We are living in a world immersed in technology in almost every business vertical and operational area. This is even more of a reality when it comes to the post-pandemic times. Yet, there are at times certain misconceptions that the SMEs and startups don’t need to focus on advanced technologies in areas such as cloud payroll software or payroll outsourcing to a third party firm as they need to cut costs.
The need to watch every expenditure is necessary, not only for the smaller businesses but even for large organizations in the wake of the pandemic. However, do you realize that by not adopting technology in an area like payroll management, you could actually be cutting down on efficiency and growth opportunities for your business? For instance, companies all over the world end up spending millions of dollars on errors caused by inaccurate payroll processing, delays in compliance reporting, and other such things that can be seamlessly avoided by using cloud payroll services.
You must be aware that payroll is a monthly recurring process that your in-house team would need to perform every month as per the same schedule, go through the motions of calculating salaries, bonuses, arrears, overtime, contributions, and deductions, etc. Even small mistakes such as incorrect calculations, omissions, or not paying attention to a compliance point can cause unhappiness among employees and might even make the company suffer penalties if it misses a compliance timeline.
This is where an advanced cloud payroll software would benefit you immensely. It will help in saving a lot of time and effort for your HR personnel. Leading cloud payroll solutions offer the power of advanced technologies such as AI, process automation, data analytics, and Internet of Things (IoT) sensors, etc. This in turn would help you enjoy unprecedented speed, efficiency, and accuracy of payroll processing and other related functions. Not only that, the cloud payroll platforms are usually aligned to the taxation and other regulations and if there is any change in regulations, the system gets automatically updated by the service provider. The timelines are adhered to and alerts are raised to remind you of any upcoming compliance deadline. Further, the software would offer integration of Core HR functions as well as attendance management software. Most of the people are now working remotely on a regular basis, and that’s where integration of the attendance management system comes in handy for the payroll calculations.
Some of the features offered by a world-class cloud payroll system are:
Employees don’t need to keep pursuing HR people to get access to their payslips. The cloud payroll platform would offer anytime, anywhere access to the payslips through the integrated employee self-service portal. This will not only free up a lot of the HR time but, also ease of usage for the employees.
Automated tax calculations
Worldclass cloud payroll software, as well as payroll services providers, offer holistic support including automated tax calculations. In fact, you can even file tax forms for all your employees or set reminders for filling them.
STP compliance is mandatory for Australian businesses, and now even STP 2 regulations have been put in place. A world-class cloud payroll solution would ensure compliance to these and help you avoid penalties if Australia is one of the locations where your business operates.
Ability to create rules based on modern awards or Enterprise Bargaining Agreements (EBA)
The integration of cloud gives unmatched mobility, ease of access, and convenience to the employees as well as the HR personnel.
Cloud services are expected to be available on-demand. A customer can typically create a new instance or a new customer relationship online at any time using a credit card, without having to wait for delivery and without having to go through a complicated purchasing process.
Unlike on-premises payroll, cloud payroll allows scalability and you can expand it as your number of employees grows.
Local tech/support team
Leading payroll service providers to offer local tech support in different countries and across major cities in countries like Australia.
- ATO certified
- Superannuation processing
- Parallel testing
- Transfer of current payroll and staff data
- Regularly updates for local regulations in different countries
- Global/multi-country payroll
If you run multinational businesses then the usage of cloud payroll software is going to help you in seamlessly processing the payroll for all your global teams from a single platform. The software would offer multi-country, multi-currency payroll processing. It will take into account any regional regulatory differences and give a seamless and pleasant experience to your employees.
If you want the best of both worlds in terms of ease and affordability, then you can also opt for payroll outsourcing. A reputed international payroll outsourcing company would offer you all the advantages of advanced cloud technologies without any need for hands-on payroll processing from your HR teams.
Depending on your business goals and preferences, you can choose between cloud payroll and payroll outsourcing, but whichever choice you make is likely to turn your business into a winner!