Cloud computing is one of the most exciting technologies in 2023. Cloud-based HR tech, such as cloud-based payroll, will shape the way we live and how businesses operate in the near future. A report from Forbes placed cloud computing as one of the top 25 technology trends that will define the next decade. In fact, Gartner predicts that in the coming 5 years, three-quarters of enterprise-generated data will be created and processed outside a traditional centralized data center or in a cloud system.
Payroll SaaS (Cloud-Based Payroll Software) is a flexible solution with ultimate connectivity. Payroll that is stored in a cloud can be accessed anywhere and at any time, as long as there is an internet connection. By simply implementing a cloud-based payroll system you can improve security, cut costs, reduce errors, and meet business needs as you expand.
Why is Cloud-Based Payroll Important?
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 solution
s vendor operating 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 operates in 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.
Better Data Protection
Payroll data is very sensitive information for companies, so it comes to no surprise that some business leaders are skeptical about placing the information on a cloud-based system. However, cloud-based storage is safer than having your information in-house. By having your data on-premises, you are at higher risk of theft, system breakdowns, fire, floods, and other natural disasters. Whereas cloud-based service providers invest heavily in security, providing a safe environment to hold data.
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. The highly modifiable system will allow users to customize their platform according to their needs.
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 real-time 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 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.
Integrating Your Growing Business with Cloud-Based Technology
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. Implementing a cloud-based HR and payroll system with success is a smart way to increase business.
Web-Based Payroll in Asia: 5 Key Benefits
Simple Asia Regional Payroll Reporting
The benefit of investing in a quality payroll solution is that it’ll allow for simpler and more accurate reporting. A lot of the time, for companies relying on multiple payroll systems across different locations, the struggle is in managing time and various country-specific requirements. A comprehensive payroll solution should serve a number of locations, covering for the nuances between different countries. When deciding on a vendor, clients need to make sure that the payroll solution has tailored features and fields, meeting the requirements of each servicing location.
Greater Data Security Offered by Cloud Service Providers
HR and payroll information is
both sensitive and private. While processing payroll in-house can seem more secure, limited care and attention given to the actual safekeeping of data, exposes your company to risk of breach or data loss. Contrast this to using a cloud service provider, where companies benefit more from the robust system. With outsourced cloud payroll services, providers can dedicate more resources to making sure that clients’ data is properly protected. Outsourced HR service providers know that their reputation and expertise is on the line, a great deal of their effort will go into ensuring that clients benefit from the best security measures with the highest level of encryption.
Cost Saving Benefits with a Future-Proof Payroll Solution
For expanding businesses, when considering switching from on-premises to cloud-based payroll, the key consideration is often between implementation and maintenance costs. While the implementation fees may seem like a hefty investment, cloud payroll solutions come with the guarantee of a worry-free payroll solution. Clients can forget about the processing, security, compliance, service, and maintenance costs. Absorbed by the cloud service provider, businesses can easily budget for cost instead of having the financial burden of maintaining an outdated system present in traditional in-house payroll.
Minimised Risk of Error, Duplicates & Delays
Cloud-based payroll means you have one ultimate source of truth. Where in the case of on-premise payroll, particularly for businesses spanning over multiple countries, there is the risk of inconsistencies, delays, and duplicated data. By having your payroll on a cloud platform, data and changes can be made and documented in real-time with little to no lag.
Streamlined Payroll Operations, Saving Time & Hassle
Looking to consolidate all your payroll data, leave and benefits from different locations all into one system? Links One is the perfect all-in-one system for all your HR and payroll needs. Simplify your HR and payroll process management in Asia by having all your payroll data on a single dashboard.
Contact us for a free demo session to learn more how Links One can tailor for your payroll needs in Asia!
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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.