Online payroll solutions, such as Wagepoint, Time Tracker, Time Rewards, and many others, let you move your payroll from paper or cumbersome spreadsheets to the cloud, and offer a bevy of features to save time and streamline payroll-related tasks. Depending on the payroll software you select, it may integrate scheduling, expense tracking, and other components, and you should ensure you select a solution that has the features you need now as well as a few extras that could benefit you as your company grows. Here is a look at the key benefits of moving payroll to the cloud.
1. Remote Access
When you use a cloud-based payroll app, you or your employees can access the service remotely using any tablet, smartphone, or laptop with an internet connection. This allows you to check or update payroll numbers even when you’re not in the office, while also letting your employees check their earnings from anywhere.
2. Convenience for Employees
In many cases, payroll apps offer an employee portal. For example, Time Tracker lets your employees clock in or out from anywhere, but it also allows them to upload expenses. Similarly, payroll apps that integrate scheduling software often feature a portal where employees can pick up shifts, request time off, or switch shifts with other employees. The ability to access this information online can be a lot faster and more convenient for employees compared to writing time-off requests or contacting human resources for payroll information.
3. Reduced Need for Hardware
When you use cloud-based payroll software, you don’t have to store files on your computers, and as a result, don’t have to worry about investing in your own servers or computers with lots of memory. Instead, you can conveniently access the information you need with a laptop, tablet, or smartphone. This lowers your hardware investment, and it can also be a more secure way to store your information. If your computer becomes damaged, contracts a virus, or has its files corrupted, all of your payroll accounting information is safely stored in the cloud.
4. Sync With Accounting Software
Many payroll programs sync with QuickBooks accounting software. This reduces the amount of time you have to spend manually entering payroll information to your accounting software, and it helps to eliminate mistakes. For example, when you sync VeriClock with QuickBooks, VeriClock uses details from QuickBooks to set up its records. Then, at the end of each pay period, when you import information from VeriClock to your accounting software, it can break up payroll into regular time and overtime pay, or organize expenses by client.
5. Easy Calculations
As an employer, you have to understand a lot of aspects of employment law, and you are also responsible for submitting employment insurance premiums, Canada Pension Plan contributions, and income tax to the Canada Revenue Agency. Calculating those numbers can be time-consuming and error-prone, but when you use a payroll program, it can do the math for you. You simply enter hours, pay rates, or other relevant details, and the payroll software calculates the numbers you need.