What’s the most common challenge every small business owner faces in their business? Based on feedback we’ve gotten from members, managing payroll is definitely on that list.
When you are a solopreneur, creating a system to pay yourself a salary monthly can be tough. And when you start having employees, making sure employees receive their salaries on time is another challenge you could face.
The fact is, various small business owners can’t afford an accountant who will handle all of these on their behalf. The good news is that’s why we created Prospa, to serve as your business partner and ease these challenges.
In this guide, we’ll show you how you can pay salary to yourself and multiple employees every month without going to the bank or making manual transfers. This process only requires a one-time setup and you are good to go!
How To Easily Pay Your Employees’ Salary With Prospa
Prospa is a modern business account for Nigerian entrepreneurs. We make it easy for freelancers, entrepreneurs, and small business owners to open a business account in 5 minutes. In addition, your Prospa account comes with powerful tools to run your business including invoices, sub-accounts, webstore, and more.
To pay your employee’s salary on Prospa, you will need to use the Automation feature.
The Automation feature can serve various purposes for a small business owner. You can use it to split bills, deduct a percentage of income for savings or set up recurrent payments.
Steps to automate salary payment on Prospa
Download the Prospa app and set up a business account
Select the business accounts or sub-accounts from which you would like to automate salary payments
Tap on options on the top right corner of the account page
Select automation > create a new automation
Choose recurring payment
Add an auto rule > set salary amount, payment date, and duration.
Add your team member or employee as a beneficiary.
You can add several team members as beneficiaries
Benefits of Paying Salaries on a software like Prospa
- It’s timely
No more unhappy employees. Once you’ve set the date and duration of the post, you don’t have to worry about payments because they are updated.
- It saves time
Free up your time to focus on other aspects of your business.
- It reduces human error
Manual payments often lead to errors. When automated, that becomes more unlikely.
- It’s cost effective
Using Prospa to make payments saves your business money.
- Customer support
Prospa’s customer support is available 24/7! If you have any challenges w, you can reach out to us and get a solution in minutes.
Prospa is a modern account for your business. Open a business account in 5 minutes and discover an incredibly fast and easy way to manage your business finances, from your phone.
Thousands of Nigerian business owners, freelancers, startups and growing companies use Prospa. Packed with features to put your finance operations on autopilot and give you time to focus on growing and succeeding.
No queues, no banking halls and no complicated processes. With world-class member support built into the app, you’ll never need to leave your office for help.
A Prospa account comes with:
- Bank account number in your business name
- Receive transfers from all Nigerian banks
- Send transfers to all Nigerian banks
- Create sub-accounts
- Auto-Split your funds across sub-accounts
- Manage your customers
- Send invoices
- Pay vendors and partners internationally (Ghana, Kenya, UK)
- Add team members
- And more