SaaS (Software as a Service) solutions have become a great resource for companies who want to save costs and decrease their hardware dependency. In fact, a 2021 PiHR article on‘Saas-Based HR Software’ showed that 38% of businesses in Bangladesh used such solutions. One of the reasons companies have deployed this technology is because it delivers a smooth and error-free payroll. And unsurprisingly, the market value of payroll software is set to reach USD 52 million by 2030.
That said, it’s clear that numerous companies understand how SaaS payroll software can facilitate better data management. This just goes to show that it is crucial for companies to adapt to today’s digital landscape by leveraging new technology solutions. Making the move to utilize SaaS payroll solutions to improve business processes, is certainly possible.
Below you can learn more about how SaaS helps streamline payroll processes:
Automates payroll processing
SaaS payroll solutions automate payroll so that your workers are free to focus on more pressing company tasks. A 2022 iBOS feature on ‘Why Payroll Software in Bangladesh is Getting Popular’ shares that employees are traditionally tasked with data entry. This has become increasingly troublesome for smaller firms since workers had to manually input and compute for payroll. With SaaS payroll, however, you can expect that the software will take care of all the time-consuming tasks of payroll management. In addition, the SaaS model allows you to make last-minute adjustments before payroll processing. Just remember to review these changes to confirm that all details are correct before funds are deposited.
Promotes scalability
Workforces can be volatile—especially when multiple employees leave a company—and this can affect how payroll is processed. Notably, a 2022 WTW report on Asia Pacific talent shares that businesses in Bangladesh experienced around 20% attrition rates in the last year. One way companies planned to support retention was by implementing skill-based pay. Now, whether you’re a small company or a large enterprise, or have various salary schemes for different employees, SaaS payroll can be scaled up or down based on your specific needs. One thing you have to be mindful of is changes in policy and compliance across your company. These should be communicated to your SaaS payroll provider so they can adjust the software accordingly.
Includes data security and encryption features
Our post ‘5 Challenges Keeping CTOs and CIOs Busy in 2022’ explains that cyber security is a real concern for most business leaders. Aside from threatening a company’s privacy by targeting important documents, hackers can likewise access your workers’ personal information. When this happens, stolen data can be commoditized and ultimately impede your workers’ daily tasks. Fortunately, you can worry less about data breaches on your employees’ business records with SaaS payroll software. A Deskera write-up titled ‘What is SaaS Payroll?’ explains how most models have top-notch data security and encryption. Apart from having client verification and layers of web firewalls, these models also conduct regular backups to reinforce protection. Although these security features can decrease risks to data privacy, it’s still recommended that you periodically monitor for viruses to ensure smoother payroll processing.
