If the year 2020 has taught us anything, it is to be prepared for anything. The countless compliance changes that payroll has had to endure this year is enough to give anyone whiplash. The future of payroll demands higher efficiency and accuracy, digitisation, and increased accuracy. As such, payroll software is constantly changing and updating itself to be able to keep up. The world of technology is all about upgrading and innovating in order to stay relevant and competitive. With the new year nearly upon us, now is a good time to get well acquainted with the most popular payroll software trends set to take centre stage in 2021.
A report done by Zion Market Research predicts that the cloud-based payroll software market could grow over $13.3 million by 2026. Why not get on board with that now? The COVID-19 Pandemic that hit the world unexpectedly this year has also pushed many companies towards having employees work remotely, or on a rotational basis. As this becomes a norm, many companies will need to utilise and implement software that allows their Finance and HR Departments to manage payroll regardless of their location. A cloud-based payroll software system would be perfect for this as it allows one to access data from anywhere, and on any device. It also allows employees to view their payslips and leave balance. Many of these systems also generate informative and detailed payroll reports, which managers can then use to make more informed choices about the company’s finances. Cloud-based software also ensures secure data protection and regular updates, to ensure that the security system is as robust as possible. Cloud-based payroll software has been taking the world by storm because it ensures a secure system to store data, that can also be quickly and easily accessed anytime, anywhere.
Integration with HR Technology
The world of payroll and that of Human Resources (HR) are very closely related. Using multiple difference software systems for each of these functions is not only expensive, but it can also be difficult and confusing for employees to learn how to use multiple software at once. This is why integrated systems have been gaining in popularity in recent years. Not only is it more cost-effective and convenient, but an integrated system allows for related data to be easily transferred and compared. An HR-integrated payroll system also enables managers and employees to access all important, essential information on one platform, which beats having to use multiple. The integration of the two systems enables managers and HR professionals to pool together all necessary information in order to gain better decide. In turn, this can help those in charge to make better decisions for the company. The among of convenience added by integrating both platforms is no surprise that integration of payroll and HR systems is quickly gaining popularity among HR and Finance professionals alike.
Automated Legislative Compliance
For many businesses, legislative compliance can be an additional source of headache, potential fines and lawsuits. The good news is that many payroll software systems are catching on with this and will help you stay compliant with all legislations and contributions. As regulatory compliance challenges are a massive source of confusion and can be time-consuming to sort out manually, payroll software systems with built-in compliance and reporting tools are gaining popularity fast. They help reduce errors and eliminate manual processes when it comes to ensuring legislative compliance.
Want a system that’s always up to date?
JuzTalent has an integrated software system which easily links your payroll to other functions such as claims and leave days. It also ensures maximum security and efficiency when it comes to storing and processing data. The experienced payroll team behind JuzTalent also works hard to ensure that you always stay compliant with any laws and regulations regardless of which country you are operating in. Want to learn more? Contact us today to see what we can do for you.