By now, most businesses have heard about cloud-based SaaS payroll software solutions and decided to evaluate their potential application in the business environment. This approach has proven to be particularly advantageous for smaller companies as it minimizes costs and eliminates the need to invest in an in-house payroll software solution from the start. With so many benefits offered by modern SaaS payroll solutions, it’s no wonder why their popularity continues to grow over time. In this guide, we will take a closer look at the pros and cons of SaaS payroll software and explain why you should consider implementing such an application into your business model ASAP.
Cost Efficiency
Paying for software is an expense. But, unlike other costs, software investments are often directly tied to revenue—if you can increase payroll productivity by 5%, your company will make more money. And if your business is already making money, that’s a win for everyone. You can put that extra cash right back into growing your business! That’s what makes cloud-based saas payroll software so important to small businesses—you get access to advanced payroll technology without spending big bucks up front.
Convenience
With a software as a service payroll solution, you don’t have to worry about hardware maintenance or licensing. In many cases, all you need is an internet connection and a web browser. You no longer have to buy desktop software with complicated operating systems that you only use once every few months—cloud-based payroll services are designed to be accessed from any computer. This makes them ideal for remote workers, entrepreneurs who work from home, and office staff who want to take their job with them on a laptop or tablet. And, since there’s no complicated setup process or installation procedures, your IT department won’t spend all day installing new programs and loading updates! That means more time for collaboration and communication between employees.
Flexibility
A cloud solution doesn’t have to be a one-size-fits-all service. Many providers offer customizations and integrations with other systems, such as accounting packages or CRM tools, so you can build it to fit your needs. You can also opt for different levels of support if you want more hands-on guidance throughout the implementation and/or use of the software. What’s more, cloud solutions give companies access to top experts who work with many different organizations. So, instead of trying to find help within your organization (which may or may not be available), you can tap into an outside resource that has experience in similar situations.
Security
Keeping a handle on payroll is a very time-consuming task and can require a lot of your attention. The software will ensure that you don’t have to do that yourself. You won’t need to worry about going through some complex update process every month because all automatic updates are already taken care of for you. In addition, you won’t have to download large files daily, but only when there are actual changes in law or any other aspect that needs your attention immediately.
Automatic updates
One nice thing about SaaS payroll software is that it is always being updated and upgraded with new features. If you choose a web-based payroll provider, you won’t have to worry about waiting around for an upgrade. With most cloud solutions, whenever there is an update or improvement made to your software, you will immediately have access to it as soon as they’re ready. Many SaaS providers offer automatic updates so that your software works smoothly and efficiently without any problems or disruptions from missing updates.
A new wave of cloud-based SaaS payroll software has emerged, offering several benefits to small business owners. The new solutions are based on an easy-to-use, accessible platform that allows companies to stay competitive with streamlined workflows. Because they’re self-service and affordable, they can also be a practical solution for smaller businesses that might not have an entire IT team on hand. Moving your payroll system to SaaS can improve your cash flow and help your business maintain its focus while staying compliant with current labor laws and practices across multiple states. Many companies are opting for SaaS payroll systems to make their HR departments more efficient for these reasons and more.
