Contemplating a move to a cloud based payroll system? You’re not alone. More and more companies are switching from on-premise HR software applications to cloud-based Software-as-a-Service (SaaS) solutions.
In fact, 73% of organizations have at least one cloud-based HR application, up from 68% two years ago, according to PwC’s Global HR Technology Survey 2017. Among those companies still hosting on-premise HR software, nearly one-third are planning to move to the cloud in the next 12-18 months.
If your organization isn’t fully sold on the idea of cloud payroll services, here are seven great reasons why you should be.
1. Cloud Based Payroll Systems Improve Speed and Accuracy
Few things are more important to your employees than being paid right and right on time. Yet for many HR and payroll departments, running payroll is often a rushed, down-to-the-wire affair.
Cloud based payroll services are designed to ease that pre-payroll crunch. Most feature a friendly, intuitive user interface and straightforward navigation. Perhaps more significantly, because many functions are automated, it eliminates the need for manual calculations, reducing the errors, redundancies and workarounds that plague employers still wrestling with older on-premise payroll software.
2. Cloud Payroll Services Offer Mobile Accessibility
These days, the real work often gets done outside of the office. One of the great benefits of cloud based payroll services is that HR staff and field managers can process and approve payroll from any device, any time of day.
For businesses with multiple worksites spread across multiple time zones, this is a huge advantage. Ditto for field managers who can review and approve time cards—not to mention respond to requests for paid time off—right from their smartphones or tablets.
3. Cloud Based Payroll Systems Protect Your Data
Some employers worry about the security of cloud based software, but data stored in the cloud is generally much safer than data stored on-premise. When your sensitive payroll data is stored in on-premise servers, it’s vulnerable to natural disasters, fire, and even major computer crashes.
Cloud based payroll service providers invest enormous resources in data and infrastructure security. In addition, the data is encrypted and rigorously backed up.
All the same, here’s what to look for when comparing cloud payroll systems’ security:
- Data should be hosted on a private cloud.
- Guaranteed server uptime should be high (close to 100%).
- The providers’ servers should be located in top-tier certified data centers with 24/7 security monitoring.
- Information should be encrypted using secure protocols.
4. Cloud Based Payroll Software is Scalable to Your Business
Unlike on-premise payroll software, cloud payroll systems are scalable. If your company manages a seasonal, fluctuating or growing workforce, this is a huge plus.
As a result, you don’t need to worry about outgrowing capacity or paying for more than you need. With cloud based payroll software, you typically pay only for the capacity you use during a particular billing period.
5. Cloud Payroll Systems Offer Employee Self-Service Portals
Employee self-service portals provide significant benefits to everyone within an organization: workers, managers and HR and payroll staff.
Self-service portals give employees anywhere, anytime access to their HR and payroll information. Using their personal mobile devices, employees can check their pay history and benefits, request PTO, update their contact information and more. Not only is this empowering to employees, it frees up managers and HR staff who would be responding to these incoming requests, allowing them to focus on more essential activities.
6. Cloud Based Payroll Systems Reduce Ownership Costs
Cloud based SaaS solutions offer a higher return on investment than on-premise software. There are no in-house servers to buy and maintain, no physical set-up to accomplish and no upgrades to purchase. Employers save both on initial and recurring expenses.
Further, updates are handled painlessly by the SaaS provider. There are no lengthy downtimes to deal with, the in-house IT team can focus on other priorities, and the payroll staff benefits from always using the most up-to-date software version.
7. Cloud Payroll Services Are Environmentally Friendly
When there are fewer servers to maintain, companies reduce their energy consumption, thereby reducing their carbon footprint—a plus with environmentally-conscious employers. In addition, when an employer moves to a SaaS-based system, it only uses as much cloud storage as needed…no waste!
The Cloud Payroll System That Can Cut Your Workload in Half
In summary, a smart cloud payroll system can speed and simplify payroll processing, please your workforce, and reduce your ownership costs. That’s especially true of EPAY’s cloud based payroll system, a cornerstone of our SaaS-based integrated human capital management system.
EPAY’s cloud payroll services can slash your payroll team’s workload by 50%, while improving accuracy, streamlining tax filings and providing real-time visibility into your payroll dollars via built-in reporting capabilities.
If you’re interested in a cloud based payroll solution, but you’re still worried about security, you’ll be interested to know that our security and infrastructure protocols exceed industry best practices.
At EPAY, we’re ready to help you make that leap to the cloud. Learn more: request a live demo!