and automates administrative HR work helping SMEs to improve their people management, and remain full compliance with the latest local statutory regulations. Certified and approved by LHDN, Swingy also comes with its own mobile app, meaning you can easily access anything on the go!
Over the years, Lightman has assisted numerous organisations in various industries to achieve extraordinary success, midsize organisation or large enterprise. With their payroll software, you gain total control over defining pay items, payroll calculations, along with the formula builder. Finally, you can even take data driven decisions by analysing past pay data by leveraging HCM custom reporting tools.
Choose the payroll software that best answers your payroll problems. If you are not sure which payroll software better suits you than you can select the software which has a trial version so that you can explore all their features to estimate if the software suits you or not. Keep an eye on the features you need to decide the payroll software that will best cater to your business needs.