Payroll management is a crucial function for any business house, especially in the heavily regulated Australian business landscape. However, it is also a monotonous, extremely time-consuming, and error-prone part dotted with challenges. Despite all the hassles, companies tend to drag on with manual payroll processes under the false belief that using a cloud payroll is an expensive proposition. This lack of automation of payroll ends up costing leading Australian businesses millions of dollars each year in payroll errors and litigation costs related to payroll errors.
This is a digital age that we are living in. There are intelligent devices, social media communication, and cloud computing solutions. In this age, it is imperative that people need to have any time, anywhere access to information on everything, including their payroll data. What many companies don’t realize is that the speed and quality of payroll processes have a direct bearing on employee motivation and satisfaction. Nobody wants to go to the office and ask HR for a copy of the payslip. People know that there is a technology that enables them to log in from anywhere and access the information they need, and they want their employers to provide such services.
It is undeniable that businesses might be facing payroll challenges because payroll is not their core function, and they have limitations of human resources and know-how. However, these challenges can be easily overcome by payroll outsourcing to a professional 3rd party payroll company. A professional payroll company would use holistic cloud payroll software with cutting-edge technologies such as AI, Machine Learning, and data analytics to provide the desired scalability, security, and accuracy for your global payroll functions.
Outsourcing to a technologically advanced payroll services provider will simplify and enhance the whole payroll experience for your employees. They will be paid on time, every time, irrespective of whether they are located in Australia or an overseas office. Automated cloud payroll software driven operations also ensure that they are error-free and fully compliant with Australian regulations.
The pandemic outbreak has further expedited the need to switch to payroll outsourcing. Employees work remotely across locations in Australia and various other countries for almost every Australian MNC. However, if you are not keen on fully outsourcing the payroll details due to any concerns, the other option is advanced cloud payroll software. Similar payroll outsourcing, a cloud payroll software would also offer you several benefits with several Australia specific functionalities such as:
- Online payslips
- Automated tax calculations
- STP compliant
- Create rules based on modern awards or Enterprise Bargaining Agreements (EBA)
- Integrated, cloud
- Local tech/support team
- ATO certified
- Superannuation processing
- Parallel testing
- Transfer of current payroll and staff data
- Regularly updated in line with local regulations
- Global/multi-country payroll
By switching to either payroll outsourcing or adopting an advanced cloud payroll software, any Australian company can significantly enhance its employee satisfaction, productivity, and ease of payroll management.