More small businesses are following the latest payroll trends that have made payroll administration significantly less stressful, time consuming and tedious. The top 4 payroll trends followed by small businesses include:
Blockchain
Blockchain was originally developed as an accounting system for cryptocurrencies. Today, this revolutionary system that uses distributed ledger technology (""DLT"") has been enhanced to manage employee payments, while maintaining privacy and transparency in the documentation, processing, and sharing of payroll data. The system is fast, user-friendly and cost-effective.
Payroll outsourcing
Some businesses outsource payroll processes to companies that specialise in this area. Outsourcing not only saves time for your company, but also ensures that the payroll is prepared and managed professionally.
Cloud payroll solutions
More small businesses are adopting cloud payroll solutions that eliminate tedious, manual processes, allowing them to enhance efficiency and focus on their core business. They can also enjoy significant cost savings as no upfront investments are needed. Other benefits include the ability to manage payroll and HR tasks anywhere, anytime, and peace of mind over compliance because the vendor is responsible for ensuring that the cloud solution is always in line with the latest employment legislation.
Vendors of cloud payroll solutions may develop mobile apps allowing customers’ employees to view their payslips outside the workplace. This eliminates the hassle of printing payslips and reduces payroll enquiries handled by the HR department, leading to greater productivity.
Incorporating payroll into other systems
Payroll can be built into accounting software, which can, in turn, be connected to banking systems and HR modules. Such integrated systems streamline the workflow by consolidating and managing payroll and HR information, minimising the risk of duplication, miscounting and other errors in payroll processing.
Every business is affected differently by the payroll trend it follows. Whether the trend relates to the business structure or software implemented, it affects how the business functions. By keeping themselves up to date on the latest payroll trends, businesses can seize opportunities to enhance their competitiveness.
Did You Know?
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