Blockchain in Accounting: Opportunity or ThreatJuly 31, 2018
Payroll ManagementAugust 4, 2018
SaaS vs Managed Payroll SaaS (Software as a Service)
- Low access cost to business functionality in comparison with the purchase of licensed applications.
- Monthly fee payment is required.
- 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
- Remote hosting facility nullifies any need for business organizations to spend for any extra hardware installation.
- Scalability is achieved through the method of ‘horizontal scaling’ wherein multiple machines are used with the required applications installed.
- Less Maintenance cost
- Low initial cost for set-up.
- Exempts organizations from costs incurred from installation to maintenance.
- Pricing on application depends on its usage and provides easy administration, patch management and automatic updates.
- Hardware and software maintenance is outsourced, thereby, reducing IT support cost.
- 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.
- 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
- 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