How to Cut Unnecessary Costs With Cloud-based Payroll Software

When you run a business, there are certain overheads to consider from the outset. Office rental, equipment, utilities and salaries are common examples. But what about unnecessary costs, those that jump out at the end of the month or financial year? Well, one such unnecessary cost you may have noticed relates to your payroll expenses.   

From salaries to infrastructure, payroll can be a costly operation. On-Premises payroll management cannot only prove expensive, but it can also lead to human errors such as miscalculations. Add in the cost to maintain and update equipment and you could face a hefty payroll bill.   

That is unless you use cloud-based payroll software.  

 

 

First and foremost, cloud-based payroll software aligns to your budgetary requirements and business goals. So, should you prefer to have payments spread out instead of paying a lump sum up front, cloud-based payroll software has you covered. Furthermore, On-Cloud payroll pricing structures allow you to only pay for the services you need, services you can adjust as time goes on.      

Cloud-based payroll software saves you time and money when it comes to staff. You no longer need a big payroll department, so hours spent on admin tasks such as calculating taxes and managing employee requests like holidays and expenses are eliminated. You need not worry about payments to Revenue, either, as reports give you a clear breakdown of tax payments due. Should you maintain an in-house team, they can focus their energy on other tasks.     

On-Cloud payroll software also removes the risk of error, or human error to be more precise. When a payroll employee makes a mistake, it can potentially take hours to remedy. Delayed payments, too, can lead to employee frustration and in extreme cases, may even lead to retention issues. The knock-on effect here is that you must then go through the process of hiring new staff. Add on the cost to onboard and train new employees, and payroll errors can cause serious financial setbacks. All these issues are avoided when you migrate to on-cloud payroll software.   

Payroll software also cuts costs when it comes to security. For example, MegaPay On-Cloud utilises enterprise grade data centres through Microsoft Azure. Azure’s 24/7 security operations centre (SOC) monitors the entire cloud infrastructure, meaning you don’t have to worry about your data ever again.    

In the end, as you can see, it’s not really a question of “How much does payroll accounting software cost?”, but “How much does payroll accounting software save?

 

 

So, what makes for good payroll software? Or, more specifically, what makes for good cloud-based payroll software?   

The benefits of cloud-based payroll software go on and on. Aside from the cost-saving aspect, the software also provides real-time calculations and can integrate with 3rd party systems such as pensions, etc.   

Other compelling reasons to outsource your payroll processes include:   

• Fixed monthly fee. 
• No unexpected costs like recruitment and covering the payroll function during holidays, illness, etc. 
• No hardware, software licensing, or maintenance fees. 
• A service tailored to your specific needs.   

All set to migrate to an On-Cloud payroll service provider? It’s worth noting that outsourcing payroll services costs less when you partner with SD Worx, formerly Intelligo.