Many businesses still use manual paper payroll processes and outdated spreadsheets. Sometimes it can be hard to see the benefits of cloud payroll. Here are five benefits of using a payroll solution.
While it can sometimes feel like cloud payroll solutions are not worth the change or the cost, they ultimately can help simplify and speed up payroll, while also helping you manage compliance. The bottom line is payroll helps save time, and money, and avoids fines.
While there are many paperless payroll benefits, here are five other major reasons to consider a cloud payroll solution:
Payroll regulations change often and businesses need to know that your payroll engine is up-to-date. Compliance violations are one of many common payroll errors that a business can make. A cloud payroll solution manages the updates for you and eliminates the need for you to worry about “how often” and “when”.
Between frequent state and local tax jurisdiction changes, Affordable Care Act (ACA) changes and other regulatory updates, you need your application to be up-to-date at all times.
In Washington, a payroll solution can help manage compliance and contributions with things such as Washington Paid Family Medical Leave Act (PFMLA).
See how else payroll software can help businesses process payroll in Washington State.
This might not be a "real" term but this relates to you and the freedom of your business.
One of the defining drawbacks to being responsible for payroll in your organization is the need to be there, without fail, when it is time to pay your people.
With “on-premise” solutions, that means being where your local servers are – at work. With a cloud solution, your range of available locations from which to process or monitor payroll is dramatically expanded. You don’t need to fear snow storms or a vacation for that matter. All you need is an internet connection.
Your workforce is demanding greater access to their own individual payroll information. And maybe you are demanding more from them – requesting time off, confirming address changes, getting their own darn copy of their last three pay stubs.
To efficiently and easily connect your employees to payroll, you need a cloud solution. No other way effectively manages the variety of locations, settings, and operating systems that your workforce is found in.
With a cloud solution, employers can also utilize things such as direct deposit and paycards as a result of a paperless payroll solution.
Decoupling your payroll system from your particular IT environment gives you freedom. It also makes you less dependent on decisions made by others in your organization that inadvertently impact you.
Maybe your company has decided to upgrade all PCs to the latest version of Windows. Or maybe it has decided to open up to multiple device OS’s. Or maybe a new server environment is being contemplated. These may be very solid decisions from an organizational standpoint but present enormous difficulty and risk to your department.
Free yourself and your employee’s pay from internal changes to your technical environment.
With cloud-based payroll solutions, you get the best line of defense against one of the most common types of fraud today, payroll fraud.
With advancements in modern technology, employee spoofing attempts such as direct deposit scams are becoming increasingly common. By utilizing a modern, cloud-based payroll solution, especially one part of a unified HCM platform, you get the best prevention tool for such types of fraud.
Compliance, freedom, efficiency, independence, and control – these words may not immediately come to mind when thinking about cloud solutions, but in reality, are at the heart of why moving your payroll to the cloud is such a compelling idea. Not to mention that such a solution can help against things such as payroll fraud and direct deposit fraud.
To learn more about our cloud payroll solution, basic payroll knowledge, or to learn more about what to look for in a payroll solution, take a look at our payroll feature list, or contact us today to get started.