Managing your company’s payroll doesn’t have to be an administrative nightmare. The bigger the enterprise though, the more onerous the job is. Payroll managers at multi-national organisations have to pay close attention to a variety of factors like local legislation and regulatory requirements – as well as be available to employees across various time zones.
If you’re spending most of your time on administration and falling behind on business critical work, then it’s time to move your business to the cloud.
A cloud based payroll system has many benefits that far outweigh any outdated legacy system you may still be using. Here are five reasons why your business should migrate sooner rather than later.
- Employee access to info
With cloud based payroll software, your employees will be able to access their information at any time from any device via manager and employee self-service – all they need is an internet connection. This is especially useful if your business operates across different time zones. For example, this means that your expat employees in Lagos, Nigeria will no longer have to wait for the head office in Washington, USA to come online (6 hours later) before their salary and leave information queries can be answered. The best part is that modern employee self-service portals even present information in the employees language of choice.
- Automatic updates and no back-ups required
Unlike an on-site system that has to be manually updated by your IT team, a cloud-native payroll software makes automatic updates instantly. The best software will even automatically update the latest legislative information for each of the countries you operate in. This means your payroll processes are kept consistently up-to-date and compliant. This is especially useful if you operate in Africa where legislation often changes unexpectedly and accurate information may be hard to come by.
An old legacy system also needs to be backed up at regular intervals. This is a laborious procedure and information can all too easily be lost or damaged in the process. Once you’re on the cloud no back-ups are necessary.
- Improved transparency
A cloud based payroll system enables all authorised employees access to their relevant payroll information at the click of a button. Your managers can access their team’s information like leave requests and training schedules – without having to ask HR. This overview enables them to approve or decline leave submissions quickly, which makes it easier for everyone to plan better.
It also gives management mobile access to workflow statuses. This allows for much more insight into what is happening in the organisation and what employees are working on.
- Easy integration with other systems
You can link your cloud based payroll system with other applications and software programmes that your business uses. For example, PaySpace offers integration with Xero’s accounting software which means all related processes are streamlined and you won’t have to input account numbers manually from one function to another.
You can also integrate your cloud payroll system with your ERP software which means data will automatically be pushed to and from these applications – saving you time and avoiding duplication of work. For example, a new employee’s details are loaded once and pulled through all the relevant systems automatically, removing any room for error.
- Easier reporting
With cloud analytics applied to your cloud based payroll system, you can slice and dice real-time data based on any field in the system and get instant results. Essentially what this means is that there is no delay in the delivery of information – as soon as data is collected, it’s sent through the system to wherever its needed.
Real time data makes it much easier for you to produce the reports you are legislatively obliged to produce as it ensures that all information is up-to-date and correct. It also helps you plan your business strategies with far more relevance.
The benefits of moving your business to the cloud far outstrip the temporary inconvenience of migrating your data. If you’d like assistance in migrating, or simply want to find out more about our cloud based payroll software solution, give us a call. We’re always glad to help!