Employees are the backbone of any organization. They are the wheels that keep your business running. So, for any organization, it is necessary to take care of their needs too.
One of the essential aspects in that direction is payroll processing. However, using conventional methods for payroll processing is both time-consuming and inaccurate. It causes delayed payments and financial discrepancies, eventually decreasing employee morale.
But like every other problem, technology has a solution to it too. And, that is cloud-based payroll processing. Integrating cloud in your payroll management ensures timely payment and a hassle-free experience, simplifying things for your HR department.
Here are six reasons why should you choose a cloud-based payroll system for your business:
Happier Employee Base
Want to increase your revenue? Then it would help if you considered keeping your employees happy. According to an article from Forbes, a happy and content employee base can help your organization make more money. Implementing a cloud-based payroll system for your business is an excellent initiative towards that step.
Using the cloud for your payroll management relieves your employees from many work hassles. It offers an employee a self-service portal. By using it, employees can easily access their payroll information from anywhere, anytime.
They can download their payslips, report overtime, request PTO (paid time off), access tax details, and even apply for retirement funds. They can also update their personal information on the go.
So, whether it’s verifying the hours worked or updating their contact credentials, everything can be swiftly managed. This ensures accurate and timely payments and getting their hard-earned money at the right time. What else could make them happier than this?
One of the significant issues with local storage is restricted accessibility. All the data is stored locally in the systems. What if your staff is unable to come to the office, and the payroll processing gets delayed? It will surely result in delayed payments.
With a cloud-based payroll system, all the information is stored in the cloud servers – you can easily access it from anywhere, anytime. All you need is an internet connection, a web browser, and authorized access. So, it doesn’t matter where you are – you can easily access payroll information and authorize payments. In short, worrying about those missed payroll deadlines is longer an option.
Access To Latest Technology
Managing the accounts is no child’s play. Miscalculating payrolls, overdue deadlines, tax-related errors, and extensive bookkeeping are some of the challenges faced in payroll management. The more extensive the information base, the more tedious it is to manage with the traditional methods.
However, the integration of technology in your payroll processing and management gives you an edge and makes your organization future proof. It also helps in improving accuracy and makes things simpler.
With a cloud-based payroll system, you can overcome these challenges. It automates payment processing, payroll calculation, tax estimation, and manages other deductions. You can even schedule payrolls, eliminating redundancies, and delayed payments. This way, you can cut down on unnecessary manual tasks and focus on other important things, like monitoring employee performance.
Safety Of Your Data
Data is a valuable asset for every organization. Hence, it is imperative to maintain confidentiality and privacy. When information is stored locally, it carries a higher risk of being compromised. For instance, your local hard disk can crash suddenly. It is also more theft-prone. This makes storing confidential data locally, very risky.
Cloud payroll offers top-notch data security features such as the latest antivirus and firewalls, automatic intrusion detection, and experienced IT professionals monitor your data for any suspicious activity. Another important feature is data encryption – even if the security is breached, the attackers will not be able to understand your data.
Contributing to the environment
Managing your finances traditionally not only affects your resources, but it also affects the environment. Processing payrolls, filing taxes, updating timesheets, issuing payslips, and maintaining employee records require extensive paperwork and utilize a considerable amount of paper.
Production of paper has its own ill effects on nature, like global warming and deforestation. Also, a notable amount of ink and cartridges are used for printing purposes. They contain various heavy metal compounds, and to produce those, a significant amount of oil is used. This further depletes our natural resources.
Using a cloud payroll minimizes the usage of paper. Cutting down on the usage of paper saves up to 150,000 trees from being cut down every day. You also save the environment from the detrimental effects of discarded inks and cartridges.
Also, according to a Microsoft study, switching to the cloud can save up to 93% energy consumption and reduce CO2 emissions by 93%.
It Pays You Back
Every business wants a profitable ROI. They are continually looking to efficiently leverage their resources and use them in the best possible manner. However, there are many costs that they have to deal with. Maintenance of the office space, employee payouts, overhead charges, and other miscellaneous expenses are some of them. And if you are not careful while investing, then it can severely impact the finances of your business.
Payroll software such as QuickBooks Desktop Payroll is a cost-saving investment. It automates your various payroll processing tasks, saving time and money. Also, it dramatically reduces your IT costs, when used with hosted QuickBooks software. You don’t have to set up your own IT infrastructure or hire professionals for its maintenance.
You can also scale your system at a reasonable price by simply intimating your service provider about your growing needs. So, when you move to the cloud, you are not just paying your employees but also yourself.
Reduced costs, better payroll processing, availability of the latest software, and improved accessibility to data – these are some of the benefits of implementing cloud for payroll management.
And, since all data gets updated in real-time and is centralized, your accountants can easily collaborate to manage your finances. This further makes payroll processing faster and more accurate. Also, you get to experience premium software at a comparatively low-cost rate.
Wondering how cloud-based payroll can help your business? Get in touch with our Solutions Consultant at +1-855-223-4887.