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4 Benefits Of Implementing A Cloud-Based Payroll System
When it comes to your business or organization, success and future growth rises and falls with your employees. For employees to work at their most effective, they need to trust that they will be paid well and paid on time.
If your payroll system is buckling under the weight of slow, manual processes, you may be risking far more than paying your team members late.
As businesses continue to adapt to an increasingly digital world, conventional payroll processing methods aren’t keeping up with expectations of workers and managers. Manual processes of the past can raise the risk of data loss, miscalculations for pay and leave requests, and delayed payroll. The more problems you face with payroll, the more likely that employees will begin to seek a better company.
Fortunately, the rise of cloud-based computing has helped bring payroll processing into the modern day with fast and effective solutions. A strong, cloud-based payroll system can bring various benefits to your company’s operations immediately. Here are four reasons that you should implement cloud payroll processes:
4 Reasons You Should Be Using A Cloud-Based Payroll Service
1. Cloud Payroll Boosts Team Member Morale
Happy employees are hardworking employees. One of the best ways to boost your team’s morale and increase your company’s effectiveness is to invest in products that make your employees live’s easier. Studies continue to show that employees who feel that they are valued by their company are more committed, work harder, and are more innovative and productive.
One of many methods for increasing team member morale, a cloud-based payroll system can help employees feel that the company cares for their experience. Most modern cloud-based payroll services allow employees instant access to their financial data regardless of where they are located. A self-service portal that offers a dashboard of helpful information will ensure that every team member has the data they need to work to the best of their abilities.
Within the cloud payroll system, employees can see data such as:
The more information that an employee has at their disposal, the higher the chance they will respond positively to their daily workplace environment. The happier they are, the more likely they will stay long-term and increase their revenue potential.
- Past & Present Payslips
- Overtime Reporting Features
- Paid Time Off (PTO)
- Tax Information
- Retirement Updates
2. Cloud Payroll Systems Remove Risk
If your payroll system is stored and operated through an on-site solution, you may experience disruptions if processing is interrupted. Should team members or administrators who are responsible for payroll processing are unable to access the system, the risk is increased for delays in payroll disbursement – a nightmare scenario for any company manager or owner.
A cloud-based payroll platform allows for access by processors at any time. With all data and systems stored in secure cloud servers, the data can be accessed, updated, and processed from any location at any time. Not only can users access payroll systems, but employees can also update or track attendance and ensure that data is current. A high-powered cloud payroll system can help reduce or eliminate any risk associated with on-site systems.
3. Cloud-Based Payroll Supercharges Your Data
Operating the accounts of a business can be incredibly complicated and intricate. The smallest accounting error can lead to long-term and costly consequences. Cloud-based payroll systems combine the latest record-keeping software with industry-leading technology integration to help managers avoid a variety of risks and data issues.
With a strong payroll system in the cloud, you can avoid miscalculating payrolls, overlooking tax errors, and missing payouts with automation and contingencies. A cloud-based payroll system can guide managers through payment processing, payroll calculation, tax updates, and more. Reducing barriers to use and adding automation can help companies focus on other tasks and trust that their payroll system will operate normally.
4. Cloud-Based Payroll Is Safe And Secure
Employers hold and maintain the secure and confidential data on individuals. The more data your organization stores, the higher the value and need for strong protections. Unsecure data can be compromised by malicious entities, and runs the risk of being damaged should hardware or software crash.
Cloud-based payroll systems offer priceless data protection by keeping data backed up to secure servers off-site. Protected by constantly-updated firewalls and antivirus software, you can trust that every piece of data stored in your cloud payroll system is safely encrypted and secure.
Pay Yourself Back With A Cloud-Based Payroll System
The benefits of a cloud-based payroll system continue to draw organizations to move from their on-site processing to the cloud. The time and resources saved by using a cloud-based payroll system can quickly pay back the cost of implementation and maintenance of the system. A relatively low-cost solution that needs little upkeep, a cloud-based payroll can bring a variety of advantages to a company quickly.
Most cloud-based payroll systems are scalable, meaning that your system can grow with your company’s needs as you expand. You can select only the services you need, and add features as your needs grow. Over time, the money you save in processing of payroll will pay you back far and above your initial investment.
If your business could benefit from the increased flexibility, greater access, and added features of a cloud-based payroll system, take the time to research the available options and select one that meets your company’s needs today and can grow with you tomorrow.
FastLane HR is a dedicated Hong Kong based payroll and HR services specialist. Not only do we serve a broad spectrum of SMEs, we have obtained many years of experience in providing outsourced services for both local and foreign organisations. We ensure that every aspect of your business complies with current regulations and ordinances. Please contact us for enquiries!