Marc Benioff, CEO of Salesforce.com has famously stated that “cloud computing is a better way to run your business.” Supporting this claim by Marc Benioff, Dell has reported that companies that invest in cloud strategy computing have experienced up to 53% faster revenue growth than peers not adopting this technology! But although cloud computing has been around for approximately two decades, much of the business community has yet to adopt this technology – so what exactly is cloud computing?
To put it simply, cloud computing is the on-demand delivery of IT resources via the internet. Cloud computing allows its users to access all the features and files of a system online, eliminating the need to utilize dedicated in-house resources. To better understand how cloud computing can help a business scale and increase efficiency, let’s look at this through the perspective of a cloud payroll software.
Cloud payroll platforms offer online payroll and HR solutions to their users. Individuals who utilize cloud payroll services will find a more efficient method of managing the leaves, expenses, timesheets, and payroll of their employees.
What you will learn from this article:
1. Efficiency
Cloud payroll platforms typically provide their users the ability to utilize electronic payslips, allowing employers the luxury of saving time and money usually associated with hard-copy payslips.
Manual data entry is notorious for being a time-consuming endeavor. However, cloud payroll platforms allow users to download templates to upload all their employee and payroll history information at once.
The templates have been designed around the concept of efficiency and ease of use. All information may then be consolidated into comprehensive statutory reports, doing away with tedious paper filing systems. Cloud payroll services can thus assist users by ensuring that vital time spent at the office can be utilized for profit-generating activities, with back-office responsibilities now requiring minimal time and resources to complete.
2. Data Security
Data security remains a key consideration for businesses. According to a 2017 study by the United States Better Business Bureau, only 35% of businesses claimed that they would be able to remain profitable for more than 3 months in the event that they lost access to critical data.
Cloud payroll platforms will typically maintain a private cloud infrastructure allowing users to enjoy a greater sense of security. A cloud-based data storage systems will back-up users’ company data onto the cloud in real-time, offering protection against potential security breaches. In addition, users will be able to save costs by decreasing their reliance on physical, in-house infrastructure.
3. Improve Financial Control / Compliance
As dictated by Hong Kong Company Law, employers maintain the responsibility in ensuring that their statutory filings, such as MPF and year-end tax filings, are submitted punctually and without error. Companies who discover errors in their statutory filings must dedicate additional resources to remedy these inaccuracies. Fortunately, cloud payroll platforms maintain auto regulatory compliance features. Such features will provide users with frequent compliance updates which are also automatically implemented during payroll processing. Such a system simplifies the steps employers must take to ensure that they are aware of, and can act accordingly to, any new legislative changes in respect of compliance matters.
A cloud payroll platform’s automated features extend past statutory filing. Users will be able to automate their monthly salary payments to their staff. Using such platforms, monthly salary payments are automatically credited to employee’s bank accounts, once again saving time and money.
To ensure that your firm is complying with Hong Kong’s various statutory obligations, payroll outsourcing companies may also be engaged. These professional service providers assist with HR related matters such as payroll outsourcing, MPF administration and also work visa arrangements to help ensure your compliance with Hong Kong’s statutory obligations!
4. Scalability
According to the FastLane Group, cloud platforms are typically designed with scalability in mind. Most cloud platforms, regardless of the services they provide, offer the ability to incorporate additional applications when required. Of course, the ability to enact such changes as well as the tools that can be integrated varies among cloud platforms.
According to the FastLane Group, cloud platforms are typically designed with scalability in mind. Most cloud platforms, regardless of the services they provide, offer the ability to incorporate additional applications when required. Of course, the ability to enact such changes as well as the tools that can be integrated varies among cloud platforms.
Cloud payroll platforms allow the integration of their services onto the most prominent and notable cloud accounting solutions, such as Quickbooks and Xero. The integration process is simple and can be completed in less than a minute. The benefits of such a feature entail that, contrary to traditional HR and payroll solutions, the resources available to a cloud payroll users can grow along with its business. The internal infrastructure of a firm can now be adjusted according to a business’s developing needs.
Conclusion
Do you have additional questions regarding how cloud solutions can help your business grow? Are you interested in adopting a cloud payroll solution? If so, please feel free to speak with a customer service representative from Gpayroll!