Why Cloud-Based Payroll is Good for Business

Find out how cloud-based payroll systems, like Thankyou Payroll, can help you to improve the resilience and compliance of your business.

The cloud. It’s a term we use lots when we talk about the internet, though when asked to explain exactly what it is, we’re often stumped.

In simple terms, the cloud is like an enormous hard drive located on the internet. It eliminates the risks associated with storing information on your computer or in a filing cabinet, by providing secure storage on an online server instead.

Thankyou Payroll operates through a cloud-based payroll system. This means we encrypt your payroll information and keep it safely stored on an online server, protecting your payroll information with strong foundations to keep risks to a minimum.

Why is this important? Let’s break it down.

Hands typing on a keyboard

Photo by Sigmund on Unsplash

Building resilience

If there’s anything the pandemic has taught us, it’s that you never know what could be coming around the bend.

As a business owner, preparing for the unknown isn’t easy. However, having systems in place that eliminate the need for material possessions will strengthen your business’ capabilities to stay operational, even under trying conditions.

Opting for a cloud-based payroll system is a surefire way to build this resilience. You can run your payroll at any time, from anywhere, from any device – all you need is a secure internet connection and you’re away.

Ensuring compliance

It’s no secret that there are many rules and regulations that come with payroll, and failing to stay compliant with IRD can result in pricey fines.

Did you know that you’re required to store your payroll records for seven years – even if an employee has left your business?

Lucky for you, payroll software has you covered.

Cloud-based payroll systems eliminate the need to store your payroll history physically or on computers that are likely to be updated within that seven year timeframe. Instead, these records are made readily available to you online without you having to lift a finger. Simply download them at your disposal.

Future-proofing your business

Not only do cloud-based payroll systems help you to stay compliant with current legislation but they help you to keep up with changes in legislation too.

With payroll legislation constantly evolving, it’s hard to be in the know all the time. Cloud-based payroll systems are your safety net for this – they automatically update to reflect legislation changes so that you can direct your resources towards the work you love.

Guaranteed security with cloud-based payroll

So there you have it. Opting for a cloud-based payroll system like Thankyou Payroll will not only save you valuable time and money but it will strengthen the resilience and compliance of your business, leaving you on cloud-nine.

It’s a no brainer, really.

Here’s David, CEO of Thankyou Payroll, with a further breakdown of cloud-based payroll systems and the benefits they can provide your business.