Blockchain Accounting
Blockchain in Accounting: Opportunity or Threat
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Payroll Management
Payroll Management
August 4, 2018
SaaS vs Managed Payroll

SaaS vs Managed Payroll SaaS (Software as a Service)

Advantages:

  •  Affordable
    1. Low access cost to business functionality in comparison with the purchase of licensed applications.
    2. Monthly fee payment is required.
    3.  SaaS application pricing is based on the type of fee that a user opts from a SaaS provider amongst subscription fee, monthly fee and annual fee.
  •  Low Hardware Investment
    1.  Remote hosting facility nullifies any need for business organizations to spend for any extra hardware installation.
    2. Scalability is achieved through the method of ‘horizontal scaling’ wherein multiple machines are used with the required applications installed.
  •  Less Maintenance cost
    1. Low initial cost for set-up.
    2. Exempts organizations from costs incurred from installation to maintenance.
    3. Pricing on application depends on its usage and provides easy administration, patch management and automatic updates.
    4. Hardware and software maintenance is outsourced, thereby, reducing IT support cost.

Disadvantages:

  •  Cloud computing gives no guarantee on how far the data is safe.
  •  The transactional time involved in the retrieval of data, which is away from the immediate reach of the end-user, creates ‘latency issue’.
  •  Works on lower Internet speeds as compared to local high-speed networks.
  •  The tedious and slow task involving the transfer of large data files over the internet while switching vendors.

Managed Payroll

Advantages:

  • Quicker calculations of payroll and deductions to be made which, in turn, saves time.
  • Calculation of expense incurred, employee bonus, holiday pay and much more in an effortless manner.
  • Making of accurate payslips
  • Takes care of filing returns to HMRC and makes availability for prints of various employee forms such as P45, P60
  • Secured and easily accessible storage for data like payslips and annual reports

Disadvantages:

  • The threat to data security and loss of data
  • Ease of access, and thereby the possibility of data manipulation
  • Quality management and control of data

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