It is often wrongly assumed by SME business owners and startup founders that spending on a cloud payroll solution or payroll outsourcing is a cost they should avoid.
It is understandable that the budgets are tight especially in the wake of the COVID-19 pandemic and every unnecessary expense can cut into a company’s profitability. However, spending long hours of intensive manual work every month on payroll processing when it can simply be done through a cloud payroll software or delegated to a payroll outsourcing company is actually a much bigger cost than you might have thought.
Today, we are living in a technology-driven world where AI, Automation, Data analytics, and IoT technologies are being used to simplify and speed up work processes in almost every area. On the other hand, in the absence of a world-class payroll system, your HR team would keep fumbling with the salary calculations, tax deductions, checking out for any regulatory or tax changes, tracking employee time and attendance. This includes several other tasks which are of a routine, complex, and time-consuming nature and need to be performed each month. Manual processing of payroll on-premises requires creating numerous sheets, taking care of multiple factors.
Your employees could be dispersed across locations within Australia or even outside due to the prevalence of remote working. Even if the official restrictions will be completely removed, there will always be some people who will work from remote locations for any given reason. By switching to a cloud payroll system, you would be able to automate several tasks such as:
- Online payslips
- Automated tax calculations
- STP compliant
- Create rules based on modern awards or Enterprise Bargaining Agreements (EBA)
- Integrated, cloud
- Local tech/support team
- ATO certified
- Superannuation processing
- Parallel testing
- Transfer of current payroll and staff data
- Regularly updated in line with local regulations
- Global/multi-country payroll
As a business organization, it is very important for you to keep your employees motivated, and paying their correct salaries on time is a major factor in doing so. Manual processing of payroll can prove to be a hindrance causing disappointments as well as compliance problems for your business.
By using cloud payroll software, you get a holistic overview of your entire HR and payroll operations across all locations not only in Australia but in other countries as well. A good cloud payroll solution would be capable of payroll processing in multiple currencies, automatically adjusting to the laws and payroll regulations in different countries. Not only that, it will also allow you to integrate your Core HR functions into the system which will ensure easy expenses management. Not only that, but you can also easily integrate cloud payroll software with your existing legacy systems to ensure free flow of data or track employees’ time and attendance by integrating it with your organization’s attendance management system.Last, but not least, if saving cost and effort is your goal then payroll outsourcing to an internationally reputed payroll company is going to help you in both areas. You can easily check the best cloud payroll solutions for your Australian business online now!