If you haven’t yet made the switch to cloud-based payroll software, or you’re not sure what it even is, don’t worry, you’re not alone.
Though the cloud-based payroll market is thriving (especially since the beginning of the pandemic in 2020), “The Future of Payroll Report” from The Chartered Institute of Payroll Professionals found just 38% of respondents host their payroll using cloud software.
So, even in this fast-moving era of cloud computing, there’s still 62% of business owners using payroll software on-premise or hosted on a server.
By the time you’ve finished reading, you’ll have a better understanding of what cloud payroll is and how you might benefit from transitioning to it. Let’s go!
Cloud-based software is a term that has been thrown around more and more in recent years, but what does it mean?
Unlike traditional payroll software that’s hosted on your computer or an external website, going cloud-based means there are no downloads or installations needed to access your payroll programme.
All your information, data, and tasks are stored on ‘The Cloud’, which means the sky’s the limit for storage: you don’t need IT support to carry out maintenance or upgrades, and you can access your payroll software, even when you’re not in the office.
“If someone asks me what cloud computing is, I try not to get bogged down with definitions. I tell them that, simply put, cloud computing is a better way to run your business.”
– Marc Benioff, Founder, CEO and Chairman, Salesforce
As the founder of Salesforce, Marc Benioff, said, cloud software is simply a better way to run your business. And he’s right (in most cases). But why? Let’s go through just some of the advantages of cloud-based payroll software. Just keep reading.
For non-cloud based payroll, you typically have to buy the software license and pay for IT support to maintain the software and carry out upgrades. With every new update, you’ll need to get the IT department involved to install these updates.
With cloud-based payroll software like Solutio, there’s no expensive upfront licensing fees. Our model is subscription-based for a low monthly fee. Any maintenance, new features, or upgrades are carried out by our team remotely, meaning no extra IT costs.
Cloud-based payroll software optimises every step of the payroll process. There’s no more wasted time logging into several systems with one centralised location for all employee information, compliance regulations, and payroll data.
Many cloud-based payroll systems like Solutio even come with tools for employees to log their hours themselves and have them approved by HR. Real-time time logs significantly reduce time spent manually logging and confirming employee hours.
How long does your payroll team typically spend entering new employees into the system for onboarding and going through a similar process when they’re leaving the company? Do you still create and send individual payslips manually? You could save so much time with the cloud.
The beauty of cloud-based payroll software is that tedious administrative tasks like onboarding, onboarding, sending payslips, adjusting pay for tax and benefits, etc., can all be automated. So your payroll takes a fraction of the time.
The covid-19 pandemic has dramatically increased the number of businesses moving to cloud-based payroll software. When employees could no longer head into the office to complete payroll, business owners had to find a remote payroll solution.
Cloud-based payroll is not only pandemic-proof by allowing teams to access the system from any device, anywhere, at any time. It also gives businesses access to accounting talent outside their region to reduce costs.
Regulatory compliance is one of the least exciting parts of the payroll process. The laws change frequently and can be complex to interpret and apply to your employees’ payslips – even for the most experienced payroll staff.
Cloud-based payroll systems include built-in compliance for tax laws like PAYE, holiday pay, employee benefits, salary changes, and pensions. Taking away the burden from your teams and letting the cloud-based system do all the hard work.
With traditional payroll software, you’re fairly limited when implementing new features or acquiring more storage space. Cloud-based software, however, is super flexible. You can find a system to suit your current needs and add more features/ space as you need it.
Scalable payment packages mean you’re only paying for exactly what you need and have the option to continuously grow your software to meet the changing demands of your business. As the digital world continues to change by the minute, the cloud is more easily adaptable, whereas software hosted on-site has more limitations.
Cloud payroll will reduce your team’s workloads, and it also helps every department collaborate more effectively.
Instead of never-ending email threads and time spent chasing HR or finance departments for information, everyone has access to one system and can easily assign tasks to each other and share information. Centralised information inherently leads to happier, more productive teams who don’t need to get bogged down in meticulous, repetitive tasks.
Have you ever asked your manager for important information regarding your pay, benefits, or taxation and waited forever for a response? Or perhaps you’ve experienced getting paid less than you were supposed to. Errors or delays with payroll information can cause resentment and dissatisfaction within your team.
With cloud-based software, human error is greatly reduced because let’s face it; robots are more reliable these days! Another advantage is that management can promptly answer their employees’ payroll questions since they don’t need to be in the office to access their information.
Our answer? Definitely. Cloud-based payroll software offers many benefits that can help your organisation increase profitability and streamline operations.
Cloud-based is the way forward, especially since remote working is here to stay, from centralising all employee data to automating time-consuming tasks like compliance updates.
The return on investment from reduced overheads and payroll staff alone is a no-brainer reason to make a move to a cloud-based payroll system.
Solutio is your game-changing cloud-based payroll solution. Enjoy one-click payroll, automated compliance and onboarding/offboarding, user-friendly tools, a centralised data hub, employee self-service time logging, and just about anything else your business needs for fast, accurate payroll. If you’d like to learn more about Solutio, book your demo today!
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