By now, many of us are probably familiar with payroll management software. It adds convenience and efficiency to the payroll processes in an organisation. With technology consistently advancing, it payroll management software will undergo a significant transformation.
Payroll management goes beyond simply processing payroll. It encompasses other factors as well.
With technology advancing in leaps and bounds, here are some payroll management software trends to watch out for in the coming years.
1. Mobile Payroll Applications
With the advancement of technology, most of our lives are pretty much on our mobile phones now. We use mobile apps for everything from social media to making payments and purchases. With almost everything being done on our mobile phones in the current day and age, payroll software might just be following suit.
In the last few years, the popularity of mobile payroll apps has increased significantly. A big reason for this is that with a mobile application, payroll can be viewed and processed from any corner of the globe.
Mobile payroll apps also allow for transparent payroll computations for employees across all departments. It also automates the calculation of taxes, which boosts accuracy and eliminates the risk of human error.
The trend of mobile payroll applications is booming, and for good reason as well. Employees can view their payrolls from the comfort of their own homes, on their mobile devices.
Tax computations are more accurate, and payroll transparency is a major plus point as well.
With people being largely dependent on their mobile phones these days, mobile payroll apps are bound to be a booming success in the coming future.
2. Cloud-Based Payroll Software
A study run by Forbes in 2018 revealed that some 83% of enterprise workload will run on cloud-based platforms by 2020. Cloud-based software comes with a host of benefits. As such, it is no surprise that cloud-based payroll software is gaining in popularity in recent years. Payroll processing comes with a myriad of rules and regulations which differ from country to country.
Cloud-based payroll software can help businesses stay compliant and updated on these rules. Not only that, but they ensure tax compliance as well. Cloud-based payroll software also offer multiple different functions. For example, cloud-based systems like JuzTalent not only offers payroll processing but also time calculation and leave application, among other HR-related functions.
With multiple functions available in one system, it negates the need to pay for more than one platform to perform these different functions. In the long run, not only is this comprehensive and user-friendly, but cost-effective as well.
Cloud-based payroll software ensures your organisation stay updated and compliant with the laws and regulations in various countries. This in turn helps you avoid unnecessary fines or lawsuits.
At the same time, cloud-based systems are usually multi-functional. This means that you get more functions for a lesser price than if you were to pay for different systems separately.
Furthermore, it is easier for employees to adapt to and learn to operate a single software system, rather than multiple. All in all, cloud-based payroll software is more convenient and cost-effective for your organisation.
With the added convenience and cost-effectivity, cloud-based software is a trend that is here to stay.
3. All-In-One Solutions
Paying for multiple systems to perform different payroll and HR-related functions is not only troublesome and confusing, it can be extremely pricey to do so. These days, clients are looking for payroll systems that can handle other HR-related functions as well.
With the convenience of all-in-one systems, standalone payroll systems are quickly becoming a thing of the past. The integration of HR Solutions into payroll systems is one that is quickly gaining popularity.
Clients no longer just want a system that only computes payroll, but one that can perform basic HR functions as well. Not only is it easier for employees to learn how to operate just one software system, it is also more cost-effective to do so as well.
All-in-one software solutions are convenient and efficient. Not only that, they are often cost-effective as well. Systems such as JuzTalent offer payroll processing, along with the ability to apply for leave, make claims and self-onboarding for new employees.
A robust all-in-one solution will save your organisation plenty of time and money. Multi-faceted systems that can handle more than just payroll are increasingly in demand and are definitely a good investment for any organisation.
Payroll management software is ever-changing thanks to the advances in technology and ever-changing needs and demands of the market.
Payroll is one of the most pertinent functions in any business organisation and as such, it never hurts to ensure that your payroll system is advanced and functional, while also giving you good value for money.
With countless up-and-coming trends and many more new ones to come, it is important for the payroll and HR departments to always be one step ahead.