Top 5 Reasons Why Moving Your Business To Payroll Cloud Make Sense
The popularity of Payroll Cloud is increasing day by day for obvious reasons;increased efficiency; services are rapidly deployed and ready for use in a matter of minutes versus the weeks or months it traditionally takes. But there is more than just getting your compute resources, storage capacity or application as a service within minutes.
Payroll Cloud – Top 5 Reasons Why It Is Good For Your Business
#1. Payroll Cloud Software Can Accommodate Your Organization’s Growth Easier
When you buy non cloud based software, you have to be sure to purchase enough capacity to handle peak employee demand. Using handwritten time sheets, the manual workload can grow out of control if your workforce expands. With cloud based payroll software, you only pay for the capacity you need to use at that time. You can scale upwards or downwards depending on need for that time frame. This can be especially helpful for companies that have a fluctuating or seasonal workforce.
#2. You Can Make The Right Business Decision With Up-to-date Information
With older techniques, one would need to go through a very strenuous process to get the information needed to make the best business decisions. Most of the time you would also need to make decisions using reports and figures that you received at the end of the previous business month, which might lead to you making decisions that are not necessarily in the best interest of your business.
Moving your business to Payroll cloud software would mean that you can simply log on to the application from your mobile device or tablet. You’re able to see your data in real time, ensuring that you have the power and resources to make the best possible decision. With this you can see the effects that it will have on your business immediately.
#3. Your Business Can Have Self-service Functions
Payroll Cloud based software benefits doesn’t end with its flexibility. Cloud-based payroll applications are increasingly self-service. They use what’s called a multi-tenancy framework, which means employees can gain access to information in the cloud from anywhere.
Giving employees access to their information eliminates time-consuming HR tasks, like processing requests for time off, updating employee information, opting in or out of benefits, and other responsibilities that used to require hands-on assistance.
Now, your employees can log into the system and do it on their own. What’s more, they can review their information anytime, at their convenience, not just during business hours. Being able to manage this information not only makes their lives easier, which helps boost morale, it frees up valuable time so they to focus on other things.
#4. Your Company’s Data Is Safe When Properly & Diligently
Should sensitive HR data really reside on the Internet? Are the advantages worth the risks? These questions continue to plague employers who are still up in the air about cloud-based Payroll solutions.
According to KPMG’s 2014 Cloud Survey Report, which reflects perspectives of more than 500 global business leaders, 55% of respondents cited data loss and privacy risks as the most significant challenges of doing business in the cloud, followed by intellectual property theft 52%. In fact, when it comes to selecting a Payroll On Cloud solution, cost has been eclipsed by security and data privacy.
The security of a company’s payroll and HR data comes down to the company hosting that data. These companies will have policies and procedures in place to secure their infrastructure and data. In combination with the right host, the cloud can have a secure lining.
The key is to identify the threats cloud computing faces, such as a data breach or loss, and how to protect against them. Due diligence is necessary to make sure the supplier’s security is in line with the company’s. Once a secure Payroll Cloud solution is in place, the sky’s the limit when it comes to boosting your HR.
#5. Your Company Has Less Capital Expenditure
Moving to the cloud means that you bypass many of these associated costs, ensures that you receive continuous updates and improvements to your software, and you can get started right away. The implementation process is also usually a lot faster and less complex.
A real winner to lower your business operating costs.
Apart from above mentioned; there are many reasons to consider switching your business to Payroll Cloud such as get access to upgrades easily, no paperwork, more time to focus on core business activities, and better agility .
Who’ll Benefit The Most From Payroll Cloud Software?
Any company, which has the following symptoms, are clear candidates for switching over to a payroll cloud software:
- Tedious and time-consuming manual methods of collecting and maintaining HR & payroll data
- Multiple data entry and verification touch-points
- Multiple follow-up emails and messages to employees and their managers to initiate actions for various activities like leave requests, approvals, investment declarations, etc.
- Non-availability of relevant employee information, such as leave balance, status, etc., to their managers
- Frequent delays in processing payroll and multiple calculation errors, which lead to employee dissatisfaction
- Busy payroll administrators who’re only working on transactional tasks, such as employee document management, answering employee queries, following up leave-related transactions, etc., without time to initiate strategic HR activities
To learn more about the additional benefits of a user friendly, fully-featured, cloud based time and attendance system, contact us today!
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