Payroll is always a nightmare to a small business owner. Whether its fortnightly or weekly, accountants must review all the employee documents to facilitate payment due for each, from government forms to calculations on hours put in, to cutting the checks and finally, depositing them into their accounts. At any point, there is always a risk of committing a faux pas which has its consequences, which at worst can be of legal nature.
Automation of systems in Payroll brings along benefits that can be the difference between a company staying afloat or going under. Payroll automation reduces the data gathering process, manipulation of information and presentation in form of reports. It also reduce operational costs by the fact the company goes ‘paperless'. It also eases the listing of employees in the case of payroll adjustments and changing tax rates.
Cloud computing which is software as a service (SaaS) comes with a broad range of benefits and advantages attached to it. It takes payroll automation to another level, due to the fact that API integration has enabled provision of services on different platforms. The Cloud enables software, data access, computation and data storage without the end client knowledge of the configuration of the system or the physical location. Instead, the client rents the software and this ends up saving him from capital expenditure. It offers remote access of software which can provide convenience and sharing of resources especially for a small business structure where cost minimization is paramount objection.
The following are some of the benefits of Cloud in Payroll:
- If offers a round the clock visibility of the employees.
- It allows for end-user specifications (customization) and so can be tailored to a company's needs.
- It's also cost effective, since there is no extra charge of server downtime.
- Green- since there are no on premise software that would require servers, it saves on energy
- The use of SaaS provides the most modern way to drive software.
- Provides data security, encryption is used on all legitimate cloud software to ensure safe data processing.
- It is very efficient, reliable and easy to implement.
- It is highly scalable both upwards and downwards.
- You only pay for what to use.
- No implementation costs.
To find out more about how to automate your Payroll, CLICK HERE!