There is subtle difference between SaaS payroll and payroll SaaS. SAAS (software as a service) is the current fad everyone is excited about (cloud computing). There is a good reason why SaaS is a big thing.
What are the essential benefits of SaaS?
- Accelerated software deployment with less risk.
- Lower up-front costs.
- No additional hardware and lower internal staffing requirements.
- More excellent reliability, security, and privacy.
- Higher productivity/ROI at a lower total cost of ownership (TCO).
- Greater agility to scale software to meet changing business requirements.
- Quicker time to value.
SaaS model sometimes has certain shortcomings, including:
- Lack of control
- Security and data concerns
- Limited range of applications
- Connectivity requirement
Payroll SaaS
A service provider offers managed services like payroll processing through software use. Here the customer pays for the service and outsources the entire work. In this case, it's getting your clothes dry cleaned and not having to do it yourself.
The critical difference between your Payroll consultant and 'service as a software; is that the software aims to do most of the consultant's work and put them out of work.
SaaS Payroll
A service provider offers software tools used by customers to solve their problems. Instead of incurring Capex on software, you rent it. It is like renting a washing machine to wash your clothes. You are responsible, but the machine makes work easy when compared to hand washing.
The Elements of a Great SaaS Payroll Solution
- Time and Attendance
- Employee and Manager Self-Service
- Reporting
- Compliance Management
- Security
What about greytHR?
An HR & Payroll software, like greytHR, can provide the right solution to SMBs. Present across 22+ countries, including Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates, greytHR not only helps process accurate payroll every month, but also comes with in-built statutory compliance, expense management, leave and attendance management modules.
