The world of tech is revolutionising the way we go about our everyday life, and now it has even transformed our payroll systems. Unless you have set up an accountancy firm, the chances are that accounting is one of the least enjoyable tasks.
Using traditional small business accounting software takes time – something few startup founders have, and can be a tedious task. If either yourself or your accountant uses traditional payroll systems, it could mean that outdated software is being used. This means updates will be required, but with every update, a backup must also be made, which incurs additional costs.
Other drawbacks of using outdated storage systems include:
1. Requiring continuous maintenance, which if not monitored properly can be costly and time
2. There is a large risk of loss of data due to the possibility of corruption to the hard drive. 3. Any unsecured data can go walkabouts, along with being subject to a multitude of situational risks.
This is scary stuff when you are dealing with a multitude of important data. No matter, the cloud to the rescue! The innovative software has revised the once monotonous, time-consuming work into something that requires minimal effort through automation and 24/7 access.
So How Does This Benefit You?
Well, it’s simple: Automation = More Time
AI is now behind some of the most ingenious ways of executing various work processes, as it proceeds to automate the repetitive work. With the cloud assisting in carrying out payroll tasks, you will have one less thing to manage. It is a secure online storage platform that allows you to work with the knowledge that your data is securely protected. These services turbocharge efficiency as it will provide you with more reliable and flexible ways of managing your accounts.
Moreover, it will give you further time to focus on business strategy to accelerate company growth. If you have an accountant managing payroll who use the cloud to filter and automate payroll, they will then have more time to spend employing advisory work. Thus, prompting further and advancement in growth and scaling for your business.
Let’s have a look at the top benefits you will see in your business when you implement cloud based payroll:
1. Real-Time and Secure Data
Using any mobile device with an internet connection, you can access your data anytime from anywhere. The cloud systems give you and your team easy access to employee data at all times for processing in real-time. You are also able to customize reports, which can be generated whenever and wherever you are. This ensures 24/7 flexibility for full control over your payroll information.
2. Automating Your Day
Payroll is about the day-to-day, such as organising and sending payslips and collating payroll reports. The cloud will be able to automate these tasks, which will enable your accountants to devote their time on financial advisory services.
3. Updating and Backing Up
Another fantastic feature of cloud-based payroll is that it automatically updates and provides maintenance for the software. Moreover, the backups constantly created automatically, all of this for no additional cost!
4. Single Interface and Integration
Say goodbye to juggling multiple spreadsheets and systems for payroll, instead you can readily update employee data in a single entry. Through having all of your payroll data in one place, you will save time and promote data accuracy. Furthermore, the seamless integration reconciles automated payroll journals in your accounting software, which saves a lot of time when they are required for processing. Payroll and cloud integration allows for the synchronisation of payroll in real-time. These platforms can communicate with each other to provide up-to-date and correct information all the time.
5. Reducing Human Error
Manual data entry is the customary cause for payroll processing errors, which can result in incorrect payment of salaries and tax compliance. However, this is taken care of with the automation feature of cloud payroll due to the convenience of not having to enter information manually. This will incur control over human capital management, thus promoting better decision making.
Supercharge your finances
Get in touch with us to arrange an informal chat with a Square Mile adviser – we’d be happy to answer your questions and help you get more from your technology business.