When you consider the benefits of cloud-based payroll software, it’s not hard to see why more and more companies are switching to it every day. But for some reason, many people don’t realize how essential this type of program can be to their business, no matter what type it is. Fortunately, you can take advantage of these great solutions right now by looking at the following list of reasons why your business needs a cloud-based payroll solution! In no time at all, you’ll learn how easy it can be to use these programs to make your company better, faster, and stronger!
It streamlines HR and Payroll
Cloud-based payroll solutions usually include comprehensive HR and HRIS software suites, so you’ll be able to tackle everything from tracking employee attendance to managing their pay. Instead of juggling different software and tedious HR and payroll tasks, you can focus on growing your business and hiring more employees. When everything is in one place, it makes doing taxes easier—and may even make it possible for you to take advantage of tax breaks or credits for which you would not have qualified if you were still doing things manually. Additionally, paying employees via direct deposit saves businesses money because all transactions are made digitally instead of through paper checks or cash deposits at banks or ATMs.
Cloud-based solutions are efficient. Cloud-based solutions are designed to reduce company costs, making them appealing to businesses of all sizes. By simply uploading data into the system, it’s automatically processed and tabulated, which saves both time and money. A cloud-based solution works on multiple platforms including PCs, smartphones, and tablets so that employees may access it anywhere there is an internet connection. Since many businesses today have employees who work remotely or away from their desks for extended periods of time, having a system that can operate without physical limitations is imperative. Also since most cloud providers offer automatic backup options if anything happens to your data you don’t have to worry about losing valuable information.
Cloud-based Payroll software have become increasingly popular with businesses because of their time-saving capabilities. Cloud software systems, unlike their traditional paper system counterparts, don’t require employees to fill out timesheets and can automatically calculate all hours worked for any given pay period. This allows companies to spend less time on data entry and more time focusing on other issues that they have to deal with as a business owner. It is estimated that most businesses still use old, labor-intensive methods of processing payroll, where manual calculations are used for each employee’s wages per hour.
Cloud technology is synonymous with convenience and security. Rather than installing software on in-house computers, employee data is stored remotely in the cloud, where it’s only accessible to authorized users. If you choose an online payroll service, all sensitive information (wages, bank account numbers, etc.) is encrypted when transferred over the internet to ensure maximum protection for both employees and employers. Online services also reduce hardware expenses by not requiring expensive in-house hardware. With fees for high speed connections dropping every year, employers can now provide speedy access to information that previously might have cost tens of thousands of dollars—without having to pay that much upfront.
Minimal Upfront Capital Expenditure
Cloud-based providers don’t charge you to install software on your servers. Additionally, unlike other solutions, they can be up and running for you within days rather than weeks. It’s hard to put a price tag on that kind of time savings. You won’t have any worries about initial setup costs or expensive internal training because all of it is handled by their provider. In terms of infrastructure, there’s no hardware to maintain, replace or upgrade so you can spend less time worrying about technology and more time growing your business.
Flexibility to Grow Over Time
With an on-premise system, you’re locked into having to upgrade hardware as you grow. If there’s not enough room for even one more user, then that’s just too bad. A cloud system lets you move employees over to new systems as you need them—with no worries about how it will affect overall performance. Likewise, if an employee leaves and their workstation has to be decommissioned, adding another employee to take his or her place is simple because of the cloud’s elasticity.