Cloud Payroll allows users to manage all the elements of payroll online, by connecting a computer to the internet. Users can onboard new employees, manage amendments to employee data and operate and control the whole payroll process remotely. With Cloud Payroll, there’s no need to use traditional payroll software from a specific location.
Thousands of businesses, including SMEs, have transitioned across to Cloud Payroll because of its numerous benefits. Historically, businesses were reluctant to change payroll software solutions, as this meant expensive infrastructure changes and software purchases. With the advances in cloud technology, it’s now much easier and more cost effective to switch ‘to the cloud.’
Money saving - Avoiding the need for expensive investment for on-premises legacy systems, Cloud Payroll services lets businesses ‘rent’ the software on a per employee basis. There’s no need to invest in hardware, databases, security, software and – in the case of in-house payroll – large headcounts to manage the process and maintain the solution.
IT infrastructure is supplied and maintained by the service provider which is an additional cost-saving. The service provider also has the responsibility of integrating applications and developing new functionality as and when required. Cloud Payroll provides speed and scalability for all sizes of business. Using Cloud Payroll means companies can offer flexibility and enhanced payroll support to their employees.
Businesses can access – and pay for – the resources they need rather than investing in legacy systems with functionality that requires upgrading annually, saving cost on both software and headcount to apply the changes.
Security - Cloud Payroll gives businesses the assurance that they are always up to date with security, legislation and technology. Data and software is managed by the service provider and it’s their responsibility to make sure that the solution is protected by robust security protocols to prevent data breach.
Flexibility – Cloud Payroll allows payroll professionals to access the payroll functionality when working in the office or working remotely. The whole payroll process can be managed by accessing the solution over the internet and allows users to control all the elements of payroll, from onboarding, reviewing analytics, running reports, approving pay runs and managing the exit process of employees. In times of pandemic, Cloud Payroll has proved invaluable when restrictions mean that personnel must work from home.
Compliance – Cloud Payroll allows businesses to adapt quickly and efficiently to changes in legislation. The service provider has responsibility for monitoring and implementing the changes. Changes are applied to the central server and filtered in real-time through to the client. Service providers adapt the system to reflect the statutory changes. There are currently over 150 pieces of legislation relating to payroll with new requirements being implemented all the time. Service providers have in-house expertise to ensure system and client compliance. Cloud Payroll automatically includes the latest innovations and features to take the business forward.
Centralised data – All employee data is centralised on the Cloud Payroll system. Data can be tracked and managed to ensure payroll accuracy for employees.
Efficiency – Cloud Payroll has enhanced functionality in comparison with legacy solutions. Employees are able to access their data and view their payslips online or through an app, and data is available to view in real-time, which reduces queries and communication between employee and payroll personnel.
Time saving – Cloud Payroll offers an automated solution that saves time in payroll processing. Once data is entered on the cloud solution, little interaction is needed because of solution automation - other than approving pay runs - unless there are changes to the employee data.
Cloud Payroll is also less costly in both time and resource for running payroll than a legacy system – many of which age badly and take significant time to manage and upgrade.
Real-time data – Cloud Payroll allows employers and payroll professionals to access reporting, analytics, payroll-metrics, tax liability and insights at any time during the payroll calendar. This gives access to financial and performance data when it is needed to help with decision-making. Using Cloud Payroll means there is no need for separate business intelligence systems or complex data warehousing.
Scalability – Businesses pay only for what they need and, as the business grows, there is no need to pay for new licences for adding and managing new employees, as with many legacy systems. This scalability gives businesses the agility to grow and the flexibility to compete.
Automation – Cloud Payroll solutions have artificial intelligence (AI) built in to automate processes. This helps reduce errors and anticipate the needs of the business. Checklists are built into the onboarding process so that no essential data is missed and compliance is ensured during the setting up and managing of new personnel.
Unification of systems - Cloud Payroll allows the integration of business processes in one solution. All data is entered into the payroll system, eliminating the need for multiple solutions and duplication of data. Start dates, leave, bonuses, absences and more can be managed through the cloud solution.
Self-service portals - Employees can access their payroll data through self-service portals, accessible on desktop or mobile. This gives employees the opportunity to update their personal information, request leave and check their pay and benefits. This saves time for payroll professionals. Access to data real-time also empowers employees and allows them to manage their budgets more effectively.
Cloud Payroll is generally much safer than payroll stored on legacy in-house systems. When payroll data is stored in-house, it’s vulnerableto data breaches, crashes and viruses. Payroll is reliant on a robust disaster recovery plan, some of which become obsolete when there are changes within the organisation and the plan is not updated.
Cloud Payroll service providers constantly update infrastructure and security and keep data fully encrypted to prevent breaches, reducing impacts on data.
Simon Bocca, founder of PayCaptain says, “One of the major changes we have seen over the last two years is the need for much more flexibility for businesses for processing their payroll. At the start of the pandemic, we saw payroll professionals forced to go into the office to run payroll on their legacy systems. This placed them at risk and made the whole process more complex, stressful and time-consuming.
During this time, employers didn’t have access to insights and analytics which impacted their ability to run their businesses. This, coupled with the errors that occurred with running payroll, had a negative effect on both employer and employees.”
PayCaptain offers an intelligent automated secure Cloud Payroll solution with a fully managed service. PayCaptain is accessible from anywhere, on desktop or mobile, both for employers and employees. The solution is fully HMRC approved – making PayCaptain one of the first HMRC approved and FCA-registered payroll providers in the UK. This means that PayCaptain can operate as an extension of a business’s payroll team, as opposed to a basic outsourced payroll provider.
With PayCaptain, the payroll process is simplified and streamlined with extensive automation and AI built into the calculation engine, saving time and money for businesses. Payroll accuracy is improved and security is assured. Employee benefits include on-demand pay, mobile wallets and interactive money management and support. This gives employees a modern, flexible solution to getting paid and enhances financial well-being.
In summary, Cloud Payroll is an online solution that will take businesses forward, allowing scalability for the future.
With PayCaptain, payroll is streamlined, simplified and accessible from anywhere. Cloud Payroll helps businesses reduce costs for headcount as well as infrastructure. With PayCaptain, businesses benefit from extensive AI and automation to reduce errors and this is backed up by a dedicated support team to answer queries and ensure accurate payroll processing. Insights are available in real-time – allowing employers to have greater financial control over their business.
To learn more about how we can help your business, contact us for an informal, no obligation chat. We’ll also be happy to demo PayCaptain for you!
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