Business competition is becoming stiff, and small businesses must improve workplace efficiency and speed. With everyone digitising their offerings, it is challenging for small businesses to keep up with customers’ needs. If you have to deal with manual payroll systems with spreadsheets and a pile of paper, you won’t have time to serve your customers.
If you keep track of transactions manually, including processing payroll and tax calculations, you waste precious time on non-revenue generating activities. Besides, it is almost impossible to track the payments accurately and file the necessary tax returns. That is why small businesses should invest in cloud payroll software that automates most menial and repetitive tasks.
Many businesses were reluctant to incorporate new software in the past due to the high upfront costs involved. However, with the introduction of cloud payroll for small businesses, many small and medium-sized enterprises can enjoy the benefits of cloud software with minimum payments and risks.
Snow Technology provides cloud-based payroll software for accountants for example, to assist small businesses in improving efficiency by minimising repetitive tasks. You are also assured of accuracy in tax computations and compliance with legal obligations. If you have not taken a step towards cloud payroll, read on to discover what you stand to gain.
Why Choose Cloud Payroll for Small Business?
A could-based payroll system allows small businesses to manage all payroll functions over a remote system. Various stakeholders can access important information from any location while monitoring multiple transactions. You can easily follow up on transactions from the cloud payroll without going to the office and manage your workers remotely. Some of the reasons you should choose cloud payroll for small businesses include:
On-premise systems often involve upfront costs of purchasing the software and regular maintenance or upgrades for the systems. Embracing cloud payroll frees you from various complexities and reduces capital expenditure on the systems. Apart from saving upfront costs, your business also reduces expenses. On-premise payroll systems require significant in-house work by the IT department, from regular updates to fixing system malfunctions. Cloud-based systems don’t need any maintenance. The vendors update the systems without assistance from the internal IT department. You also don’t have to buy servers and other hardware equipment required to run on-premise systems.
Cloud payroll empowers businesses to be fast and efficient. Calculating payroll is time-consuming and involves repetitive data entry processes. Cloud-based payroll systems for small businesses can keep up with the fast-paced business world. Anyone can access data from any location, and the payroll team can automate most of the processes and respond to employees faster.
Managing employees’ payroll goes beyond calculating salaries and wages. If you don’t organise employee records and details in a central location, it will affect the system’s accuracy. For instance, if you record the wrong reporting date, an employee will lose some wages. Incorrect data entry can also cause a compliance nightmare. When you implement cloud payroll software, you can store all information related to your employees on a central location, from onboarding to salary revisions and investment declarations. Managers can also manage employee communications and simplify information flow.
Cloud-based payroll software allows you to incorporate changes in legislation with minimal effort. When regulatory laws change, like revised deductions by the government or additional tax obligations, you can easily incorporate the changes into the payroll system, and your business will stay compliant due to the automated processes.
Real-Time Information for Decision-Making
Business owners need real-time data to make prompt decisions on business performance issues. Unfortunately, most systems provide complex or duplicative information that may not be helpful for decision-making. Cloud payroll software gathers vast amounts of data and can deliver information on consolidated payroll metrics without needing separate data houses or intelligence systems to process the data. Small businesses can use the data to monitor the overall tax liabilities or payroll expenses with a few clicks.
Why Choose Cloud Payroll?
Payroll processing is tedious, time-consuming and repetitive, not to mention the high chances of errors and wrong computations. With legislation constantly changing, it is challenging to keep track of the changes. Fortunately, cloud-based payroll for accountants has made payroll processing more straightforward. Some of the benefits of choosing cloud payroll include:
1. Lower risk of errors
The main challenge with manual calculations is the endless chances of errors. With the significant number of computations in payroll management, mistakes are a huge risk. Payroll mistakes negatively impact the business since they affect financial records and attract penalties for submitting incorrect taxes. In cloud payroll, data entry is automated, reducing the risk of errors. Besides, the software can handle complex calculations without mistakes.
2. Digital paper trail
It can be tedious to sift through file cabinets looking for documents relating to various expenses in audits. Besides, you may lose the files if you do not catalogue them well. Ensuring a paper trail for every transaction saves the accountants from an audit nightmare. That is why you should use cloud-based payroll software for accountants to store all records in a central location. The software also keeps track of changes made to the documents.
3. Ongoing support
When processing payroll using cloud-based software, you have access to ongoing support if you encounter an issue. The customer service for the cloud payroll offers extra support and suggestions that make the process easier.
Is Quantum Payroll Cloud Based?
Quantum is a cloud-based payroll system that provides payroll solutions to small businesses, large companies and accountants. You can operate and manage your payroll functions over a remote system. With an internet connection and a computer, you will have access to every detail about your employees and the payroll transactions. You can also use the system to manage remote employees since they can check in remotely and accomplish tasks by accessing information from the cloud.
The most important feature of the Quantum payroll is the safety and security protocols that prevent data breaches. Your data is secure and only persons with authorised access can see the payroll information. The backups and storage are automated to ensure you don’t lose any information.
What Factors Should You Consider Before Choosing Cloud Payroll Software?
When looking for the ideal cloud payroll software, you need to consider some features to enjoy maximum benefits. Check the basic and additional payroll features to ensure it suits your business needs. Some of the factors to consider include:
Automatic generation of payroll slips and checks: If the payroll system can send the slips to employee emails and directly deposit salaries into personal accounts, it saves you time and reduces printing costs.
Integration with in-house systems: Even if payroll is the only feature you are interested in, cloud-based software with integration options has numerous benefits. You can synchronise data from in-house systems and manage them from a central location.
Employee self-service portal and mobile optimisation: It is important to have a self-service portal for workers to access relevant information. The cloud payroll software should allow employees to review work schedule requests for leave or time off and check their benefits. The software should also be optimised to enable mobile access.
Time and attendance feature: A cloud-based system that can collect employee check-in or check-out data automates various processes. It can convert the check-ins to hours worked and process the information directly.
Security: Before acquiring cloud payroll software, check the security features available like automated backups and data encryption to prevent unauthorised access.
Cloud-based payroll software has numerous benefits to small businesses. It eliminates stressful and tedious processes, freeing up your time to concentrate on business functions. Quantum cloud-based payroll software also saves money and company resources, increasing your business revenue.