Long gone are the days when a time-pressed business owner would shove a few crumpled banknotes and sweaty coins in an employee’s hand come payday, hurriedly sending them on their way without so much as a grateful nod. As the dejected worker counts his miserable wage and contemplates yet another uneasy week on the breadline, the well-heeled employer lets out a derisory laugh and whizzes off into the distance in his painfully expensive vehicle.
These days, thankfully, an employer in the scenario above would be reprimanded quicker than you can say employment tribunal – although some outwardly progressive businesses still struggle to find a modern payroll solution. Enter cloud payroll software. Designed to help you keep control of your payroll and its operations in-house, a cloud payroll software provider will actually take care of ALL the IT requirements and legislation updates – and your business benefits from the latest technology, as well as the support of payroll experts.
But what other ways will your business benefit?
1. It Saves You Time
There inevitably comes a time when you’ll need to make changes to your payroll. Whether it’s to incorporate a new employee or make a salary adjustment, cloud payroll software lets you see the change instantly. In addition, the net pay is calculated immediately, allowing you more time for making sure all the details are correct. The upshot? This offers the opportunity to improve the accuracy of your payroll and make certain any overpayments are reduced.
2. It Reduces Errors
Human beings make mistakes. There’s nothing earth-shaking about that statement. However, given the convenience of payroll software, there’s no excuse for making mistakes when it comes to paying your employees. With a cloud payroll software system, you can reduce time-consuming payroll queries by producing interactive payslips online, which allows your employees access to their payslips and P60 information securely and on any device.
3. It Offers Unrivalled Flexibility
As a hardworking business owner, sticking rigidly to an agenda is almost impossible – but a cloud payroll system offers the kind of flexibility you need, as, rather than being dictated by a schedule, it allows you to run your payroll when it suits you. Indeed, given that payroll calculations are performed at the start of the payroll period, you’ll benefit from enhanced and early visibility of your results. This also comes in handy when dealing with late notifications and adjustments.
4. It Securely Stores & Backs Up Your Data
Having so many personal details in one place may seem like a recipe for disaster, especially if you’re inherently suspicious of records that aren’t locked in your dusty old filing cabinet – but cloud software is incredibly secure. In fact, it’ll even back up your data, with disaster recovery plans in place, allowing your payroll to run without a hitch, even if a technological nightmare leaves your IT department pulling out what’s left of their hair.
Now it’s your turn… Has your company implemented a cloud payroll system? Are you reaping the benefits? Please let us know by leaving a comment below – we’d love to hear your story!