The Payroll Developments You Need to Know in 2021 – Part Two

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The Payroll Developments You Need to Know in 2021 - Part One by The Payroll Company 505-944-0105

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:  

  • Manual Payroll Processing and Record Keeping is Out, and Digital Cloud-based Payroll is In

Since cloud-based payroll processing came into existence, each year new payroll processing modernizations have been par for the course. Compiling reports using spreadsheets and old software programs has become part of the past and it is not coming back. Employees can now interact with payroll through online portals via self-service interface and payroll departments are able to manage payroll from a lap-top or a smartphone.  

  • The Advent of the Payroll System Elasticity.

The workforce working in the workplace and working remotely in the last 12 months has changed dramatically due to the pandemic. Payroll systems that are cloud-based have adapted to this situation by way of the development of elasticity to adapt to the growth of everchanging workforces and company employment worker wage deals. Many businesses in the economy will now use gig workers, freelancers from around the world, independent contractors, flex-time workers, and remote workers to operate their company and produce goods or services. Cloud-based payroll processing systems will need to be highly elastic to handle payroll processing regulatory requirements and payroll taxes for an ever-changing labor force.  

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.

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