Integrating Your Growing Business with Cloud-Based Technology
A report from Forbes placed cloud computing as one of the 25 technology trends that will define the next decade. Cloud technology has become one of the most exciting technologies and will shape the way we live and how businesses operate in the near future. In fact, Gartner predicts that in the coming 5 years, three-quarters of enterprise-generated data will be created and processed outside a traditional centralised data centre or in a cloud system.
Previously, businesses would require a large IT team for in-house data management, something that can be difficult for small to medium enterprises (SME). With the advancement of cloud technology, SMEs can now minimise IT costs while increasing efficiency.
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Streamlining Your Business to Keep Up with the Fast-Paced Development of Asia
Asia has developed at a blistering pace and its businesses are growing in regional and global importance. To keep up with the fast-paced growth and mounting competitive environment, companies in Asia must embrace methods to streamline their business and improve productivity. Adopting a cloud-based HR and payroll system makes sense for enterprises that aim to become more efficient.
Here are some of the benefits that cloud-based payroll can bring to your business:
The Benefits of Cloud-Based Payroll
1. All-In-One Support
If your business is spread across multiple countries you can consolidate all your payroll data in one centralised system. Managing payroll in different locations can be troublesome due to local rules and regulations varying drastically from place to place.
A good payroll solutions vendor spanning operations in multiple locations will have the expertise to cover the different protocols in each place. To support your company, it is important to choose a vendor that ensures you are compliant with each location your business serves to make multi-country reporting easier. Local, state, and federal taxes will automatically be taken into account, saving your company from potential non-compliance penalties.
2. Better Data Protection
Payroll data is very sensitive information for companies, so it comes to no surprise that some business leaders are sceptical about placing the information on a cloud-based system. However, generally speaking, cloud-based storage is safer than having your information inhouse.
By having your data on-premise, you are at higher risk of theft, system breakdowns, fire, floods, and other disasters. Whereas cloud-based service providers invest heavily in security, providing a safe environment to hold data.
3. Tailored to Your Business
Whether your business is a multinational corporation or a small local business, cloud payroll systems can be tailored to your needs. With an in-house system, you will only have a system with limited capabilities and it will have to be constantly upgraded. A cloud-based system is constantly improving and can meet the needs of your business, perfect for growing companies. The highly modifiable system will allow users to customise their platform according to their needs.
4. Reduced Risk of Errors, Improved Efficiency
Manual data entry is often error-prone and can cause inaccuracies in payment of salaries, tax deductions, and tax compliance. With a cloud-based payroll system, businesses can get instant real-time updates of data. Your business will run more efficiently as it promotes better control over your HR processes and improves decision making.
Without the need for as many servers and IT professionals to manage in-house, businesses can actually save a considerable amount. No longer will you need to spend on tech infrastructure, upgrades, and construct a physical on-premise setup. Cut down on the energy running costs to be a more environmentally friendly and responsible business.
Links One – Your Complete HR & Payroll Solution
If you are looking to consolidate all your payroll data, leave and benefits from different locations all into one system, look no further than Links One. Links One is the perfect all-in-one system for all your HR and payroll needs. With Links One you can simplify your HR and payroll process management in Asia. By having all your payroll data on a single dashboard your reporting will be made much easier! Watch our video on Links One to learn more:
3 Key Takeaways
Businesses Need to Implement Cloud-Based Payroll for Better Efficiency
With rising competition between companies, business leaders need to streamline their operations for better productivity. Implementing a cloud-based payroll system is a smart way to increase business efficiency and increasing your advantage over your competitors. Focus your workforce’s efforts on other tasks to grow your business!
The Many Benefits of Cloud-Based Payroll
Cloud-based payroll brings many benefits to your business and is the right step towards the future for many companies. By simply implementing a cloud-based payroll system you can improve security, cut costs, reduce errors, and meet your own business needs as you expand.
Links One is Your All-In-One Solution
For businesses that span across multiple countries, Links One is a great platform that can help consolidate your payroll data, leave, and benefits. Learn more about how Links One can make managing your HR and payroll easier!
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Links International is an industry leader in innovative HR outsourcing with services such as payroll outsourcing, visa application, PEO/EOR Secondment, outplacement, recruitment and more! Contact us for more information on how we can help leverage your HR function.