7 Trends for the Future of Outsourcing Payroll
There have been significant advances in payroll over the last five years. For example, no longer is an accountant or payroll officer required to sit and manually go through the payment process and ensure all tax is paid correctly.
Outsourced payroll systems now complete that task automatically, which has made human resources a significantly more efficient function within businesses. The next five years will have even more positive changes. Let’s take a look at the trends of outsourcing payroll:
1. Flexibility with the cloud
The cloud will be used more extensively in outsourced payroll services. It provides better access and allows you to easily incorporate multiple users into a single account. The use of the cloud will easily allow business outsourced payroll systems to scale with their employee increases and reductions. It will also allow self-service options for employees who will want to request holiday leave and track overtime. Ultimately, the cloud makes payroll services more accessible on mobile devices, not only computers.
2. Increased outsourcing
Outsourcing payroll will receive higher investment and focus from companies who recognise the importance of a motivated and aligned workforce. They recognise outsourced payroll as an efficiency increase – one that allows them to refocus their human resources budget on training, skill development and employee incentives.
3. Increased investment
Companies, venture capitalists and individuals have seen the strong demand for outsourced payroll by Australian companies, meaning more money will be invested in developing outsourced payroll services. This will lead to even better products and services offered for Australian businesses and more competitive pricing.
4. System integration
As outsourced payroll becomes a way of business life and it will be integrated more seamlessly into accounting software, human resource systems and online banking methods.
5. Increased access to information
Employees and employers will be able to log into personalised accounts to review their personal information and records, analyse the amount of tax they are paying, view their superannuation fund and ultimately be more engaged in their financial situation.
6. Compliance complexity
The regulatory and tax environment will continue to become more complex as it grows and changes. Outsourced payroll services will become more sophisticated to efficiently incorporate these changes into their systems so businesses can focus on their core competency.
7. Lower costs
As technology costs (including the price of space) in the cloud decrease, the cost of outsourcing payroll will similarly decrease. Payroll systems will also become more efficient as consumer feedback continues to guide the technology.
How businesses can take advantage of these trends
Businesses can take advantage of these trends by using the payroll services of an innovative outsourcing service in Australia. This will ensure they have the current benefits that are available now and receive the new benefits mentioned above as they become available. Choosing a payroll outsourcing company that implements these trends will ensure your company’s payroll is managed as efficiently and accurately as possible.
Take advantage now
i3Group offers a fully managed end-to-end payroll service that continues to be developed and improved to meet the requirements of businesses in Australia and New Zealand. Your outsourced payroll solution from i3Group is customised to your business needs with superior customer service.