The global online payroll software market is growing at a robust pace driven by the demand for secure cloud storage of staff data. The Covid-19 crisis is also increasing the need for cloud-based payroll solutions as employees can use them to access the needed documents and tools from remote locations.
A report by Allied Market Research reveals that the worldwide market for cloud payroll software topped $6.73 billion in the year 2016 and is predicted to go up to $10.33 billion by 2023 growing at a rate of 6.5% between the years. However, the growth rate could be impacted by concerns about the security of staff data.
Effect of Covid-19
The pandemic is expected to influence market growth in a positive manner because of the increasing adoption of cloud payroll services and tools for efficient and productive workforce management. The software products enable remote management of payroll-related tasks which is a boon for HR staff and employees alike.
Benefits of Cloud Payroll Software
The market is growing for this technology as the best payroll software solutions offer the following advantages to small and large businesses:
Saves Time
Payroll processing is a demanding job and your company should ideally invest in a complete payroll solution to automate the task. This can save a great deal of time for your HR executives who can better spend it on more important work.
Saves Money
It’s a smart idea to shift from paper-based payroll management to a cloud system as it can help your firm save a lot of money. An expanding enterprise needs to keep adding employees and thus the ideal solution is to subscribe to a cloud payroll service as it will allow you to add unlimited employees and payrolls for just a small fee. You can then invest the saved funds to grow your business.
Easy Even for Lay Users
You don’t need to hire an accountant or professional payroll specialist to run your payroll. Even lay employees in your organization can use the cloud payroll platform to easily process payroll. This enables you to save money and cross-train your staff too. Your HR staff can utilize their talents in other areas to contribute more effectively.
Assures Data Security
It is essential for companies to protect their sensitive business and employee information. Payroll files store confidential information like the bank details, Social Security Numbers, dates of birth, mailing addresses, and other data of staff members. A quality payroll tool can help you to securely lock this data and ensure hackers and third parties are prevented from accessing it.
Minimizes Errors
Payroll processing errors can prove costly for your enterprise. They can impact employee morale and even lead to lawsuits against your firm. If employees are paid too much, it can be hard to get back the money. A good payroll software product can help your HR executives process payroll in an efficient and error-free manner. Your organization will be able to credit wages in an accurate and timely manner to boost staff morale.
Improves Reliability
Online payroll software can generate precise and authentic reports and statements. The solution can give you access to the newest IRS tax updates so you can ensure your firm’s tax filings are accurate. In this, way the platform can boost reliability and give you peace of mind.
Enhances Speed
Your staff can prepare payroll more quickly using cloud software. They can generate the needed statements and reports swiftly with a single button click. You need not wait for days to get access to vital reports. Thus, the online payroll system can enable your business to function more quickly and efficiently.
24/7 Customer Support
Last but not least, top payroll software vendors offer comprehensive customer support round the clock on multiple channels. If your staff members face any issues in using the solution, they can get prompt training and assistance. This allows you to train additional employees in the payroll processing task so you can have adequate backup to manage peak times.