Payroll Software Research confirms the need for Payroll Optimization
Running a flawless payroll in an efficient way is not as easy as most people might think. The quality of a company’s HR database, the supporting HR technology and the underlying HR & payroll processes have a huge impact on the output of a payroll run.
As focusing on cost reduction and process optimization remains a competitive asset in today’s world, businesses are increasingly looking for solutions to optimize the payroll process. Buying a new, more innovative and integrated payroll software is an important first step towards lower operating costs and enhanced payroll effectiveness. Software Advice, a payroll technology review firm, recently published their 2014 Payroll Software Report that demonstrates 67% of small-business buyers are seeking to replace their current payroll software solution. A large majority of them (84%) hereby prefers to purchase a payroll solution as part of an integrated HR software suite.
Regular interactions between NGA’s payroll experts and our customers across the globe indicate that Software Advice’s insights are not only valid for SMEs. Large, multi-national enterprises also hugely benefit from integrated HR technology solutions and centralized HR data management capabilities. Process optimization and effectiveness, centralized access to payroll data & reports, and lower operating costs are the main reasons for our customers to select a globally integrated payroll solution such as NGA’s Global Payroll offering. In addition, the possibility to integrate a cloud-based HRIS to NGA’s payroll network makes this solution truly innovative; Software Advice’s research indeed shows that over half of payroll software buyers (69%) prefer purchasing a web-based system.
Lastly, in their search to optimize the payroll process, companies are increasingly adopting new software features such as extensive reporting capabilities (33%) and employee self-service functionalities (31%). In response to the growing demand for integrated HR reporting and self-service features – something we also noticed at our customers during the past years – NGA decided to include centralized payroll reports and self-service capabilities as standard functionalities of our Global Payroll offering.
The combination of innovative (cloud) HR technology, high level integration capabilities and HR process optimization features, allows companies to manage their payroll administration in the most efficient way. This enables them to stay at the top and provides them with an important competitive advantage in today’s increasingly challenging market.