Get a better insight on SaaS-based payroll software
What to look for in Payroll software?
There is no wonder that managing attendance, leave, travel expense, statutory compliance… is a bit confusing and hard to manage with payroll. There is no clear path to where one solution begins and the other ends. Don’t you think that you should have a clear idea of what you need?
To run a successful business, managers must ensure that employees are being paid on time. Previously all calculations were done manually. A lot of people were required to keep files, noting down every single performance fluctuation, leave, deduction, and bonuses.
This process proved to be quite lengthy and hectic.
Good payroll software can save HR, managers, and accountants from complicated and tedious payroll tasks. Instead of spending endless time in managing and maintaining the files, payroll software is a solution that can save you from nasty tasks. So, manual vs. SaaS-based payroll software really bears no comparison.
What are the options available for Payroll?
What is your choice!
- Running Payroll Manually
It takes a lot of time and effort to ensure that payroll process is done successfully. Managing spreadsheets for payroll process is not only time-consuming but also very tedious and lengthy process. You have to take responsibility for every employee from hiring to resignation or retirement. You need to collect documents and manage a file for it. You need to calculate a number of hours worked, manage statutory compliances, maintain cheques, etc.
In small and developing business, payroll process is still done manually. There may be few employees initially, but still keeping eyes on payroll process to get error-free payroll is not an easy job. You also need to fulfill the tax requirements of employees on-time. And as the payroll is not integrated with other HR activities, there is a possibility of getting error and duplication in the payroll process.
- On-Premise Payroll Processing
Lots of people are involved wasting a significant amount of money, time and resources to complete their payroll process on time. It involves high capital investment. It also requires training for every individual. Deployment speed is very low as it rises a requirement of high-end servers, setting them up on-premise, enabling a platform for the system and adding a proper support and maintenance structure.
Negotiating software and licensing fees and keeping up-to-date the hardware, i.e., servers, etc, physical space, air conditioning, maintenance and upkeep of entire on-premise system is very costly. Also, the adoption rate is lower as the high level of customization creates a learning gap that the workforce must fill.
- Payroll Consultant
A payroll consultant offers support and advice to the payroll department and beyond, playing an essential part in running of this key area of the business. Payroll consultant can help you take over your payroll work, maintain your compliance and help to run everything smoothly. They can help you set up a new payroll system to calculate your payroll. They also prepare necessary payroll reports. Taking care of your statutory compliances is also their duty. They can advice how payroll can run smoothly to make the process more efficient.
But payroll consultant also involves a downside. Involving a third party person who is not your employee increases the risk of a security in your payroll process. This may reduce the direct control you have in the way your work is done. It also leads to the higher cost. It may not be as high as the full-time employees, but still, it is not a cheaper solution.
- SaaS-based Payroll
Software as a service, in short SaaS, is a service provided online or in the cloud. Over past years, online service has increased in the payroll process.
Start payroll process anytime: It is very easy and almost effortless to run your payroll after as it is available 24*7. You just need to provide some details such as your company or employee details and get a secured login. Then you can run your payroll whenever you want.
Stay Compliant: As the system is frequently updated with the latest legislative information, you have no longer worry about your statutory compliance.
Safe & Secure: Your data is stored in well-protected infrastructure which is frequently maintained and upgraded. You have no longer to worry about server crashes, data loss, security, confidentiality, etc.
SaaS is an advanced online application which helps in running the payroll easily and efficiently. Processing payroll now just takes a couple of minutes for every pay period so that you can focus more on your core business. This is a better way to grow your business faster.
Source: https://factohr.com
