Since the advent of cloud computing, an increasing number of enterprises are moving towards subscription-based business solutions, mainly through SaaS applications. SaaS application development provides scores of benefits over the traditional on-premise systems in the form of increased security, flexibility, scalability, better control, and interoperability. Above all, it enables organizations to efficiently run their operations with minimal hardware complexities, reduced costs, and lesser manual strain.
Over recent years, SaaS-based payroll software solutions have become increasingly popular in modern-day business applications. As a matter of fact, a majority of enterprises are already using cloud computing methods to manage most of their business applications. In this post, we shed light on the key features of SaaS-based payroll software systems and their benefits for enterprises.
What Is a SaaS-based Payroll Software?
A SaaS payroll system is a cloud-based business accounting and payroll processing software that is hosted on the remote servers of the cloud service provider. It is an excellent choice for companies that don’t want to overspend on purchasing, installing, and maintaining on-premise systems. Software as a service provides easy subscription-based payroll solutions that enable organizations to save costs and reduce hardware dependency. Therefore, many businesses are beginning to shun their legacy payroll systems and on-premise software applications to adopt the SaaS-based architecture.
Also read SaaS Application Development For Business Process Management
Key Features of SaaS-based Payroll Systems
By developing a custom SaaS payroll application, you can choose to implement only the required features while ruling out the nonessentials. However, there are some requisites that remain constant for all types of businesses. Given below are such requisite features that are commonly a part of the modern-day SaaS payroll systems regardless of the business use cases.
Hosted Software Solutions
Unlike the on-premise applications, SaaS-based payroll systems are hosted on the cloud and are accessible through web browsers or mobile applications. In doing so, users can access the payroll software from anywhere across the globe. All they need is a stable internet connection and a compatible device that can be a computer, laptop, smartphone, or tablet.
Complete Payroll Management
For example, an HR executive can run the SaaS payroll software on his browser. He can use a desktop, laptop, or even a mobile phone for this purpose. The feature-rich software facilitates a variety of payroll activities. It includes accurate salary calculation and payslip management. It also has key features for check creation, delivery, and acknowledgment. Besides, the accounts teams can use the software to generate custom invoices at the end of the billing period.
Payroll Reporting
SaaS-based payroll software is responsible for generating insightful reports that include detailed timesheets, balance audit reports, wage/liability audit reports, and more. The reports are automatically generated on a weekly/monthly basis while you can also generate custom reports anytime, as required.
Tax Filings
The SaaS-based payroll solution is effective at calculating the exact taxable amount to facilitate timely tax filing before the due date. Thus, it eliminates the chances of facing penalties and also aids in maximizing tax savings. Other features include filing status tracking, pre-tax deductions, and automatic updates on quarterly tax tables.
Generating Payslips
Another crucial feature of modern-day SaaS payroll systems is generating payslips for all employees working in an organization. The software also generates leave summaries and salary statements that you can view or download in the desired format. Besides, the HR team can use the SaaS payroll software to easily generate appointment letters, offer letters, and experience certificates.
Employee Self Service Portals
Another great advantage of using SaaS-based payroll software systems is the creation of employee self-service portals. These are authentication-based web portals where employees can easily login to view their attendance data, payroll records, bonus details, tax forms, and more.
Benefits To Enterprises
Now that we have discussed the key features of SaaS-based payroll software, let’s delve into the main benefits they deliver to enterprises.
Faster Deployment
Cloud-based SaaS solutions are increasingly scalable, easy to deploy, and more adaptable to changing business needs. Besides, enterprises can easily upgrade their SaaS-based payroll software to introduce new features or rearchitect the existing software model.
Increased Security
Cloud solutions add an additional layer of security through end-to-end encryption techniques that are effective at protecting sensitive business data. Besides, you get better control over the software and easy access to data with robust authentication protocols and secure connections.
Cost Savings
Rather than one-time payments, most SaaS providers offer flexible payment options where you can choose to pay monthly or annually. Besides, you only pay for the services you avail and there are no upfront payments involved. As a result, it significantly reduces operational costs and enables organizations to focus on their core business operations.
Resource Efficiency
One of the most lucrative features of a SaaS-based payroll software is a better utilization of the available resources. With a SaaS-based system at your disposal, you don’t require an advanced hardware setup. Therefore, you can utilize your hardware resources in handling more complex tasks, mainly related to DevOps and IT infrastructure management.
You may also be interested in reading SaaS ERP vs On-Premise ERP: What Is More Beneficial In 2021?
Closing Remarks
Developing SaaS-based payroll software can be the ultimate remedy to most of the commonly occurring business accounting problems. It could be even more beneficial for startups and small-to-medium enterprises that can’t afford to overspend on their business IT infrastructure. SaaS software development saves you from the hardships of developing an application from scratch, building a server, installing the application, and then configuring it. However, it is equally important to hire experienced developers for your SaaS project. The ideal approach is to outsource a reliable SaaS development company rather than hiring experienced personnel to significantly reduce the overall project cost.
At Oodles ERP, we provide complete SaaS application development services to streamline your mission-critical business workflows and boost productivity. We also provide SaaS consulting services to help you choose the right cloud solution for your existing business model. Our development team carefully analyzes your business requirements to devise an effective project roadmap and execution strategy. To know more, visit erpsolutions.oodles.io or drop us a line at [email protected].
