Top 5 Reasons To Migrate Your Payroll To Cloud
SaaS Payroll is a perfect solution for businesses which are looking at increased productivity and improved accuracy. It is a web-based payroll system which enables the companies to use payroll related software online or via cloud. It enables the SMEs to process their payrolls without any external support and additional manpower requirements through secure web based access to a secure website. The payroll data can be uploaded and processed instantly without any trouble. The entire process can be done from anywhere and the results are quick and error-free.
There are many corporate online payroll service providers in the market who provide top class payroll processing services to SMEs. The corporate online payroll services are up-to-date with the latest legislative compliance and get updated regularly as and when there is a change in the system. This small business payroll solution assures the management of their payroll processing such that the management can concentrate on its core business thus increasing productivity.
Cloud based payroll is increasingly becoming the most sought after small business payroll solution with many companies migrating their payroll solutions to cloud. Many small and mid-sized companies are becoming aware of the various benefits and advantages of cloud based payroll system over the traditional methods.
The cloud based payroll solutions enables the management to cut costs and also to reduce a huge chunk of redundant payroll data processing every month. They offer consistency and accuracy in computing and reliability in the payroll operations. The entire process is completely automated and requires negligible human intervention in the processing.
The web based processing of data paves way to error free computing and a minimised risk of tax penalties. The data analytics tool also helps in error free reporting and graphical analysis of the data which makes it easier to comprehend and deduce. The flexibility and scalability it offers are added benefits which make this small business payroll solution more lucrative than its in-house counterparts.
Top 5 Benefits of Migrating Payroll to Cloud:
There are many benefits which can be derived from cloud based payroll services. Some of the most popular among them are:
1. Cost cutting:
This is the first and foremost benefit of migrating payroll to cloud. Most of the costs involved are related to hardware installations and patches which turn out be expensive in the traditional payroll processes. The costs involved in buying and installing servers, routers and various other equipments along with the software involved in computing and processing payroll can be avoided. Apart from these, the regular upgradation and installation of patches can be avoided by simply migrating to SaaS Payroll.
With the web based payroll system, one can expect a cut in operational cost which also includes the man-power, equipments and maintenance and security involved.
One of the major needs of today’s business organization is the facility to access data from anywhere. On-premise payroll system fails to provide this flexibility to the management. This would mean that the employees have to essentially use that particular system which has the particular payroll software installed, thus decreasing productivity. With cloud based payroll system this problem is solved and the employees can access data through web browser or an application from anywhere.
With increased number of companies providing work from home options and remote work options to its employees, such options are very critical for smooth functioning of the organisation. This process also makes data security simpler and less complicated. Data can also be stored on the cloud and will not need any storage space and need not worry about processer slowing down due to huge volumes of data.
3. Data Secured Storage:
Cloud based payroll system decreases the burden of frequent manual back-ups and security checks which is required in the traditional in-house payroll system. Often, management stores huge volumes of personnel data and payroll related documents in its servers for which there is a risk of getting lost during power outages and server failures. There are many cases where organizations have lost a huge chunk of data which is very difficult to retrieve. This results in enormous loss of time and resources both in backing-up and restoring the data.
SaaS Payroll system has an elaborate disaster recovery system in place which secures the data and ensures speedy recovery with complete back up.
4. Data Security
The web based payroll system ensures complete security and protection to the sensitive payroll data. Many a times, an organisation requires additional security parameters and access controls to keep a check on data privacy and security. They have to manage a server room with climate control and high security controls in it. This is additional maintenance work and regular checks to avoid any kind of privacy or security breach. This in turn means additional man-power and hiring. For a SME, extra manpower means more cost to the company which can be avoided by moving their payroll to cloud. There is extra security including firewalls, data encryption, security authentication, and anti-virus support all with automatic updates and necessary up gradations to ensure complete security for the data.
5. Accounting Automation:
For many organisations bookkeeping and managing cash flows is an extra burden on their daily operations. For such companies, corporate online payroll services are a blessing in disguise. These cloud-based payroll processing solutions automates the payroll functions like data leave management, managing deductions, tax deductions and filings, printing and dispatch of payslips etc. The data obtained from various other departments of the organisations like the Human Resources, Sales and Operations can be seamlessly uploaded to the cloud and accessed without any hassle. It would put an end to strenuous manual entry of data thus minimising the risk of human errors.
There are many other advantages of using cloud based payroll services. One such benefit is its scalability. For a SME in the development phase, this factor is very essential and critical for its growth. The payroll processing service provider can offer more server support and a bigger bandwidth to support any sudden growth spurt in the organisation both on a temporary and a permanent basis.
The pay per the scale option is another benefit which is beneficial for a growing company. Unlike the in-house payroll process, in which one has to pay for the entire software package and the hardware support needed to install them, in a cloud based payroll service, the management can customize its offerings as per its need and can increase as the demand increases. The company needs to pay only for the services it uses and not for the whole package. This cuts down costs and ensures savings.
Saas Payroll Solutions is a fool-proof solution to a business’ payroll processing needs and is definitely worth investing in. It reduces the work load to half and increases the productivity of the company to a great extent. The management needs to do an in-depth study of the kind of payroll support it requires and the budget that can be allocated by looking at the best online payroll service providers to perform a better analysis of what option would be the best for it.
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