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Many times, the difference between a break-even business and a profitable business comes down to the way that they manage their payroll system. With poor accounting, overwhelmed staff, and limited resources, it should come as no surprise that these shortcomings can cut largely into your profit margin, ultimately holding your business back from its true potential. Fortunately, many age-old problems have new-age solutions, one of which is cloud-based payroll management! If you’re not using a cloud-based payroll system already, here are five reasons why you should consider making the switch.
Accessibility
With traditional manual methods of payroll management (or even desktop payroll solutions), access to vital payroll information is limited strictly to the office. If you happen to need access to payroll information (such as pay stubs or income history), then you’ll need to take a trip back to the office in order to gain access to this information. However, that’s not a problem if you’re using a cloud-based payroll platform! This solution will allow you to view payroll information from anywhere in the world (provided you have the appropriate login information) using either a laptop or your favorite mobile device.
Productivity
Humans can only process information so fast. Even the most efficient of workers have a cap on how much they can feasibly carry out during a workday, so when the day is over, they have to go home and rest. With cloud-based payroll solutions, the system is working 24/7 to ensure all the latest calculations are up-to-date and fully compliant, ensuring nothing gets missed and no small details are overlooked. These types of payroll software are nearly independent, which allows you to reduce your payroll staff even if you decide to expand your overall workforce.
Organization
If you’re managing the books on paper, things can quickly get messy and unorganized. Folders and file cabinets are prone to make things go “missing”, which could be as simple as misplaced paperwork or as serious as stolen personally identifiable information. Either way, the lack of an appropriate file management system can quickly bring progress to a halt, as these papers must be recovered before the accounting and calculations can be completed. On the other hand, if you use a cloud-based payroll management system instead of managing physical files, all your information is conveniently stored online. Not only is this information safe from theft, but it can also be retrieved in a matter of moments with only a couple of clicks, saving you both time and unnecessary stress.
Accountability
In a perfect world, every employee hired would report to work on time, do their duties as instructed, and clock out when their work was complete. Unfortunately, this is not the case for 75% of companies. Instead, dishonest employees try to find ways to cheat the system, increasing their hours (and their pay) while reducing the amount of time actually working. When you think about it, physical time cards are fairly easy to manipulate, which is why cloud-based payroll management uses digital timesheets instead. Not only are these immune to employee alteration, but some more advanced systems (such as the one offered by UZIO) can even capture GPS data alongside the timestamp information, ensuring an employee is on-site and on time.
Independence
`It’s easy for staff to get overwhelmed when they constantly have employees showing up with issues ranging from hours disputes to questions about their health care benefits. With a cloud-based HR & payroll platform, they won’t have to go to the office to get their questions answered; they’ll be able to find the answers right from the employee self-service portal! This portal allows them to check previous pay stubs, current hours, their health care plans, and more, which cuts questions to a minimum and allows staff to continue on uninterrupted.
Is It Time to Switch?
Only you know the answer! Clearly, there are many advantages to using a cloud-based payroll management system over a manual one, but that doesn’t mean that they’re vital for every business. If you’re running a small company with only one or two employees and have no plans for expansions then switching may be an unnecessary upgrade for you. However, if you’re running a profitable company with plans for expansion in the near future, then take the first step today to make your life easier tomorrow. Make the switch today!
