As more and more companies are realizing the potential of payroll software, the overall 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 as an experienced user).
Fortunately, once you know what to look for when considering new software or services, the differences will become clear and the choices are easier to make. In this short article, we’ll be going over the five main things you’ll want to know about the software as well as the future of payroll software itself.
The Two Types of Payroll Software
There are two main types of payroll software: on-premise and cloud-based. 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 that they’re created and customized for but lack the ability to 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 potential for them to be compromised by would-be hackers, but this is rarely the case since cybersecurity is a top priority for any cloud-based payroll system company.
The Payroll Market Is Growing
The payroll software market continues to grow immensely. In fact, according to a market report published by Infoholic Research LLP, the industry is expected to experience a global growth of over 9%! This is due in part to the expanded offerings available from major companies in the market, who offer integrated payroll system solutions in addition to stand-alone payroll systems.
Since companies who calculate their payrolls incorrectly can be subjected to hefty fines, the increase in overall market value makes sense, as payroll software offers a superior solution to the error-prone manual methods of the past.
HR Is Expanding As Well
As you might expect, the Human Resource Management market is also expanding at a rapid rate. Valued at 16.01 billion USD back in 2019, the market is projected 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, advancements in AI (Artificial Intelligence), and data analytics.
Since many payroll system companies provide HR services as well, these companies should experience growth across their entire field of products and offerings. The increase in cloud-based options also significantly contributes to the overall market growth, since many consumers prefer online services to desktop-based systems.
Stand-alone Vs. All-in-one Solutions
Stand-alone payroll software is the most basic option available. These systems manage payroll calculations, taxes, withholdings, deductions, and other necessary payroll calculations. They may also provide features such as 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 HR-based features in addition to the payroll services.
Using an all-in-one solution gives businesses a leg-up on the competition, since these types of systems integrate data automatically, eliminating the need for information to be manually copied from one system to another.
UZIO Offers an Easy Way for You to Get in on the Future of Payroll Software
Considering investing in the future of payroll software? UZIO makes it easy for you, offering partnership options for PEOs (Professional Employer Organizations), ASOs (Administrative Services 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 HR software platform, which is sure to help any business on its journey to success.
Beyond that, benefits include access to the referral program, product discounts, free training & support for the software, the UZIO “Stamp of Approval”, and marketing tools/resources provided by UZIO to help increase your sales.
Whether you’re interested in a partnership or simply need an all-in-one payroll & HR software solution for your business, UZIO offers an easy path to success. Click here to try this comprehensive platform free for thirty days, and find out what UZIO can do for your business!