Over the years, several significant advances have been made in the payroll processes. Today, companies no longer need to invest and train payroll officers or hire accountants. All they have to do is sit back and let their administrative and payroll processes run smoothly and efficiently thanks to outsourcing administrative businesses and payroll professionals.
Its numerous benefits have been discussed in detail in this report issued by the Australian Payroll Association. Moreover, an annual growth of 4.5% in outsourcing to companies and payroll professionals has been recorded in Australia in 2011-2014 as reported by IBIS World, which in itself is a testament to the increasing demand of outsourcing companies and payroll professionals.
Today, outsourced payroll systems are completing tasks automatically, allowing human resource professionals to be more productive and focus on other important issues. Analysts believe that the upcoming year will give rise to newer trends, helping businesses become more professional and organized.
Here’s what its being predicted for the outsourcing companies and software in 2017.
1. The Use of Cloud-Based Payroll
The industry is driven by demand for integrated payroll cloud integration from across the world. Cloud-based payroll software enable you to have flexibility, accessibility and control of payroll processing with peace of mind without needing the allocation of your staff, time, and resources required to manage payroll. It is highly reliable, accurate, and flexible.
2. Optimized Resources
Outsourcing payroll will receive higher investment and focus from companies who recognize the importance of a motivated and aligned workforce. They recognize outsourced payroll as an efficiency increase – one that allows them to refocus their human resources budget on training, skill development and employee incentives.
3. Access to Information in Few Clicks
Cloud-based payroll allows you to manage your attendance and payroll anytime, anywhere on any platform. It is a 24x7 world after all. Ultimately, employees are able to log into their personalized account, view pay-slips, keeping track of their record, details, payrolls, taxes to ensure they stay updated.
4. Compliance Complexity
The regulatory and tax environment will continue to become more complex as it grows and changes. Yet, companies are obligated to conform all statutory guidelines specifically deductions, withholding and contributions under laws that are applicable. Payroll outsourcing services will then be in demand as companies strive to maintain their level of efficiency.
5. Decline in Technology Costs
It is also expected that in the coming year, the costs of payroll outsourcing will also decrease thanks to the increased use of cloud technology. This is due to elimination of costs associated with processing and administering your company’s payroll and aid in reducing the risks of improper overtime payments and miscalculation of taxes.
Sources: http://www.smallbizviewpoints.com/2017/01/05/5-payroll-outsourcing-trends-to-look-for-in-2017/