Payroll is a poignant part of businesses that keeps all functionary mechanisms in place. From C-suite leaders to customer-facing executives, nearly everyone knows the impact payroll makes in steering the businesses forward. However, understanding payroll and understanding payroll management are very much like chalk and cheese; it’s so different that we all think we know it, but do we really?
Payroll essentially points to ‘salary rollouts’ and takes place at the end of the month or the end of the pay cycle, whenever that may be. All employees receive their pay with respective tax deductions in place, contributions to statutory provident funds, social security, overtime pay and a host of other variables. These figures are never the same for all employees just as how pay cycles may be different for each employee.
Managing these criteria are never an easy feat even if the company were a startup or a large enterprise. One of the things employers devote critical time to before starting up their businesses is wondering how to manage payroll. Some companies infuse payroll division with the HR department while others merge it with the Finance wing. Still others buy payroll software so that they can manage payroll inhouse with their own payroll executives.
However, payroll is one thing that keeps pivoting till the very last moment even if you’ve got it right from the start. It could be leaves, extra work hours, bonus pay, special pay or even pay cuts pertaining to time and attendance issues or as in the case of contract workers, project cancellation. HR personnel across sectors will corroborate the fact that payroll isn’t as simple as rolling out a lump sum. It’s a financial ledger that is ‘live’ till the time it gets reflected on employee bank accounts.
To ease payroll hassles, businesses have the option of either buying their own payroll software or outsourcing the entire payroll service to an external organisation. As payroll is replete with risks and regulation-bound deductions, companies will have to ensure they have payroll specialists well trained in the statutory segment who can keep them and their employees compliant with changing government tax regulations. And these involve perplexing calculations and tracking of tax laws which in-house accountants might find challenging in the course of time.
Establishing in-house payroll infrastructure is also prohibitively expensive, requiring constant supervision and updation. You may also need to purchase extra software according to the services you intend to include in your payroll processing. For example, if your payroll software doesn’t have a time and attendance option, then you may need to either buy another software to track it or integrate it manually on to your system – both ineffective choices during a busy work schedule.
These days, employees expect HR and payroll departments to be digital, accessible and proactive when it comes to their needs. They also want HR and payroll processes to be fully integrated across all digital devices so that they have access to their data at all times. In this respect, buying any software or hiring any payroll outsourcing partner will not help businesses cater to modern-day HR issues.
With the world of digital technology transforming every now and then, companies need to educate themselves how they can move with the times, especially in real-time. Outsourcing your payroll and HR needs to a company that uses SaaS (Software as a Service) payroll software is one of the best decisions you can opt for in the market today. Also, their payroll experts will help you keep all your worries at bay – not just by keeping the software updated and feeding real-time inputs, but also ensuring your payroll and HR data go through an interrupted cycle every month.
To the uninitiated, SaaS is nothing but a software service that you can subscribe to for a fee every month. SaaS payroll software offers you a variety of HR solutions that are in keeping with current trends, making sure you stay competitive in the HR domain like your counterparts. If you outsource your payroll to SaaS-using payroll firms, you don’t need to worry about installing it on premise or updating the software as they will tend to it. The service offers integrated HR and payroll solutions on cloud making it promptly available on desktops and smartphones, ensuring every little detail about your employee goes online before pay day.
Market intelligence firm Research and Markets estimates the global payroll software market to grow at a CAGR of more than 9% during 2019-2025. The payroll software market in Asia Pacific is also gearing up to witness extensive as companies in the region have higher employee headcounts. SaaS enables companies to build sustainable Human Capital Management solutions by integrating HR processes with software on the cloud.
At Propay Partners, we use SaaS enabled payroll software to cater to a plethora of HCM solutions like time attendance, e-HR on Cloud, employee profile viewing, leaves, tax filing, work hours and even profile sharing during inter-company transfer. Our payroll software experts make sure that no stone is left unturned in your HR and payroll needs, allowing you to take your mind off compliance and focus on your core business needs.
