Payrolls are undoubtedly a great concern for all the account management professionals in a corporate organization. Keeping track of payroll payments is somewhat a challenge as they directly affect the net income of a corporation and are subjected to laws and regulations of a country. A prompt and accurate payroll department can help in increasing the morale of an employee if he receives his or her wages, bonuses or deductions in the right time. A number of software programs have been developed to make payroll management a lot easier.
With the “.com” Boom, many software applications have been put up on the internet with the concern of accessibility, convenience and reliability. Payroll websites too are a part of such development.
Many Payroll services providing websites have sprung up in near past. All you have to do is, setup your company payroll profile on the website for some premium, and you’re done!
Financial statements and payroll data are utterly important for a corporation. These documents are confidential and are in the hands of professionals. Any data loss concerning payrolls and other financial statements is a major setback for a corporation.
Creating a database of such data is without doubt a safer and less problematic solution for such a problem.
With millions of corporations finding ways to make exact and timely payments with exact records, it is surprising to see that designing and developing such websites is a big business opportunity. All payroll service providing websites charge premiums depending on the number of employees and the amount of work the service providers have to spend in maintaining the records. Websites such as www.payrollsite.co.uk charge per employee. The website operations are subjected to laws and regulations of the UK.
Of course, privacy and security of data are a great concern for major corporations. They demand complete and guaranteed security of their data in exchange of the premium.
An example of security issues is the PayMaxx which operated an automated W-2 website and had to stop its operations after secure payroll information of different clients became visible to more than 25000 people.
With the concerns of security, payroll service providing websites constantly have to look for and spend in R&D regarding data security. They may have to rely on companies that provide such data security services and ensure their customers for complete safety and reliability.
When it comes to designing and developing such websites. The first concern is the amount of data to be held and further allocated with the increase in the number of clients, and the cost associated with it. There has to be check and balance in holding crucial employee data, which includes taxation numbers, social security and NIC, etc. After that there has to be a proper data security plan to set up the service. Then there has to be an article of agreement between the client and service provider. The agreement must also comply by the rules and regulations of the country.
Guest Post by Crystal
Gary Trainor is the CEO of Infinisource, a payroll administration with headquarters in Coldwater, MI and Charlotte, NC. Mr. Trainor has more than three decades of HCM industry and management experience that includes almost 20 years at ADP as Division President.