Benefits of Cloud Payroll
What are the benefits of a 'Cloud Payroll'?
If you’re wondering why or how you can benefit from a cloud-based payroll system, this blog post will explain and show you how quickly they can save you time and money.
What really is a 'Cloud' in this case?
If you're familiar with online and/or internet banking, then 'cloud' really is not much different from it. It's more or less just a different name.
It’s a newer and better way of storing, accessing and processing your paperwork, but with no paper involved. By using our 'cloud' software, you can use any electronic device with internet access to check and update your employee data anytime, and from anywhere in the world.
Main advantages of using Your Payroll:
✔ You won’t need to download or install any software.
✔ You won’t need to keep backups on an internal or external drive.
✔ You won’t need to worry about the payroll program crashing.
Our cloud service handles all the storage, confidentiality, and program updates completely for FREE. Just register, login and begin setting up your employee data.
Plus, you can take advantage of our limited offer to hire our partner's professional accountants (registered with IRD) to handle your bookkeeping, taxes, invoices, accounting, and more for you.
CLOUD PAYROLL VERSUS TRADITIONAL PAYROLL
Using a traditional payroll system means you are most likely using an outdated software on your computer which requires a backup with every update/change made, whether from IRD, or the Government.
But one thing ours and a traditional payroll system have in common is that you input your employee data manually once, in the beginning, just like you used to.
Or, maybe, you are using an Excel spreadsheet, or keep a wage book, which means, there are a few drawbacks to consider.
Firstly, there is a maintenance overhead. You need to make sure the software/excel is always updated, sometimes on a daily basis if your employee works on an hourly basis. And if there is an issue, you may require external support, which will cost you money. Our payroll gets rid of this problem by removing the need for installing a payroll software on your computer. All you need is an internet connection. Our cloud payroll program looks after all the updates and maintenance automatically from our end.
Secondly, there is a risk of losing data as even backups can get corrupted as they are typically only stored in a physical location such as a hard drive. Our cloud payroll systems solve this problem by creating backups constantly and automatically by our dedicated technicians.
Thirdly, data security. People often wonder if their data will be safe on the cloud, but when you compare the security risk of storing all your company data in a single office, or on a single machine, the risk of cloud computing is minimal at the most. Paperwork is vulnerable to theft, fire, interference, and a multitude of other situational risks. Payroll data on cloud applications are subject to bulletproof security, multiple data storage locations that provide redundancy and enterprise level backup – without additional cost.
Your Payroll has advanced encryption and hardware and software firewalls to keep your information safe and confidential.
Additionally, because your records are stored in the cloud, you can access them anywhere, anytime. If you’re using manual systems like a spreadsheet or wage book, these systems suffer from the same potential security and data loss issues, and they don’t provide any smart information about changes to legislation. You need to spend extra time and effort keeping up with all the changes.
Keeping Up With The Government
Tax and other legislation that affects your employees, your payroll, and your business are changing all the time. Cloud-based payroll systems incorporate all the applicable changes to legislation. The software updates happen seamlessly in the background, so you can be assured that whenever you execute your payroll run, you are fully compliant with the latest legislation and IRD directives. This will keep both your accountant and the taxman happy!
Cost Of Change
Some people are worried about switching cost. You’ve run your existing system for years, and your staff are used to it. Any change to another system involves some time to make the switch and get used to a new way of handling payroll. A switch to cloud computing is no exception. However, providers like Your Payroll address this problem by having a New Zealand support staff set it all up for you. We want to make the process genuinely easy. Compare this to the cost of retaining and maintaining an inefficient system and the switching cost becomes negligible.
In our case, there is no charge - it's FREE!
But Is Cloud Payroll Easy To Use?
Yes, it is very simple to use. Cloud software makes it easy to integrate your payroll system with other software, too. You can even integrate Your Payroll with Xero seamlessly, a popular cloud-based accounting package. In fact, it's so simple, you can run your payroll on a smartphone, iPad, or any other electronic device! Plus, with the Auto Pay function, you can pay your staff in less than a minute, do all the calculations, make the payments and even lodge PAYE with IRD. How does this speed and ease of use compare with your existing Payroll system?
Cloud Payroll can save you money. Perhaps the greatest benefit of cloud payroll is the cost saving.
Cloud payroll creates many cost efficiencies including:
- Lowering the time it takes to process payments by automatically filing PAYE and paying staff and processing payslips.
- Is up-to-date with legislation.
- Provides accurate record keeping.
- Eliminating most network, backup and software administration overhead.
- Giving you time to focus on running and growing your business instead of dealing with administration.
- Cloud software systems have become incredibly popular, especially with small and medium-sized businesses, because of the ease of use, low barrier to entry and affordable cost.