Building a Payroll Platform powered by Bitcoin

Introduction

Payroll is a critical part of running a business/organisation. Fortunately, Bitcoin systems can be leveraged on developing a payroll platform that's easy to use and secure.

Sequel to my article How the bitcoin lightning network can streamline remittances in Africa. (samsonolusegun.xyz) I had this thought process on building a solution around remittance in Africa which will help reduce the hassle through getting paid and currently handled by companies processing payment for organisations who want to pay their employee in other currency other than their local currency in this case Bitcoin.

A payment solution for paying multiple employees in bitcoin.

Automating payment to multiple employees in bitcoin can be hard, especially if you're not familiar with bitcoin technology and its processes.

Bitpayyroll platform made it easy for an organisation to pay multiple employees by making sure that each payment is unique and tracked on a simple dashboard. Both organisation and the employee will also receive an email notification when the payment is complete.

Easily manage your employee's contact details and bitcoin address.

With the platform, an organisation can easily manage employees' contact details and bitcoin addresses. Organisations can add, remove or update employee information at any time. Our system also allows organisations to create their bitcoin address in a non-custodial way which they can use for payments and have full control of their funds. There will also be no need to go through the process of sending out multiple payments.

Funds and liquidity management for organisations

The first step to building a payroll system powered by Bitcoin is to understand how funds and liquidity management work due to high volatility risk.

To get started, you need to track the amount of bitcoin you have available in your account. This will make it easier for you to determine if there are enough funds available for payroll payments or not.

A process to help organisations know when to process bitcoin funds is important, for example, during bull runs, organisations who pay employees in bitcoin are bound to make significant shots/losses because they are funding at a high price and during the bear run, they are funding at a relatively low price which in turn a gain. Hence the mechanism to help organisations even out on funds liquidity. 

Payment Tracking

With the help of a simple dashboard, employees can keep track of their payroll payments in one place. They'll see the status of their payments as well as any pending money at a glance. Once the payment is complete and sent out, they'll receive an email notification letting them know that it's been processed successfully!

Beyond Regular Employee

You can pay anyone you want, whenever you want. And it's not just the flexibility of paying with bitcoin that makes it so great for business—it's also the fact that you don't have to worry about any extra fees or charges when using this method. You'll never be charged more than what your payment was worth in the first place!

Compliance and Accounting report.

As a business owner, you can easily generate reports for your accounting purposes. You can also generate reports for your tax and/or legal purposes.

You might also want to consider collecting data on how much money has been paid in bitcoin over time. This will help you identify which employees are receiving payments that could be considered taxable income by the IRS or other agencies that require withholding taxes on behalf of their clients (e.g., contractors).

Paying multiple employees and in bitcoin shouldn't be a hassle

If you're a business owner, paying your employees in Bitcoin should be as simple as possible. Bitcoin is a great way to do this because it's fast and secure. It also has all of the benefits that come with any other type of payment method: transparency, reliability, speed and compliance.

Bitcoin payments can be automated so that there's no need for manual processing or human error (like accidentally sending $10 million worth of bitcoin to an account holder). The process is transparent—you don't have to worry about your employees not knowing how much they're making because everything will be visible on the blockchain ledger! And lastly...it doesn't matter where they live—the money will always arrive safely at its destination using cryptocurrency technology."

Conclusion

We want to make paying employees in bitcoin as easy as possible and we are looking to leverage the technology to make this process easy.