Running your small business is not an easy task. The company's efficiency of office operations to sales success in growing the business rests on your shoulders. While this is the hard truth, having to do it all yourself is not.
Quite the contrary, there are times where smart delegation and decision making will greatly improve your operations. Management of your payroll is one of those smart decisions. Your trusted employee will be thankful you helped make their efforts a thousand times better.
Up until the last five years, payroll was a challenge to run it profitably, given its need to run locally in the office on a server and contracting support to come and maintain the system. Now you can outsource payroll services, bringing automation for payroll services in your company makes sense, now it’s time to explore the benefits that come with outsourcing payroll.
Let's look at a few benefits of an online cloud payroll solution.
- Cost savings with no purchase needed for servers or other hardware infrastructure. Users would only need to login via an internet connection to run data and applications.
- Higher employee satisfaction as your payroll individual (or team) will see increased efficiency of your operations and substantially reduce the likelihood of mistakes.
- The designated payroll processer will have more time available for other tasks as efficiency is increased in payroll reconciliation, whether it is done weekly or monthly.
- Enhanced data security is better as the digital data is encrypted and securely stored.
- Your new cloud-based payroll system will have an auto-generated audit trail for all aspects of the system. You will be able to quickly access and review, payment logs, check tax, and super guarantee rates. Your team will also be able to prove all payments were appropriately handled, and no shortchanges have been made.
- Cloud-based payroll systems are much easier to customize, whether the company is a startup or a well-established growing business.
- An automation strategy can be used here. Processes that usually would take hours and require dedicated staff would be much less impactful on wages and personnel.
- Tax updates and super payments are easily handled. This is especially critical as the tax tables, and superannuation rates are almost guaranteed to get more complicated each year. Seamless updates make operating the application a breeze as they are handled in the background without user downtime.
- Accessing your new online payroll system is made so much more comfortable with the ability to access, using your desktop, laptop, or mobile device (phone or tablet). Your connection is instant and secure.
- Whether you've been using paper-based payroll or locally installed payroll software, the cloud offers so much more by way of customer support and ongoing updates. Because you are most likely using a subscription-based payroll system, you benefit from ongoing support, upgrades, and online training tools needed to learn the necessary tasks in administering or managing the software.
Things To Consider
Whether you are switching from a manual based system or moving from a local application to a cloud-based solution, it is evident the benefits clearly support the transition. Lowering the cost of operations and increasing efficiency alone will make the move worth it, not to mention significantly raising employee satisfaction.
This article does not necessarily reflect the opinions of the editors or management of EconoTimes.