There are a lot of ways you can manage payroll and, as cloud ERP solutions become the clear direction for many businesses, you might be considering a move to the cloud yourself. Or, perhaps, you are in the cloud now and wondering whether to do payroll in-house or outsource it. There are some clear wins to managing payroll with a cloud ERP solution, so if it’s something you are considering, check out these 5 benefits you can expect.
The Benefits of Cloud ERP Payroll
Almost every payroll solution, whether in-house or through a payroll provider, offers basic payroll processing functionality. However, when you grow, or if you are already using an ERP solution, you might want or need more than the basics. Managing payroll in cloud ERP gives businesses an extra edge with added benefits, including:
More flexibility and scalability: On-premise systems are static and fixed as they were deployed per specification years ago. While these systems likely worked at the time they were installed, your business is going to go through changes. And lots of them. Cloud ERP systems have a big advantage here. They allow greater flexibility and scalability. You can add or remove features that support your payroll processes and scale up or down based on headcount or need. This type of customization is much easier on the budget and in timing. You can make changes quickly and easily so that your business software is supporting your business through expanded operations or growth, especially if you add locations in new geographic areas.
Control over data and costs: The two reasons many companies want to do payroll in-house is control and cost. It’s not easy turning over your confidential employee data to outsiders. Payroll in the cloud makes it easy to centralize and access your data at any time in the cloud. Worried about security? One look at Microsoft’s Trust Center and you’ll know just how seriously they take security in the cloud. Cloud solutions also tend to save you money on both technology and IT. For example, Payroll NOW for Dynamics 365 Business Central gives you a fully integrated payroll solution and both your ERP and payroll is at one monthly price.
Better integration: Ask any payroll professional how time-consuming and risky it is to enter and re-enter data. Cloud systems are better equipped for integrations, meaning it’s easier to connect your data so payroll is faster and more accurate. Additionally, ask if your cloud payroll solution integrates with Power BI and reporting tools so you can leverage your payroll and employee data for deeper insight across the company.
Go paperless: Manual, paper-based time and expense tracking and payroll can lead to lots of delays and errors. Not to mention cranky employees. Cloud solutions are designed for mobility so you can say goodbye to all those overstuffed file cabinets and hello to secure, electronic payroll processing. Automatically sync time and expenses entered from mobile devices into your payroll solution. And Payroll NOW offers employee self-service tools so they can view their paystubs, make changes, enroll in benefits and more—at their convenience. Reducing paper will also reduce your carbon footprint which is important for every business to work on.
Strengthen compliance: Cloud-based payroll solutions make it easier to keep up on changing regulatory issues including taxes and ACA compliance reporting. Your tax calculations should be automatic and your payroll solution should include assistance with your tax filings. Trying to figure out all that manually is very, very risky. Cloud payroll helps you proactively stay ahead of critical deadlines, eliminating penalties and improving compliance.
Looking for a cloud payroll solution?
There are several options to managing payroll; however, in today’s fast-paced marketplace, cloud-based payroll systems could provide the edge your business needs. Learn more about the options available to your business by contacting Integrity Data. Our team of experts can help you determine what technology can best support your payroll processing and tax filing needs.
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