Companies and their payroll teams have to remain cognizant of industry trends that could improve their processes. One of the most popular technological trends is the advent of cloud computing. Solutions utilizing this feature offer businesses a number of benefits. PTM has a closer look at how the cloud can positively affect organizations’ payroll procedures:
Although many businesses may worry about the safety of their information when it’s stored outside their internal systems, the cloud is a more secure method for storing data than a regular, in-house setup. That’s because it’s more difficult for this type of software to be corrupted than it is for a computer sitting in an office to crash, according to Software Advice. Without a cloud-based solution, companies and payroll leaders are responsible for keeping sensitive information like Social Security numbers and tax forms protected. With the technology, executives will experience reduced liability, as the external provider is in charge of support and updates.
Whether it’s expenses, the number of employees or size of the overall company, every organization is different. Each has various needs when it comes to payroll technology. As a result, a customizable solution that can be developed to best suit the business is crucial. The cloud offers payroll leaders scalability, meaning the system’s capabilities can be either reduced or increased depending on what executives think is most necessary.
Scalability also has a positive effect on cost-efficiency. Because cloud-based solutions can be created to fit each business separately, companies have better control and insight into their finances. They can choose to spend more one quarter than the next and will always know exactly how much the expenses are in terms of cloud technology.
Easy adoption of improved practices
Over time, businesses discover new ways to complete certain tasks. The cloud enables companies to share these improved procedures through collective learning, according to Forbes. In addition, these updates can be transferred automatically, making implementation a breeze for organizations. These well-tested processes can deliver worthwhile results and help companies succeed in the long run.
Payroll leaders know their responsibilities will, most likely, become more complex over the years, so they need to find ways to plan ahead as best as possible. Cloud-based software can help with this task, by allowing companies to run helpful short- and long-term reports. With this tool and many more, it will be much easier for organizations to sense change and quickly adapt, according to HBR.
Introducing payroll solutions with a cloud-based approach can open a number of doors for businesses. These benefits include increased and improved security, adaptation of tried-and-true practices, scalability and forecasting.
The upcoming American Payroll Association Fall Forum – held Sept. 21-23 in Las Vegas, Nevada – will feature a helpful session regarding the cloud as it pertains to security and implementation. PTM will be in attendance at the event to provide additional insight and instruction as to how businesses can benefit from cloud-based payroll software.