Cloud-based payroll services offer a variety of benefits that traditional legacy systems might not. From scalability to cost savings, businesses of all sizes may find switching to cloud services beneficial.
What Are Cloud-Based Payroll Services?
You may already be familiar with cloud-based services. Cloud services offer file storage and sharing on a server that can be accessed remotely either on a computer or mobile device that’s connected to the internet.
Cloud-based payroll services apply the same convenience to important payroll functions in your business. From onboarding employees to ensuring compliance — transitioning your payroll to a cloud-based service allows your payroll team to have access to important information from anywhere, and work from any location. What’s more, cloud-based services help ensure safe transactions, keep data well-organized, and come equipped with strong security measures to help prevent data breaches.
Benefits of Cloud-Based Payroll
While a business that operates remotely will greatly benefit from the convenience and ease of a cloud-based payroll system, the services can also benefit businesses working in an office. Here are all the advantages cloud-based payroll offers.
Maintaining, purchasing, and updating on-premise systems can have a higher cost than you might expect. Additionally, this method of payroll management makes it more difficult to update at a moment’s notice and keep track of important information. If just one device that stores payroll documents were to suddenly stop working or was breached by a hacker, your business could experience significant downtime and lose the trust of your team or clients.
Cloud-based services, on the other hand, can be managed by IT professionals more easily, and are often updated by vendors themselves. Requiring no extra work from your team members and saving both time, and money.
While a business operating in person will likely use hardware devices for work, it can be challenging and costly to invest in servers to keep up with demand, or hire a full IT staff to maintain these servers. Cloud-based payroll can help reduce your need for hardware devices or servers, thus reducing your overhead.
Increased Speed and Accuracy
While a legacy system may have served your business well in the past, it can be time-consuming to update, offer little accessibility for different kinds of devices, and offer less optimized data protection.
A cloud-based system will quickly cut down on any inefficiencies your payroll employees face, while centralizing your data for easier access and effective organization. This helps your employees get paid consistently on time, without the risk of errors or delays. Since cloud-based services have a variety of automated functions, you or your payroll employees won’t need to scramble at the end of each pay period to process or calculate deposits.
Data Protection and Compliance
Data compliance is essential for every business. For some industries, businesses have a legal obligation to secure their clients’ data or they face the risk of fines. Not to mention that customers will be less likely to trust your business if their information is stolen from your system.
Storing data in the cloud is far safer and more reliable than storing it on-premise.
The user experience offered by cloud-based services is intuitive and easily navigated. Your employees can access pay stubs or view their previous payments all through a self-service portal. Additionally, they can request PTO, update their contact information, or view their benefits — all from their mobile device.
This makes cloud-based services not just convenient for both your payroll department and your employees, but can help your business run more efficiently as well!
Streamline Your Payroll Processing with Cloud-based Payroll Services from H2H Enrollments
On-premise payroll systems aren’t just inefficient. They pose a security risk to your most important information. With our payroll system, you can remove inefficiencies, as well as the risk with a solution that fits your needs. Get started today with your initial consultation.