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Cloud Payroll: Increase Efficiency and Reduce Admin Friction
Integrating cloud-based HR management solutions, like Cloud Payroll, into your management processes can reduce administrative friction and increase efficiency. This solution is designed to integrate with your existing accounting software — here’s how it can speed up your payroll management.
So why consider Cloud Payroll? Human resources processes can take up a significant amount of time that could otherwise be spent on more productive tasks. Manually performing employee management tasks such as payroll presents the opportunity for human error in data entry that can result in incorrectly logged hours or incorrectly recorded leave entitlements.
Cloud-based payroll solutions streamline the payroll management process, providing businesses with more efficient human capital management and the ability to access real-time payroll information. Cloud Payroll is an Australian cloud-based payroll management solution designed to make paying your employees as simple as possible.
We’ll proceed to break down the key features of of this solution to help you determine whether it’s the right cloud-based payroll management solution for your business.
Cloud Payroll Plans & Pricing
Cloud Payroll offers one standard plan that provides small to medium sized businesses in Australia with everything needed to perform payroll management. The standard plan includes a four-step payroll process, leave management, and Nett payments, as well as employee kiosk functionality.
The platform manages superannuation for businesses, and also offers a DIY superannuation solution that allows businesses to manage their own superannuation contributions. The standard plan is priced at $2.20 per employee, per week, with a separate $7.75 pay run charge.
For businesses with less than four employees, the company offers a Micro plan priced at $10 per month. It also provides completely outsourced payroll management services, with pricing available upon request.
Cloud Payroll Features
Cloud Payroll provides businesses with a simple set up process that includes training, hardware, and software management. Importantly, the platform integrates two-factor authentication, which adds an additional layer of security by requiring Google Authenticator or Microsoft Authenticator when logging in.
The employee kiosk allows employees to submit leave requests online, with administrators able to either approve or deny requests. Similarly, the employee kiosk provides employees with the ability to lon in at any time to record and submit timesheets, as well as access payment summaries.
Cloud Payroll & Xero
A major advantage delivered by this payroll solution is the way in which it integrates directly with the Xero cloud accounting suite. By connecting this payroll solution to Xero, business owners are able to reduce the amount of time spent on accounts management.
The integration between Cloud Payroll and Xero allows Xero to capture general ledger postings directly, as accounts payable invoices. Subsequent to payment, paid invoices can be reconciled using Xero’s bank reconciliation function.
The solution’s Xero integration automates the importation process whenever a payroll is confirmed, significantly reducing the amount of manual data entry that needs to be performed as part of the payroll management process.
Reducing the amount of time spent on payroll management by connecting Cloud Payroll to Xero can reduce administrative costs and optimize your business cash flow. If you’re interested in setting up either solution at your business, reach out to Fullstack today.
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Stuart Reynolds is the founder of Fullstack Advisory, an award-winning accounting firm for businesses leading the future. He is a 3rd generation accountant who specialises in tech companies, agencies and entrepreneurs.