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Accounting
Lucia Robayo
Zürich, March 14, 2024
As digital fiduciaries in Switzerland, we know from experience how challenging payroll accounting and HR administration can be. We have discussed the difficulties of choosing software for companies and hence recommended Dynamics 365 Business Central as an outstanding ERP solution. In this article, we want to help business owners navigate the complexities of payroll by taking a closer look at SwissSalary, our tried and tested payroll software. It offers seamless integration with Microsoft Dynamics 365 Business Central for efficient payroll and accounting.
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The evolution of payroll accounting began with the use of cuneiform writing in ancient Sumeria to record payroll on clay tablets. During the industrial revolution, payments were recorded using typewriters, which made manual administration easier. Over time, payroll accounting developed into software solutions that made it possible to plan wage payments for a specific period.
Nowadays, payroll software goes far beyond its original purpose and also includes personnel administration, withholding tax rates, time logging, data security, salary statements, international payments and even an overview of startup finances.
It also offers employees self-service portals to request documents, apply for leave and use company benefits. The transition to cloud-based software has further streamlined and simplified the payroll accounting process.
Payroll software can either be installed on a local computer or accessed via the cloud. For those unfamiliar, the cloud refers to a remote server where multiple users can collaborate and share data in real time. This allows employees to access and work on the same information simultaneously, improving workflow and efficiency.
SwissSalary is a cloud-based payroll software that was developed in Switzerland for the Swiss market (including Liechtenstein) and can be integrated into Microsoft Dynamics 365 Business Central, the most comprehensive ERP system on the market.
These solutions offer a seamless and secure workflow that saves time and effort. This is why we have chosen to partner with SwissSalary as our primary tool for the efficient management of payroll accounting.
Businesses considering an investment in payroll software may have doubts about whether it’s really worth it. However, in the long run, it will save you money, as the time you spend on manual tasks can significantly affect your profitability. When implimenting a new payroll software system, you should make sure your fiduciary partner is familiar with the system and can explain all the costs involved, which Nexova promises to do.
If you experience any of the following issues, outsourcing payroll accounting could be a sensible option:
Automating the administrative workload with payroll software can effectively help you to overcome these business challenges and reduce your workload.
Choose Nexova AG as your accounting partner and benefit from the following 9 key advantages of SwissSalary:
Data security is a vast topic, but here’s a straightforward breakdown of how we ensure secure and seamless payroll for business owners:
Here you can easily calculate the costs of your accounting.
One of the biggest challenges companies face is the fragmentation and inefficiency caused by using different software solutions. Companies can effectively solve this problem by transitioning to a combination of SwissSalary and Microsoft Dynamics 365 Business Central. SwissSalary integrates seamlessly with the Office 365 suite, ensuring smooth connectivity.
At the same time, Dynamics 365 Business Central functions as a robust, cloud-based ERP system that simplifies HR management and seamlessly integrates finance, sales, service and operations. SwissSalary already offers interfaces to several pension funds and insurance companies as well as the option of adding further individual interfaces.
Within Dynamics 365 Business Central, SwissSalary 365 stands out as one of the eight SwissSalary apps hosted by Microsoft. This integration offers unrivaled convenience, allowing users to perform tasks such as transferring salaries or wages, exporting data to Word or Excel, and importing payslips directly from Excel, all from their mobile devices!
At Nexova AG, we rely on the powerful combination of SwissSalary and Business Central. This solution is particularly beneficial for SMEs and start-ups that are faced with growing operational requirements and want to focus more on their core business.
One in three employees in Switzerland come from abroad, making efficient withholding tax management crucial to comply with legal requirements. SwissSalary optimizes this process and ensures efficient handling of withholding tax rates.
The withholding tax rates of all Swiss cantons are available in the SwissSalary software system by default. The withholding tax statement is transmitted electronically via the ELM interface to the withholding tax offices throughout Switzerland.
With ELM, you can also send salary data to various end recipients such as AHV compensation funds, SUVA, various health and accident insurers, BVG insurers and the Federal Statistical Office. In addition, year-end statements can be completed with just a few clicks. For more information on withholding tax for foreign employees in Switzerland, read our article here.
Choosing the right trustee is crucial to the success of your business, especially when it comes to financial management and accounting.
Nexova AG is proud to be a partner of SwissSalary, offering our clients optimized efficiency and first-class accounting services.
We are committed to providing the best possible support by leveraging the power of SwissSalary and Dynamics 365 Business Central to improve your payroll processes.
Our team of experienced professionals are at hand to ensure you don’t have to worry about financial administration. We understand that every business is unique and work closely with our clients to provide tailored solutions that meet their individual requirements.
You can rely on Nexova AG as your trustee to provide efficiency and precision, and enable you to focus on growing your business.
Discover the diversity of our customers
Nexova AG offers highly professional accounting services that have significantly enhanced our financial management at Learning Lab. Their team is precise and reactive, always delivering accurate and timely reports while promptly addressing our queries. With Nexova AG’s support, we manage our clients’ accounts and finances more efficiently. We highly recommend Nexova AG for their exceptional accounting services.
For us as a new catering company, it is essential that our trustee understands our specific needs and responds flexibly to our requirements. In Nexova AG, we have found the ideal partner who supports us competently in all fiduciary matters and actively promotes our growth.
Uncomplicated or serious? Or is it and? A young, clever team is at work here, offering excellent services, highly uncomplicated and competent. Instead of a prestigious reception, expensive offices and chocolates, there are fast services and competent services. For me as a one-man company, this is exactly what I need.
InSphero AG, as a leading company for 3D in-vitro models, has benefited greatly from the accounting services of Nexova AG. The remarkable cost savings of 35% compared to in-house accounting, coupled with Nexova’s reliability, speed and high competence in Business Central and accounting have noticeably optimized our processes. We can highly recommend Nexova and its services.
Arvy AG has found an exceptional partner in Nexova AG. Their very high level of expertise in FINMA-regulated industries ensures that our financial transactions are in safe and competent hands. What sets Nexova apart is their flat-rate pricing structure, which has helped us greatly with budgeting and financial planning. As a company committed to long-term success and integrity in investments, we are very satisfied with the services provided by Nexova AG.
For us as an EdTech startup, it is very important that our trustee is as digital and agile as we are. With Nexova AG, we have found the perfect partner who can actively support us in our growth.