In 2021, payroll processing developments are in a state of ongoing flux, replete with the advent of improvements in reporting, employee access, human resources, and time keeping, just to name a few. Featured below is a list of those changes to be aware of in 2021 and potential adopt for your business by signing up for cloud-based payroll processing:
- Cloud-Based Payroll Processing is Way Up in the Clouds
The increase of cloud-based payroll processing has been astronomical over the last 12 years. The total cloud-based payroll processing software market is expected to reach $15 billion in 2025. Since the pandemic started in March 2020, the demand to switch to cloud-based payroll processing has increased dramatically. Online payroll apps allow workers to login from anywhere to access tax forms, days off, and several other important pieces of data and employee functions. Company’s payroll processing departments can run payroll from anywhere and work without any restrictions. Cloud-based payroll give companies the ability to expand staffing and stay in compliance with all legal payroll tax and record keeping requirements.
- The Need for Up-to-the-minute Statistics and Critical Business Information.
Payroll reports in the past took weeks to a month and a half to complete. Those days are over for companies that switch to cloud-based payroll processing. In 2020 and now again in 2021 payroll must be run like a well-oiled machine. Knowing the exact payroll totals due each day, week and month is critical to businesses now more than ever due to the financial setbacks from the downturn in the economy caused by the pandemic. Making smart well-informed business decisions is much easier with up-to-the-minute information.
In 2021. effective management and processes for payroll are crucial to the success of companies. Several of these developments mentioned are newer. Each one of them provides ongoing enhancements for the success and well-being of businesses and their workers. Many of the developments will become ingrained into how business is done, and how payroll and human resources are managed. Payroll will continue to evolve, get better and be an important integral component of business success.