Cloud payroll software guide
What's cloud payroll software?
Cloud payroll software is a digital, web-based platform that companies can use for a variety of payroll-related processes, such as:
The “cloud” part means that you access your software and data over the internet. Your cloud software provider stores your data in large off-site data centres and takes care of software updates, data back-ups and security to make your user experience as frictionless as possible.
What businesses are investing in cloud payroll solutions?
Cloud payroll software is seeing the biggest spike in adoption among small to midsize businesses.
Small, growing teams might not have the capacity to manage payroll processes manually. In such cases, an automated, online payroll solution is essential. Cloud payroll providers offer multiple service tiers, so small and medium-sized businesses can pay for only the features they need (and scale up when they’re ready).
Cloud-based solutions allow larger companies to pay an unlimited number of employees (in multiple currencies!) and automate payroll reporting. Cloud payroll systems also streamline onboarding, as new hires can upload payroll-related information via the software. This makes them more efficient and cost-effective to businesses than time-consuming and error-prone manual processes
Accounting firms can’t afford to spend valuable time on menial, manual tasks so often choose to free up capacity by digitising and automating processes, where possible. A cloud-based payroll solution automates payroll tasks, allowing accounting firms to focus on servicing their customers and other higher-value work.
What are the main benefits of using cloud payroll?
Automated payroll calculations
Cloud payroll software automatically calculates:
pay-as-you-earn (PAYE) withholding
accrued leave and other benefits.
Teams can also set custom calculations as needed.
Lower operational costs
The cost of cloud payroll software is minimal compared to on-premise solutions. There’s no hardware to instal and maintain and the software provider oversees security and uptime, so businesses don't need IT staff to do this.
Less risk of human error
Cloud payroll automates calculations, removing the risk of human error. This means that employees' payslips are always correct, and that those looking after payroll don't need to spend time finding and correcting errors. Automation gives them time back in their days to focus on higher-value work.
Automated compliance reporting
Most top-rated cloud payroll apps can automate payday filing and PAYE payments to the Inland Revenue, so you won’t need to worry about keeping payroll accurate, up-to-date and compliant.
Centralised employee data
Cloud-based payroll apps keep all employee data in one place and reflect updates in real time.
Automated employee onboarding
The administrative side of the employee onboarding process can be onerous as employers need to gather a lot of information for new recruits. Thankfully, cloud payroll software simplifies the process for everyone. For example, MYOB automatically:
reviews employee forms for accuracy and completeness
creates new employee profiles once they’ve submitted their info.
This automation reduces back-and-forth, payroll-related communication between administrators and new hires, freeing up time and enabling a more streamlined and professional onboarding experience.
Simplified record-keeping and reporting
Cloud payroll software incorporates industry best practice so firms can maintain accurate and comprehensive records and eliminate redundancies and bottlenecks. With all data digitised in one centralised location, authorised users can also generate reports in just a few steps.
Modern cloud payroll software providers include data storage, maintenance and security as a part of their basic service package. This ensures secure payroll operations for businesses of all sizes.
Integration with existing workflows
Cloud payroll can easily integrate with the apps and software you use every day. That means if your employees love the time tracking app you’re using now, you won’t have to replace it when you launch your cloud payroll system.
Giving your team modern, digital tools will help them achieve more in their roles and improve their employee experience. This may help boost engagement and reduce staff turnover.
How do you set up cloud payroll?
Setting up cloud payroll software requires minimal effort. Once you create an account, you can download and instal your software in a few steps.
MYOB also offers mobile apps that employees can download and use to record their time and submit expenses for reimbursement.
Automate payroll and compliance with MYOB
Looking for a cloud-based payroll software that'll meet your team’s growing needs both now and in the future? MYOB has you covered.
Our software automates and optimises your payroll operations, so your team can focus on more pressing issues.
Ready to get started? Sign up today.