As more and more companies realize the potential of payroll software, the global market continues to grow, with new services and products appearing every day. Since there are so many options to choose from, it can quickly become overwhelming as a newcomer (or even a power user).
Fortunately, once you know what to look for when considering new software or services, the differences will become clear and the choices will be easier to make. In this short article, we’re going to go over the top five things you’ll want to know about the software as well as the future of Payroll Software himself.
The two types of payroll software
There are two main types of payroll software: on-premises and in the cloud. On-premise systems are slowly fading out of style as cloud-based systems begin to occupy the majority of the payroll software market. On-premise systems are specifically tailored to the organization for which they were created and customized, but cannot be accessed outside of the office.
On the other hand, a cloud-based payroll system can be accessed from anywhere in the world with an internet connection. This opens up the possibility for them of being compromised by potential hackers, but this is rarely the case as cybersecurity is a top priority for any cloud-based payroll business.
The payroll market is growing
the Payroll Software market continues to grow tremendously. In fact, according to one market report published by Infoholic Research LLP, the sector is expected to experience global growth of over 9%! This is in part due to the expanded offerings offered by large companies in the market, which offer integrated payroll system solutions in addition to stand-alone payroll systems.
Since companies that calculate their payroll incorrectly can face heavy fines, increasing overall market value makes sense, as payroll software offers a superior solution to the error-prone manual methods of the past.
HR is also developing
As you might expect, the human resource management market is also growing at a rapid pace. Valued at USD 16.01 billion in 2019, the market is expected to reach a total value of $ 38.17 billion by 2027. This growth is due to a variety of factors, the main ones being the World Wide Web, advances in AI (Artificial Intelligence) and data analytics.
Since many payroll companies also provide HR services, these companies are expected to experience growth across their area of ââproducts and offerings. The increase in cloud-based options is also contributing significantly to the overall growth of the market, as many consumers prefer online services over desktop systems.
Standalone vs. All-in-one solutions
A stand-alone payroll software is the most basic option available. These systems handle payroll calculations, taxes, payroll deductions, deductions, and other necessary payroll calculations. They can also provide features like time tracking, attendance, and direct deposit management.
The alternative is an all-in-one solution such as UZIO, which can provide employee self-service, benefits management, legal assistance, and other human resource-based features in addition to payroll services.
Using an all-in-one solution gives businesses a leg up on the competition as these types of systems automatically integrate data, eliminating the need to manually copy information from one system to another. .
UZIO gives you an easy way to step into the future of payroll software
Thinking of investing in the future of payroll software? UZIO makes it easy for you by providing partnership options for PEOs (Professional Employers’ Organizations), ASOs (Administrative Service Organizations), and CPAs (Certified Public Accountants) across the United States.
The benefits of a partnership begin with access to the all-in-one cloud-based payroll and human resources software platform, which is sure to help any business on its journey to success.
Beyond that, the benefits include access to the referral program, product discounts, free training and support for the software, the UZIO âapproval stampâ and marketing tools / resources provided by UZIO to help you increase your sales.
Whether you’re interested in a partnership or just need an all-in-one payroll and human resources software solution for your business, UZIO offers an easy path to success. Click on here to try this full platform for free for thirty days, and find out what UZIO can do for your business!
Posted on May 31, 2021