September 5, 2020

Top Reasons Why Cloud-based Payroll Software Could be Your Best Bet 

If the administration part of your small, privately owned business is consuming most of your precious time and you are falling behind on business critical work, then it’s time for you to move these time-consuming yet critical administrative business functions to the cloud..

We know it too well that if you as a small business want to expand your operations and grow financially, it is of paramount importance to have smooth and efficient processes in place. You have to make sure that everything is properly streamlined, be it onboarding of the employees, their retention, or the overall payroll services. As your business grows into a bigger corporation gradually, the problems like data security, remote access, and backup data also chime in. These are all concerns that small business owners must evaluate and address regularly.

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In order to streamline these important organizational functions and maintain efficiency, small businesses everywhere are migrating to cloud payroll software. Cloud payroll software for small businesses is particularly important for payroll processing, as it can be tedious and time consuming. Moreover, it helps small businesses prevent losses pertaining to tax and compliance, etc., originating from miscalculations.

Here are five reasons why payroll software for small business is a must sooner rather than later.

Employee access to information and Improved transparency

The most important tenet to ensure a healthy employee experience is certainly none other than transparency. Employees today are more demanding and look for details of each and every variable pertaining to their pay. As such, all levels of opacity related to payroll should to be done away with to gain the full faith of the employees. This is sure to positively impact their productivity levels and eventually impact your bottom lines.

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With cloud payroll software, your employees will be able to access their respective payroll information in real time. It allows your employees to view their earnings and deductions without any possibility of this information being misplaced and misused.

A cloud payroll software enables all authorized employees access to their relevant payroll information simply with the click of a button.

Automatic updates and no back-ups required

Unlike an archaic old legacy system that has to be updated manually by your IT team on regular intervals, a cloud-based payroll software is updated automatically and instantly. With one of the best payroll software in place, you do not even have to fret about the latest legislative updates, which means your payroll processes are kept consistently up-to-date and compliant as per the states the business operates in.

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Easy integration with HRIS

You can integrate your cloud payroll services with your HRIS seamlessly. This means means data will automatically be pushed to and from these applications – saving you time and avoiding duplication of work.

Data Retention

For a long time, the tell-tale sign of a small business was the store room (or any other available space for that matter) with dozens of cabinets stuffed files. With cloud-based payroll software in place, you are no longer required to keep hard documents or external storage systems as a safeguard from situations like natural calamities, computers crashing, or similar mishaps. Your cloud storage hosts all of your company’s information so you don’t have to worry about the security of your crucial data and documents. This means all of your employee’s attendance data, employee records, schedules, tax information, etc. are saved, safe, and available in real time.

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Easier reporting

With MIS and analytics, it is easier for you to generate up-to-date and accurate payroll and compliance related reports. These reports are vital for all organizations and helps you plan your business strategies with far more precision and relevance.

Payroll is one of the most crucial functions in any organization, be it a small budding business or a large corporation. Qualifying and investing in one of the best payroll software is sure to help you automate the payroll process and relieve you to concentrate on the strategic part of your business.

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