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Most cloud payroll solutions also support entire workflows by automatically calculating pay and deductions, generating pay slips, and disbursing payments. They may also be integrated with other applications that businesses may use, such as scheduling and time tracking software, as well as bookkeeping platforms.
Fremont, CA: Certain workloads have been reluctantly shifted to the cloud by businesses. Payroll, for example, has largely been maintained on-site. Only a quarter of small businesses choose to use cloud-based payroll systems.
Part of the reluctance to embrace the cloud stems from security concerns. Because cloud-based solutions are available through the internet, some people think they are more vulnerable to cyberattacks, despite the growing consensus that public clouds are now more secure than on-premises environments.
However, as the world adjusts to the new normal, this trend of keeping payroll offline may change rapidly. Because most companies are now working remotely as a result of the pandemic, putting off moving workloads like payroll to the cloud can cause a slew of problems, including lost productivity and exposure to fraud and company compromise.
While some economies are already opening up, many companies want to keep their remote work policies in place. A survey revealed that 82 percent of business leaders are looking to provide workers the option to work remotely some of the time, once they reopen their workplaces. Almost half are considering allowing workers to do so full-time. However, the changes required to support remote work will leave gaps in processes, making certain workloads error-prone and vulnerable to exploitation.
In the case of payroll, the first problem is keeping the department operational. Payroll processing on-premises has traditionally been simple because employees are co-located. Many businesses have some kind of attendance system in place that records employee presence when they arrive at work. However, with remote work, payroll departments that are reliant on offline systems will have to go through the process of manually collecting information from their colleagues. Manual processes are not only time-consuming, but they are also prone to data errors and loss.
Advantages of the Cloud
This trend of embracing remote work is expected to accelerate corporate cloud adoption. In the case of payroll, modern cloud-based solutions offer a number of key benefits that help to mitigate these risks. To begin, these platforms can be accessed remotely, allowing payroll departments to complete their tasks while working from home.
Most cloud payroll solutions also support entire workflows by automatically calculating pay and deductions, generating pay slips, and disbursing payments. They may also be integrated with other applications that businesses may use, such as scheduling and time tracking software, as well as bookkeeping platforms. This will assist payroll departments in avoiding incorrect computations and preventing time theft.
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