As a business owner or HR manager trying to optimize time, using the traditional system of going to the bank to remit your organization’s tax and pension should stop, here’s why!
Technology is evolving; you can do almost anything these days without leaving the comfort of your office, or home. Everything can be done digitally; tax and pension remittance is no exception.
First off, let’s talk about all the inconveniences that come with going to the bank for tax and pension remittances. What is the actual cost to your business/organization?
1. Unproductivity
Brick-and-mortar banks open during the most inconvenient time of the day, i.e., traditional work hours. Imagine going through the stress of closing or abandoning all your activities for the day, or a few days, to stand in long queues. You have to brave the crowds at lunchtime or during limited Saturday hours — or miss work because of tax remittance.
2. Stress
All those hours, the queues, bank problems, annoying bank staff attitude, logistics to and from the office, whew! – sounds like a lot of stress.
3. Lack of Flexibility
Payment technologies are changing rapidly, and with this comes the need for flexibility. Something traditional banking payment gateways often don’t have. Going to the bank for tax and pension remittance is a rigid and inflexible payment gateway that can be costly and limit your ability to migrate to a different financial institution.
A flexible payment service will also give you the ability to scale. Rapid growth and expansion can be difficult and come at a high cost if you are locked into a traditional remittance method.
4. Inaccurate Reporting
Another major downside of remitting tax and pension is that it significantly increases your chances of being a victim of compliance risk. Of course, inaccuracies can be corrected if caught, but that only causes more lost time.
5. Technological Backwardness
Remitting your organization’s tax and pension manually in this digital age shows how much your organization is cut out of the progressiveness taking place in the digital world. While other organizations have gone far ahead in automating tax and pensions, you are still lagging? In 2022? We can do better.
While there may be personal or structural reasons for you to hold on to the archaic system, it’s important to embrace cutting-edge technology, and the best way to do that is by automating Tax & Pension. The digital way is not just the new way of life now and in the future; it’s the only way.
Using the Tax & Pension feature on NotchHR, you eliminate these inconveniences listed above by remitting your tax and pension in just one click. Yes, you read that right, one click! With the new NotchHR Wallet feature, you now have more payment options for tax and pension remittances. NotchHR delivers on what many organizations are demanding (less stress, more convenience) so they get what they want.
More importantly, data of both past and present remittances are stored for easy accessibility in the future.
Ready to ditch time-consuming tax and pension remittances?
