Over the years, several significant advances have been made in the Payroll processes. Today, companies no longer need to invest and train payroll officers or hire accountants. All they have to do is sit back and let their administrative and payroll processes run smoothly and efficiently thanks to outsourcing administrative businesses and payroll professionals.
Its numerous benefits have been discussed in detail in this report issued by the Australian Payroll Association. Moreover, an annual growth of 4.5% in outsourcing to companies and payroll professionals has been recorded in Australia in 2011-2014 as reported by IBIS World, which in itself is a testament to the increasing demand of outsourcing companies and payroll professionals.
Today, outsourced payroll systems are completing tasks automatically, allowing human resource professionals to be more productive and focus on other important issues. Analysts believe that the upcoming year will give rise to newer trends, helping businesses become more professional and organized.
Here’s what its being predicted for the outsourcing companies and software in 2017.
1. Extensive Use of Cloud
It has been predicted that cloud technology will be extensively used to make payroll systems more efficient. All tech gurus will agree that the cloud offers better and easy access, making it possible to handle more than one user at a time. Cloud-based outsourcing software will help businesses manage their employees’ reductions and raises with more accuracy. It will also empower employees with self-service options to request holidays and leaves without having to worry about keeping track as payday nears.
2. Augmented Outsourcing
More and more companies will focus and invest in outsourcing payrolls operations after realizing the importance of an aligned workforce and a team of dedicated people. Companies think of outsourcing payrolls as an indicator of efficiency, which is exactly what it will become by the end of 2017 as more and more development and research into bettering the current outsourcing software will be made.
3. Access to Important Information will Become Traceable:
With advanced outsourcing software and proficient payroll professionals, both employees and employers will have easy access to log into their personalized account and keep track of their record, details, payrolls, taxes and more, allowing them to stay updated about the amount of taxes they are entitled to pay, view their company packages, such as the superannuation fund, and become more actively involved and aware about their current financial position.
4. Tax Processes Will Become More Comprehensive:
It is also predicted that the tax and regulatory environment will become more complex, leaving companies to focus more on their core competencies rather than focusing on in-house administrative and payroll issues. Outsourcing companies and payroll professionals will be in demand as both will strive to offer better and sophisticated payroll models to maintain their level of efficiency.
5. Decline in Technology Costs
It is also expected that in the coming year, the costs of payroll outsourcing will also decrease thanks to the increased use of cloud technology. With recurrent guidance via customer feedback, the processes are also expected to become smarter and efficient.