Counting the Savings: Why Migrating to On-Cloud Payroll Software Makes Financial Sense
On-Premises to On-Cloud payroll migration. Why should you consider it if your payroll processes are running smoothly as is? Well, one great reason why you might migrate is for the financial benefit.
Migrating to On-Cloud payroll software brings many rewards for businesses, such as advanced data security, increased efficiency, and remote access. Cost savings come in the form of reduced upfront expenses as well as zero regular updates and system malfunctions. This frees up your IT team, of course, but it also affords your payroll department the time to complete other tasks.
These are plenty more reasons to switch to On-Cloud payroll software, so let’s dig deeper and discover why migrating to On-Cloud payroll software makes financial sense.
Savings You Can Count On
So, what are the benefits of cloud-based payroll software in relation to cost savings?
When you outsource to a trusted and well-established cloud provider, you remove the stress of ensuring wages, bonuses, and other payments are made on time. For example, let’s look at SD Worx, formerly Intelligo’s MegaPay On-Cloud which can save you money when it comes to:
- Costs associated with employing staff directly, e.g., salaries, tax, and office space.
- Unexpected costs like recruitment, training, and covering the payroll function during holidays, illness, or maternity leave.
- Hardware, software, licensing, or maintenance fees.
Take the last point, the savings made on hardware, software, licensing and maintenance fees. To migrate to On-Cloud payroll software, you pay a fixed fee. All essential data is hosted on the cloud and this cost is included in the price. With On-Premises payroll, however, you must pay a licence fee either up-front or annually. The software is installed on servers on your company’s premises and thus, you must cover any additional expenses incurred.
The knock-on effect is that the financial risks associated with On-Cloud payroll software are fewer. For instance, you aren’t locked into long-term agreement and should you need to switch to a different option, that transition is easier to make. Once you purchase an On-Premises system, however, you’re open to cover high costs in replacing that system if it doesn’t work as hoped.
With an On-Cloud payroll system in place, you can also save on labour and associated costs. As the software doesn’t require any physical hardware to purchase or replace, maintenance and depreciation costs are nil. And, if upgrades are required, the provider will take care of them for you. Furthermore, instead of having your payroll team manually calculate an employee’s hours of work, On-Cloud payroll software will do it for you. This in turn gives your payroll team more time to focus on other work.
So, all things considered, you can see that the On-Cloud vs on-premises cost comparison weighs heavily in favour of the former.
Start Saving Today with MegaPay On-Cloud
Instead of asking yourself, “How much does payroll accounting software cost?” or “How much does payroll cost per employee in Ireland?”, ask us, SD Worx, formerly Intelligo. We’ll work to understand what your company needs and create a migration plan that simplifies the steps and costs involved in making the switch.
Aside from savings of up 20% in payroll management and maintenance costs, MegaPay On-Cloud is a payroll solution you can operate from anywhere. Furthermore, MegaPay On-Cloud is 100% secure, meaning there’s no fear of data being breached.
Other features of MegaPay On-Cloud that will help you manage your payroll processes more efficiently include:
- Scalable payroll.
- Real-time calculations.
- UK and Irish calculation engines.
- No hardware or upgrade concerns.
- Reduced upfront financial exposure and CAPEX costs.
- Fully integration with 3rd party systems such as pensions, HR, Sharesave and Time and Attendance systems.