Here are six ways a cloud-based payroll service can improve resilience and support business continuity in this pandemic.
No matter what’s happening in the world, if a business is continuing to operate (even when activity levels are reduced) then its payroll must continue to run. And for many companies, the pandemic situation has made them think about what they can do to make sure their payroll processes are more resilient.
This is why increasing numbers of organisations are now looking at how cloud-based payroll software services can help them. Here are six ways in which they can improve resilience and support business continuity.
1. Payroll can be run remotely
One of the significant advantages of using cloud-based payroll software is the fact that even when a business faces disruption, all payroll activity can carry on remotely. It doesn’t matter whether you are working in the office, at home or from any other location.
As long as you have an internet connection you can access all of the necessary information, run payroll accurately and make sure that everyone is paid on time.
2. A rapid response to legislation changes
Since the pandemic began, emergency payroll legislation has been rolled out at a dizzying pace. And it’s been a challenge for businesses to keep up with the various complexities involved. Ongoing updates to the coronavirus job retention scheme, furlough payments, adjustments to statutory sick pay: the list goes on. It’s time-consuming, complex and can create a lot of pressure.
Even in “calmer” times, there’s still a lot of legislation to keep up with – and no one wants to put their company in a situation where accidental non-compliance exposes it to potential penalties and loss of reputation.
A cloud-based payroll service can be of substantial benefit in meeting this challenge. The software is constantly updated by payroll experts who ensure that, no matter how complex the legislation might be, it is rolled out automatically within the system. That minimises any risk of non-compliance and lifts a considerable burden off a company.
3. Effective real-time reporting and clear analytics
A cloud-based payroll service offers companies the ability to quickly and easily access reports based on real time data, providing a significant boost to analytical capacity. That’s important for longer term planning, but it’s also extremely valuable when a company suddenly has to manage the immediate implications of disruption to business as usual.
The reporting and analytics available offer insights into a range of factors: for example, they can highlight vulnerabilities due to absence, assist with better informed emergency workforce planning, support quick and straightforward sharing of information and ultimately enable better quality decision-making.
4. Better communication of payroll issues
A cloud-based payroll can help to make communication processes a lot more fluid and flexible. Even if employees can’t come into the office, there’s no reason why vital payroll communication and reporting should be disrupted.
Instead, information can continue to flow around the organisation as required, keeping people connected and enabling them to access the data they need. Queries can still be dealt with easily, and it’s straightforward to access real time information that provides transparency and clarity, and supports collaboration and business continuity.
5. A reduced risk of error
Business resilience isn’t only about being set up to deal with unforeseen emergencies of course. It’s also about ensuring your payroll is run in such a way that it is as error-proof as possible. It’s easy for mistakes to creep in or an oversight to happen.
By using a cloud-based payroll service, you’re minimising the risk of errors by reducing the amount of manual inputting required and the level of administration needed.
6. Your payroll will always be processed – come what may
Some companies rely on the knowledge of a handful of key payroll employees and that can leave them vulnerable if for any reason one (or more) of those employees was suddenly unable to work. When you use a cloud-based payroll service, that risk is reduced.
And with a fully outsourced payroll service, you’ll have the reassurance of knowing that even in the event of disruption, everything will continue to be taken care of from a payroll perspective. Good payroll service providers will have their own robust business continuity plans to make sure that your payroll is processed no matter what.
Find out more about our payroll services
If you’d like to know more about how our cloud-based payroll services can help you, then please do contact us for more information.