Advantages of Using Payroll Accounting Software in Nepal
You might be surprised to know Nepal has over 922,445 businesses and that was only mentioned by My Republica back in 2018! Two years on, who knows how many there is today, maybe well over a million businesses? The Nepal economy is booming and we have so many startups already creating an impact on the economy or about to create one.
Each year businesses in Nepal, whether they’re a startup or one which has been around for a while, need to tackle some hard challenges. First is adapting to the new budget, and second is managing their accounts. To be honest, the latter can be quite a challenge. As a lot of companies still use paper trails, annual holidays are changed, and taxes are reviewed every year.
You probably agree with us when we say “Running the accounts and doing the payroll in Nepal is a tedious job.”
A lot of the time businesses in Nepal who use a paper trail or little software to aid their help, it can take almost a week to figure out the calculations! That’s a lot of time spent managing accounts and payroll when it could be spent well doing other work.
Don’t forget to add in, if you have a new employee or employees joining in the middle of a fiscal year. That’s a whole new ballgame trying to figure out what tax applies. Also, calculating earnings, holidays, additional bonuses, and more can make it a monotonous and mind-numbing job.
This is why we formed DanfeBooks to make your life a little bit more simpler.
Cloud-Based Payroll Accounting Software in Nepal is yet to really hit the mainstream market. While there is online accounting software, DanfeBooks is the most secure and best out there. Here are the advantages of using payroll accounting software in Nepal:
As you are inputting data as you go along, it’s easy to maintain and keep track. Likewise, DanfeBooks updates as soon as the government announces national holidays. Similarly, we help filter different tax brackets of your employees for the salary sheet. In comparison to a paper trail, this allows for fewer mistakes to be made. Likewise reduces the risk of being audited by the Inland Revenue Department or the taxman.
Here in Nepal, there are so many different tax brackets for single mothers, persons with disabilities, family units and many more. The tax brackets are built into the accounting software so you can add figures in without the worry. Especially if you’re a startup, this is an area where you can’t afford to make financial mistakes. After all, your resources are scarce and can’t afford employees to take you to court for legal matters. Why take the risk?
We’re blessed to have a unique calendar for our country, the Bikram Sambat. Our days and accounting operate off this one. Not the typical Gregorian Calendar you see elsewhere. In comparison to other accounting software, not only does this employ the Bikram Sambat but it also includes the Gregorian one too. The calendar is automated each year based on the government announcements.
A lot of your basic HR duties are located all in one place! You can sort out salary sheets, deal with holiday and absence requests. Also, you can add in healthcare costs, insurance, and many more. This way you can keep all your payroll related information organised in one place, as payroll and accounting is not something you want to be disorganised with! Furthermore, this also saves time when inputting or coming to review your companies accounts as it’s up to date. This way, you can focus your attention on somewhere else within your business.
In particular, using DanfeBooks you and your employees can access the software from any time at anyplace. If they want to apply for a mortgage or any other loan, they can log in and print off their salary sheet. Moreover, they don’t have to build up the nerve to ask the HR team for leave; they can simply request it through the software. That way they can check any time if their leave has been approved or not. Leave quota, baked-in for you to manage. Employees will know if they have exhausted their leave, which lets you avoid awkward and unpleasant conversation. More to the point, they can also look at old salary sheets and compare tax break downs.
If you are using a paper trail, you have the risk of someone breaking in and stealing all of your paper records. Likewise, if you don’t shred your paper someone else at a later date may find confidential details of your accounts. If you use cloud-based software, i.e. this one, it’s very hard to access your data.
All of our client accounts are stored with up to date encryption technology with multi-national cloud service providers. Using a trusted international cloud allows for high availability, never a downtime and default encryption applied to all data stored, which even we as a company can’t access. Only users of this software can access if they have their credentials.
Payroll Accounting Software in Nepal is something all businesses should have. We really feel businesses ' lives can be made easier once they have an assistant to tackle this job. What better assistant than this software DanfeBooks, at an affordable monthly rate.
Try our DanfeBooks Demo today.