5 Reasons Employers Should Invest In Cloud-Based Payroll Software.
Employers today are constantly struggling to manage the day-to-day chaos that comes with keeping track of everything from employee hours to payroll taxes, not to mention trying to figure out how much money they have to set aside for their next big purchase. This is where cloud-based payroll software comes in handy, as this kind of technology can save companies valuable time and energy through automation, real-time visibility, and integration with other HR solutions. The next time you’re debating whether or not cloud-based payroll software will benefit your company, keep these five reasons in mind!
5 Reasons Employers Should Invest In Cloud-Based Payroll Software
Cloud computing may seem like an unnecessary expense for smaller businesses, but it’s really one of those luxuries that can save you money (and headaches) over time. Among its many benefits, cloud computing allows you to focus on your business, rather than spending time building and maintaining expensive programs. It also means much less upkeep—meaning no late nights trying to solve system problems or bug fixes. Here are five reasons why you should consider making an investment in a cloud-based payroll solution
1) It Improves Financial Efficiency
Cloud-based payroll software streamlines and automates employee compensation, cutting down on time and stress for managers and HR professionals. Furthermore, because it integrates with other HR and finance systems, like project management and accounts payable/receivable programs, it brings a company’s financial data up to date more easily. This puts an organization in a better position to make business decisions because data is collected at one centralized location. For example, if a manager is researching employee salaries for budgeting purposes or if an investor needs information about revenue to evaluate their potential investment portfolio. Without cloud-based software, reports have to be gathered manually from several places throughout a company that might not even have all of their own figures accurate! This makes finding reliable information much more difficult than necessary.
2) It Saves Money
There’s no way around it: Payroll is expensive. And when you’re running a business, there are a few expenses that can’t be cut when times get tough. If you’re currently using old-school methods for managing your employees’ paychecks, then there are probably at least a few opportunities to free up some cash—especially if you think outside of the box. Cloud-based payroll services offer different pricing tiers based on their feature sets; one plan might be cheaper than what you currently pay, while another plan could cost more—but provide benefits you wouldn't receive otherwise. Review your existing setup carefully before making any decisions to ensure that an investment in new software will give you results that are actually worth your money.
3) It Reduces Employee Turnover Risk
Payroll systems are notoriously complicated. Many small businesses make costly mistakes due to a lack of payroll training or inaccurate recordkeeping. Whether they can’t afford professional help or don’t have time for it, most small businesses pay third parties to do their payroll. These services might seem like a good deal on paper, but many cost more than what it would take to train employees and create an automated process. Beyond that, paying someone else also means giving up some control over your company’s processes and financial information. Investing in a cloud-based system is not only less expensive than outsourcing payroll management, but also allows you to keep sensitive data safe from outside eyes.
4) It Boosts Employee Productivity
If you’re anything like most business owners, your employees are your greatest assets. In fact, if you don’t have a healthy staff that has a good work ethic and gets their jobs done effectively, you can kiss profits goodbye. This is one of many reasons why a cloud-based payroll solution is a good idea for most businesses. Cloud services boost employee productivity by making it easy to schedule shifts and communicate with staff in real-time from any device using secure messaging channels. When an employee has accurate scheduling information at their fingertips from anywhere they have Internet access, they’re more likely to make smart time-management decisions—like showing up on time and getting ahead on extra tasks—that will ultimately benefit your business overall.
5) It Reduces Errors While Processing Payroll
If you’re like most small business owners, you probably take care of your own payroll. That means filling out paper forms, calculating deductions, and processing payments. This process is tedious and prone to errors that could lead to fines or penalties down the road. Cloud-based payroll is less likely to contain errors because it’s programmed by experts who focus on compliance with tax laws and accuracy when it comes to handling direct deposits for employees. If you don’t have time to learn about all these rules but want everything done right, look into a solution that takes over all these tasks for you.