The introduction of based services created initial unease for business owners. After all, are we not placing sensitive data out into the cloud and at greater risk of error? based services, in most cases, can be even more secure than existing processes and they can bring untold benefits to your operations. Payroll is a fantastic solution for fast-moving dynamic businesses, so let’s discuss how this payroll can help.
What is cloud-based payroll?
Cloud computing might be something you have heard of before, as it can relate to any service-based solution. based payroll is internet accessed and on-demand, so it can be accessed by a number of professionals, wherever they are in the world. This means that remote workers and managers can access and approve timesheets, and accelerate the onboarding of new staff. All of this payroll data is stored in the cloud, which allows for greater storage flexibility and access. Depending on the size of the business and payroll output, this cloud computing service will have one or multiple data centres.
How can payroll be convenient for businesses?
The modern workplace looks a lot different than what it did in years gone by, and now businesses need technology solutions that are fit for purpose. Payroll allows professionals to complete, approve and amend payroll when working from home (or from anywhere), due to based access. This means that professionals do not need to be in a physical office to complete their payroll duties, allowing for payroll professionals to be spread across the country and still work together seamlessly.
Another convenient factor of based payroll is that it can be accessed on mobile, making approvals easier, and reducing friction and unnecessary communication. Mobile access means that those who wish to stay connected to work over holidays can.
How can based payroll provide more transparency for businesses?
If you’re new to starting a business or wanting to elevate it, cloud payroll allows employees to have great transparency over payroll, specifically payslips, leave balances, levies and entitlement balances. Previously, employees would have to request this kind of information, but the real-time nature of payroll allows for greater transparency. The user-friendly interface of based payroll solutions also gives higher management transparency over departmental and all-employee payroll, with generic and specific reporting options available. Manual payroll solutions and outdated programs meant that management had to be in the office and sitting with finance professionals to get an accurate snapshot of payroll, rather than seeing that information for themselves.
Ideal for small and large businesses
The functionality of payroll makes it an optimal solution for both small and large Australian businesses. Small businesses that do not have a dedicated finance department, let alone a payroll department, will enjoy the modern interface that easily translates to those without a finance background. The business owner or manager can achieve accurate and on-time payroll through this streamlined service, and they do not have to be in the office when they do so. Management within a large business environment will also benefit from the functionality, and this real-time data and approval process often proves to be more efficient than rounding up large teams.
Greater compliance and accuracy
Compliance is a critical part of payroll, and Single Touch Payroll has never been easier through these feature-rich payroll solutions. Detailed reporting of an employee’s salary or wages, superannuation and PAYG withholding is sent to the ATO through the intuitive functionality. The interface works off built-in awards so that salary and wage rates are always accurate, without your team having to manually input three details. Frictionless reporting with few touchpoints will result in less risk of human error.
Payroll is designed to work within a modern business, and that means integrating with existing software. Timesheets, HR solutions and biometric tracking can make payroll even simpler when integrated with these solutions. In fact, integration like this can make the end of the month and payday so much more manageable, and it places the control and autonomy back on your employees. If your workforce is comprised of part-time employees, integrations will ensure that management is not spending more time than is necessary completing payroll details.
Is cloud payroll working for your business, or are you yet to bring cloud computing into your workplace. Many businesses have benefited from the enhanced storage, convenience, transparency and accuracy of this payroll solution. Contact i3Group today to learn what kind of payroll solution hour business may require.
Interested in more advice to help your small business navigate payroll? Check out our master guide here!