Your company’s successes and future growth rely on your workforce. Hence, they should be always motivated and happy. Nothing motivates your employees more than receiving timely and correct pay.
If your current payroll system relies on slow, manual processes, late payments can lead to high turnover. Conventional payroll processing methods are buckling under the weight of tedious data entry work and human errors. When using manual payroll systems, you risk miscalculations of pay, delayed disbursement of salaries, and data loss. Since they can’t keep up with the employees’ expectations, the turnover rates will increase.
Fortunately, the improvement of digital solutions has led to the introduction of cloud-based payroll systems. Snow Technology provides cloud-based payroll services that can help streamline your employee management and company’s operations.
What Is Cloud Payroll Software?
A cloud-based payroll system stores your company’s payroll data in a cloud server. That means anyone with authorisation can access information from any device with an internet connection. With the help of cloud-based payroll solutions, you can unify your human resource functions to ensure the payroll process is systematic.
As your business grows, monitoring employee schedules, work hours, and availability can be tedious. Besides, it can be tough to keep up with the changing employment laws and regulations. A cloud-based system allows you to handle all payroll functions from one location. It also automates some processes like calculating salaries based on work hours and ensures you are on top of employee compliance issues. Since the system ensures proper data maintenance, you don’t have to back up information, and the robust security features prevent unauthorised access and data breaches.
What Are the Advantages of Cloud Payroll?
A cloud-based payroll system outweighs the traditional methods of handling payrolls due to the following benefits:
1. Improved speed and accuracy
Paying your workers right and on time should be your top priority. Unfortunately, most companies run their payroll at the last minute, leading to delays and numerous errors. If you want to avoid a pre-payroll crunch, it is time to shift to a cloud-based payroll solution. It provides a user-friendly platform for managing your payroll functions. Besides, it has automated features, which means you don’t have to worry about manual calculations. The automated calculations eliminate errors and reduce overpayments and underpayments during the disbursement of salaries. Since employees can check-in through the system, it accurately records work hours used to compute wages.
2. Improves transparency and offers mobile accessibility
With a cloud-based payroll system, both employees and managers can access relevant information from any location. That means your managers can review their teams’ training schedules and leave requests without contacting the HR department. The transparency speeds up the approval process of leave requests, which helps everyone plan better. With a cloud-based system, top-level management can also review workflow statuses when they want insight into what the employees are working on in various departments.
Most businesses have multiple workstations, and sometimes they have remote workers. Managing and sharing information with teams working away from the office can be challenging. A cloud-based payroll solution provides mobile accessibility, which means the HR team can process payments from any device. Field managers can also use the system to review timecards and approve paid time off without going to the office.
3. Automated updates
When you have an on-site payroll system, you need to update the software regularly to enjoy additional features and security measures. A cloud-based payroll system makes automatic updates to ensure you are always using the latest features. Some cloud payroll solutions also keep track of the employment laws and legislation. In case of any changes, it automatically updates them to ensure you are compliant with the legal requirements. This is useful if you operate in multiple countries with diverse regulations.
Aside from updates, a cloud payroll system doesn’t require backups and has no risk of data loss. This reduces the tedious process of backing up information at regular intervals and losing important data in case of system failure.
4. Tracks work hours
Tracking work hours in a large company is challenging if you don’t have a system to monitor each worker’s schedule. Fortunately, most of the cloud-based payroll solutions offer time and attendance tracking tools that record every time an employee checks in or out of the premises. The time tracking feature also assists managers with monitoring remote workers. The cloud payroll system also integrates the timecards and sheets to calculate wages at the end of the week or month.
5. Cost-effective and saves time
Most businesses spend hours calculating payroll manually, especially if the payroll team calculates work hours from spreadsheets. When you invest in a cloud-based payroll solution, it saves you valuable time since the calculations are automated. This also frees your HR team to focus on other aspects of the business.
Unlike in-house payroll systems where you purchase the software and sometimes need to install servers, payroll on the cloud is affordable. Most providers only require a monthly subscription fee, and you won’t incur installation costs.
How Can Cloud Payroll Help to Grow Business?
Using cloud-based payroll solutions can boost your business growth and improve productivity in the following ways:
• Employee engagement: It is crucial to keep your workers happy when you want to increase your revenue and productivity. With a cloud-based payroll system, you can make significant progress in employee engagement. Your employees will receive accurate salaries on time, reducing complaints and turnover. The payroll system also provides a self-service portal for workers to access important information and make requests to the managers. For instance, employees can request time-off or leave and receive updates of their requests from the system. Besides, you can use the time tracking functions for performance appraisals and reward the best employees.
• Accessibility to business information: A cloud-based system allows remote workers to access assigned tasks from the system without coming to the office. The accessibility to business information streamlines workflows and ensure all stakeholders are involved in business growth.
• Scalability: Cloud-based payroll is scalable, which means as your business grows, the system adapts to the changes. For instance, when you have a larger employee base, you can use the system to automate payment processing and disbursements through various payment methods. That means you can focus on other business functions without worrying about your payroll.
What to Consider When Choosing Cloud Payroll
When identifying the best cloud-based payroll solution, pay attention to the features it provides and other functions. For instance, can the payroll system compute taxes? The system should automate tax calculations to simplify the filing of returns. Other features include integration options and scalability for business growth. Aside from the features, check if the user interface provides a seamless user experience at the required speed.
The payroll provider should have an established record of accomplishment with various industry users. Apart from reputation, check the type of support that the provider offers. Some offer basic customer support, while others provide additional services. That means you need to choose based on the kind of support that fits your business.
Cloud based payroll solutions guarantee a return on investment. The lower upfront costs, save you money and time compared to using manual payroll processes. Besides, it keeps your employees happy, which is vital in business growth. When choosing an ideal payroll on cloud providers, look for a combination of technology and service delivery like Quantum Cloud, which represents the latest innovations in process automation.