Small businesses that want to expand their reach globally and grow financially know that smooth and efficient processes are the key to success. Your business may have started in your home with a computer without any employees, but if it’s grown since then, you probably see how processes need to be streamlined in order for service or production to go right. When 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.
To streamline company processes and keep efficiency at its peak, many small businesses have been switching to cloud-based software. One of the more tedious and consistent tasks of every business is completing payroll every pay period. It may be that payroll is something you handle yourself, or it may be a job you hire a CPA, accountant, or in house payroll manager to complete. Whichever process you use, it may be time to consider the benefits of what cloud-based payroll can contribute in the long run.
Increase Employee Productivity
Being able to share information stored in the cloud among all personnel involved in processing payroll is a huge efficiency booster. There is no need to email other co-workers or work together to sort out files because all information is stored in one place.
Another great part about cloud-based software is that there are usually other features available that are offered with the product which you can add or remove at any time. These features share company information in real time, increasing your workforce productivity. For instance, time and attendance can collect your employees’ punches from a time clock or computer, and then will convert those punches into hours worked to calculate employee compensation in payroll.
Perhaps one of the best benefits with cloud-software is that there is no need to keep paper documents or external storage systems on hand in the instance your information went missing or a computer crashes. Cloud storage saves all your company info so you won’t lose sleep at night. With payroll software this means all of your employee’s punches, schedules, taxes withheld, employee records, deduction amounts, cost center numbers, and pay rates are all saved and available at any time.
Accessibility is a huge advantage for small businesses switching to the cloud. As a small business owner or even an employee of one, you probably wear several different hats for your role. This probably requires you to be away from the office, which at times is most likely unannounced or sporadic. If your payroll software is installed on your computer at the office, you’ll need to come up with an alternative plan for processing company payroll. With cloud-based payroll software, instances like these are no problem at all. All you need is an internet connection and you are ready to go!
If you are a business owner (of any size) you are more than likely a very price conscious individual. Cost savings is key to you so the price tag on cloud payroll software may be a bit of a shock. What’s important is that you keep in mind all of the benefits above. It’s benefits like data retention, accessibility, increased productivity, and streamlined processes that will end up saving your business money in the long run.
If you considering different payroll options and are interested in a cloud-based software, click the link below to learn more.