Managing Payroll in the Cloud - The Future of Your Small Business
This technology is here to stay for good, which means that this is a change that your business can freely embrace.
The cloud technology is one that is fast moving. As a matter of fact, in just a period of 5 years, a lot of trends have been introduced. For example, the use of mobile and app-based, as well as web-based services have significantly boomed in an unquestionably unprecedented way. At the same time, it has been observed that the average age of modern entrepreneurs has also reduced rapidly, which means that more and more of the younger generation have been entering the business world earlier. As such, they are the techie group, and the ones who expects reports and answers almost real-time.
What the Cloud Offers
At this modern day and age, time is one thing that entrepreneurs are not willing to compromise. They all expect their data to be available and accessible right then and there, with information coming from their tablets, phones and computers. If you are this type of entrepreneur, where can you run to for an effective solution?
Moving to the cloud is a good option. In fact, this is the best option that is being offered these days. In your organization, you may be taking care of a lot of responsibilities and tasks, and payroll is one feature that may often be overlooked. This is a risky path to take because payroll involves money – money that needs to go the employees. Failure to give consideration to this aspect can lead to serious chaos in the workplace.
One solution to this problem is by managing payroll in the cloud. There are a lot of things that you can expect out of this move, such as accounting and bookkeeping that can be done directly using apps or hosted services that you can use to access your records anytime.
Also, you can expect an integration of your records to other cloud-based services, including their customer relationship management feature, where aspects such as project management applications, customer communications, as well as daily sales information are handled. This helps in making sure that double data entry of your invoices are all avoided. And of course, you can take care of your payroll right on time.
If you have a small business, you may be hesitant to consider this option, thinking that you do not need it, given the size. However, if you are thinking of long term progress, managing payroll in the cloud is a good way to get yourself familiar with how it works earlier on, so that when the time comes that you need to expand further on your business operations, you already know what to do.
Among the advantages that you can expect as you manage payroll in the cloud include getting financial reports quicker since you can work with your fata faster. Relatively speaking, there is a lower cost that is involved with cloud payroll management compared to traditional means. Payroll software that are cloud based offer flexible pricing, allowing companies of various sizes take advantage of their features.
Also, in terms of efficiency, you can expect not just a faster completion of transactions, but also fewer mistakes along the way. Reality dictates that there is a high possibility that you will end up committing more mistakes using manual payroll computation regardless of how careful you are in your bookkeeping. More of these mistakes mean actual monetary loss for the company. Also, spending more hours on processing payroll may result to less employee productivity. This can be avoided with the utilization of a cloud-based software, which can be viewed as cheaper considering its long term effects.
Is Cloud Management Secure?
Despite the fact that you are running a ‘small’ business, that is, in comparison with other bigger businesses, you certainly would want to ensure that your data are secured. After all, there’s a lot to lose if you cannot protect your data accordingly. By managing payroll in the cloud, you can be assured that your data is secured.
These days, there are a lot of service providers that offer affordable and efficient cloud-based payroll software. All you have to do is to make sure that you end up with the right one that fits the needs of your company. Compared with doing the same tasks in the traditional way, the risks that you may face are less compared to cloud management.
Paper documents may be misplaced, damaged or stolen. On the other hand, a dependable cloud-based system for payroll will allow you to limit specific individuals to gain access to your highly confidential data. This means that there is no need for you to worry about the possibility of losing very important files, and your job, just in case this unlikely thing happens.
Also, you can expect better accuracy in all of your transactions. A cloud-based software for payroll accurately and automatically calculates the exact monetary amount that every employee needs to receive. At the same time, it also helps in keeping track of every employee’s work record, including overtime, shift differentials, taxes, absences, as well as benefit deductions. These things may be difficult to manage if you are still using the so-called traditional payroll method.
Of course, one of the most attractive features of cloud services is the fact that you can do what you need to do to process your business’ payroll is that you can do so anytime and anywhere, provided that you have access to the internet.
This is because you can access your data from your computer, laptop, as well as mobile devices including tablets and smartphones. Data may be accessed with just a few clicks and swipes. Gone are the days when you still need to go through piles and piles of innumerable paper documents.
Overall, managing your business’ payroll in the cloud is not just a trend that will quickly pass away. This technology is here to stay for good, which means that this is a change that your business can freely embrace.