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Software as a Service (Saas) Payroll

Software as a Service (Saas) Payroll: What Is It And What Are Its Benefits?

SaaS stands for Software as a Service. SaaS is a model whereby software applications are hosted by a service provider, or vendor, via a network. When you opt to use SaaS, you generally access it via the internet, but many modern SaaS models provide cloud access as well. 

Businesses all over the world are utilising cloud-based payroll software to streamline their operations and save time. It isn't just payroll that web-based software provides support for. 

In addition to payroll functions, it facilitates a large part of human resources. You can also automate accounting and address customer relationship management. But human resources functions, such as payroll processing, are a key piece of the puzzle when it comes to running a successful business. SaaS payroll software comes with a bundle of benefits and a variety of functions

SaaS Payroll Software is suited to businesses of all sizes, whether you're a small business or a mega-corporation, because it makes payroll simple, streamlines it, and makes the tax formalities an automatic process. It saves you time, money, and energy. 

The Benefits Of SaaS Payroll 

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Anyone who has managed payroll knows that problems can arise at any time, and when it comes to paying, you need to solve the problem quickly. When you choose SaaS payroll providers, you can access your payroll from anywhere. 

Using online payroll means you can access it from home, on holiday, or even from your phone if you're out in the field. As long as you use a device that provides internet, you can access your payroll system. 

Historically, payroll services were available from one device in the office, and a computer or technical problem could derail the entire process. That isn't the case with SaaS management software. 

Payroll Processing With Data Security

A traditional payroll system stores all of your data on one machine. With an advanced online application such as SaaS, you can rely on payroll SaaS companies to safely secure your data. The service providers offer a secure and protected infrastructure, preventing data breaches, confidentiality, server crashes, security issues, or data loss. It's all about making the payroll function simple and efficient. There's no more spending a day chained to the office trying to handle payroll and benefits. Now you can have it done safely and securely in no time. 

Affordable Payroll Solutions

Old-school payroll software solutions were relatively expensive because you only paid a one-off fee. However, SaaS payroll services are available at an affordable monthly or annual fee. It might be the same overall fee, but this way, you only need to make small payments, which helps you manage your cash flow. 

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Automatic Payroll Function Updates

There's no additional cost if your provider introduces new updates and features. The traditional software would have required a further purchase to upgrade to these new features. SaaS solutions automatically update, pushing new features as they become available. 

There are some drawbacks too, of course. But, it's all about making an informed decision that works for your business. Unlike traditional payroll systems, SaaS is reliant on a strong internet connection. So while you can access it from anywhere at any time, you still need to hop online to get the job done. 

While there is a benefit of forced updates, you do need to plan for them. You will need to adapt to updates and interface changes as your provider upgrades the system. They often occur overnight so it won't disrupt your work, but it can take time to get used to. 

Finally, many business owners worry about a third-party provider handling sensitive information. However, service providers have a duty of care to their customers to address security concerns and take additional steps to safeguard your data. Your data is likely safer in a cloud-based setup than it is on the desktop. If your computer crashes, you don't need to recover the information; it's already in the cloud. 

QuickBooks SaaS Payroll Solutions 

QuickBooks Payroll powered by Employment Hero operates using the SaaS business model. The basic features include handling payroll deductions and issuing pay, but that's just to start. You can also expect payroll tax filing capabilities. You don't need to worry about payment summaries, and with QuickBooks, you can automatically report to the Australian Taxation Office (ATO) whenever you issue a payment. 

With the advanced feature,your employees can view their pay and tax information. They can even swap shifts and apply for time off. It's this function that gives you rostering power to see your projected labour costs so you can fine-tune your employee scheduling. As long as you have internet access, you can get the job done. You can start with QuickBooks Payroll at any time and ensure you stay compliant with the ATO.

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