Why SaaS technology is perfect for payroll

August 4, 2022 | 5 Mins Caitlyn Simons

Software as a service has exploded in recent years across several different industries and markets. It is fast paced, flexible and innovative technology with a focus on powerful bi-directional data transfers and digitization of previously manual processes.

Once considered the technology of the future, it is now very clearly the technology of today especially for ambitious and progressive organizations who are looking to scale and nail down market share in a post pandemic business environment

In this article, we are going to examine some of the reasons why SaaS technology is the perfect fit for payroll delivery and management, especially at multinational companies who are struggling with complexity and payroll software related challenges that require an intuitive technology solution to help them reach their business needs.

Digitize and transform

Payroll delivery at many companies today is badly in need of a digital transformation, SaaS payroll software and digital platforms can make this a reality. This means moving payroll services away from the traditional environment of manual data inputs and excel spreadsheets, which can result in a lot of human errors, and over to a cloud based secure digital platform where everything happens in a faster, smarter, and more innovative way.

As well as this, by transforming your payroll into a more secure digitized process then it can help your company avoid any issues with data breaches and security. By having a more secure payroll system in place at your company then you can assure your employees that all of their personal employee data is not at risk. This can offer employees some peace of mind and perhaps even help with employee retention and be beneficial for the HR team to mention during the recruitment process. It also ensures that the company won’t be at risk of any bad publicity if there was a data breach, and instead can help make sure that the company image and brand is one that is known for upholding their security obligations.

Payroll is really primed for digital transformation because it is a traditional service currently relying on a time-consuming legacy process and technology, or as is often the case, no real technology at all, just spreadsheets. When a company grows and scales into new countries and territories, it takes on new local country payroll providers and has to pay a wider more geo-dispersed workforce, resulting in more data, more complexity, and more compliance obligations.

SaaS digitization can be a major help with this, automating data entry inputs, and transforming the speed and efficiency with which payroll is delivered across multiple countries at the same time. SaaS and payroll, if structured and then delivered in the right manner on the right digital technology platform, could be the perfect partnership.

Empowering a team

SaaS technology is sometimes considered with hesitancy and fear due to a misconception that robots and machine learning are going to replace people and process. Instead, the reality is much more positive and affirming, SaaS technology has the capabilities and reach to truly empower a team of global payroll professionals while also introducing major innovation and digitization that benefits connected departments such as human resources and finance.

Payroll professionals have a desire to work with secure cloud based digital tools that improve accuracy, help streamline the process and make it easier for them to monitor and track the multiple daily tasks associated with payroll delivery at a multinational company.

It is not the case at all that these professionals are wary and suspicious of technology, the reverse is true, they are crying out for it. They are currently overwhelmed with an administrative burden that is growing each time the company grows into a new country or territory. They are feeling apprehensive and nervous about the data security levels involved with the uploading and moving of payroll data between systems. They recognize the urgency, importance and sensitivity of global payroll data and would feel much more comfortable if this was processed and moved inside a secure cloud platform where access rights and authorizations could be restricted and monitored.

Empowering a team is also about providing them with freedom to focus on the things they need to focus on. Freedom requires time and SaaS technology has the ability to create or introduce additional time in each monthly payroll processing run. SaaS tech can leverage automation to bulk upload thousands of rolls of employee data, then check and validate them in seconds. This would mean that global payroll professionals only have to focus on the anomalies or error reports, instead of manually going through it all. SaaS gives them back time and empowers them with digital tools that help them do their jobs in a better way. These professionals are not detractors of SaaS technology, quite the opposite, you can expect them to prove to be the ultimate advocates of it.

Compliance confidence

Everybody involved in payroll accepts that compliance is complex, they also realize that it is mandatory and non-negotiable. You have to get it right or there are consequences, simple as that. But how can you get it right when you can’t see and access all of the information you need across all of your payroll countries, the scope is too broad and there is simply too much data moving about between disparate systems.

SaaS can leverage technology to apply structure and visibility around a multi-country payroll process, letting you see what is happening across all of the payroll countries and leveraging digital audit trails to account for who interacted with the data, when and why. This is crucial information that will be demanded in an audit trail and today it is very difficult for many professionals to answer these questions due to the manual nature of the work.

The lack of technology is a blocker and choke point for compliance confidence, whereas the introduction of SaaS digitization can create confidence because it creates visibility and control when you process payroll, making it easier to see and understand what is happening in each payroll country at a given point in time. This is something that can help global payroll managers answer the question “how do I know if I am compliant in a specific country”, right now this is a major challenge at a lot of organizations who do not use SaaS technology to deliver and manage their multi-country payroll.

 

In a lot of companies today, payroll is still overly complex and stuck being processed with legacy technology. Undergoing a payroll digital transformation can help empower a team by providing them with a platform that is more secure and can help free up their time to focus on priority tasks within payroll. On top of this, a SaaS payroll platform can provide companies with compliance confidence by providing accurate real-time visibility and control.

 

 

For more information about our Global Payroll Control Platform contact us today.

 

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