Are you responsible for running payroll for your company? If so, you know the stress and headaches that come with it. As a payroll manager, your job is to stay up to date with local legislation and other regulatory requirements in order to stay compliant, as well as run payroll accurately and in a timely manner.
All this takes a lot of time, especially if you are still processing your payroll the old-school way - using paper. This not only affects the environment but also your productivity. Businesses that want to expand their reach and grow financially understand that smooth and efficient processes are the key to success. Maybe your current processes have worked fine so far, but let’s be honest, processes need to be streamlined in order for service or production to go right. When a business grows, bigger problems come along with its success. Data security, remote access, and backup data are all some of the concerns that business owners need to think about. Having a cloud-based payroll processing solution can help you and your business out in so many ways. Let’s take a look at a few:
1. Accurate Reports and Data
One of the major benefits of having cloud-based payroll software is that there is no need to keep paper documents or external storage systems on hand in case your information went missing or a computer crashes. Cloud storage saves all your company information so you won’t lose sleep at night.
There are a lot of risks that come with processing payroll manually with the most common being incorrect data entry. This can result in problems such as incorrect hours, lost time cards, missed punches, failure to track overtime, and so on. These inaccuracies, in turn, give rise to the inaccurate payment of salaries, tax deductions, and tax compliance. By implementing cloud-based payroll software to your payroll and HR processes, you are given the opportunity to view employee data at all times as these solutions process them in real-time. What’s more, all the information you need is provided in the form of customized reports, which can be generated at any time.
2. Increased Accessibility
With cloud-based payroll processing software, you are able to pull reports at any time, as long as you have access to the internet. In addition to helping payroll administrators with their daily tasks, employees can also access their information at any time from any device via their Employee Self Service (ESS) portal.
ESS is a web-based application where employees can access and manage everything pertinent to their job. Most online and cloud-based payroll processing software comes with ESS. If you are exploring cloud-based payroll software, then you should make sure that ESS is included. ESS is a great tool to have and can make company life a little bit easier for everyone. Gone are the days of hold-ups in PTO requests, lag in searching for, finding, or viewing pay stubs, W-2s, and other critical employee information. With ESS, not only can your employees quickly access their schedule via computer, tablet, or phone, but they can also clock in or out and easily check their punch history. What’s more, during your open enrollment period, your employees can shop and compare the benefit plan options you offer directly through their online portal.
3. Better Security
Security should be a focal point for your business, especially if your line of business involves handling confidential information. Using cloud-based payroll processing software comes with many security perks, some of which include:
Password-protected documents that limit the number of people who can access it
Digital documents that provide the option to encrypt
A tracking history feature that allows you to see who has accessed the document and when
Secure backup of all documents
More importantly, storing your data in the cloud ensures your data is protected by the latest and best security features, security accreditation, and data protection features. State-of-the-art intrusion detection and anti-malware, real-time updates of new threats with 24-7 threat monitoring, and data encryption at rest are just some of the features that ensure your payroll data is protected from attack.
If you think you are ready for online and cloud-based payroll processing solutions, request a demo and see how Dominion’s cloud-based payroll software can streamline your processes today!