Payroll is more complicated than ever; however, by taking advantage of cloud-based solutions, the process can be simplified and streamlined. There are cloud-based solutions that cover all the payroll functions that the modern bookkeeper performs – from running and recording payroll, to issuing tax forms. Cloud-based solutions are redefining the role of the modern bookkeeper and their relationship to their client by changing the way that bookkeeping is done.
Benefits of a Cloud-Based Payroll Solution
Cloud-based solutions can help bookkeepers increase efficiency by reducing manual entry, allowing data to flow seamlessly between solutions and providing users access to their information virtually anytime and anywhere.
With a cloud-based payroll solution like PaymentEvolution, employee payroll information is stored securely in the cloud while still easily accessible by authorized users virtually through their mobile devices. The process of issuing payroll documents like T4s and Records of Employment is simplified with all the key information being stored in the cloud. PaymentEvolution also offers users the ability to access and prepare payroll whenever, with the necessary data at their fingertips. For the modern bookkeeper, this means not having to collect paper timesheets or printing out paper pay stubs.
The ability for PaymentEvolution to integrate with other cloud-based solutions like TSheets, a cloud-based time tracking software, makes it even easier to create a seamless payroll process. Employees and contractors can track their time on TSheets and have their timesheets sent directly to a payroll software to be processed for payroll.
Cloud-based Payroll Workflow
PaymentEvolution reminds the modern bookkeeper when it’s time to prepare payroll. Employees track and submit their hours in TSheets. Those hours are then synced with PaymentEvolution and payroll is ready for processing. Any vacation that was taken is already accounted for and employee benefits are correctly entered with the click of a button.
Once the payroll is processed, employees receive their pay through direct deposit, reducing the need for cheques and cash handling. The employees can then retrieve their pay stubs online from PaymentEvolution, which eliminates the potential need for the modern bookkeeper to reprint lost ones. After all that is done, recording the payroll in the accounting software couldn’t be easier.
PaymentEvolution exports the journal entry right to the accounting software (including QuickBooks, Xero and Sage), saving time, ensuring accuracy, and providing the modern bookkeeper and their client an up-to-date set of books. As for remitting tax and other amounts, there’s no need to worry since PaymentEvolution will make sure that it’s done properly and on time.
From a Number Cruncher to an Advisor
The time that is saved in collecting information, manually entering data, and staying on top of administration allows the modern bookkeeper to go above and beyond in servicing their clients.
With a seamless and streamlined payroll process, modern bookkeepers can focus on helping their clients better understand their business.
The role of the modern bookkeeper is shifting from that of a number-crunching human calculator to a trusted advisor. Leveraging the benefits of cloud-based solutions, modern bookkeepers can now help their clients by advising them on best practices.
For example, the time saved from manual data entry can now be used to make sure that everything from vacation to benefits is being tracked, taxed, and recorded correctly. This benefits both modern bookkeepers and their client.
Since cloud-based payroll software like PaymentEvolution allows the modern bookkeeper to manage payroll accurately, clients can rest easy knowing that their payroll follows regulatory compliance and that their employees are well taken care of.
About the Author
Gracia Chua is the Marketing Lead at Enkel Backoffice Solutions, a Vancouver based accounting firm that provides day-to-day bookkeeping services for businesses and not-for-profit organizations. Enkel strives to provide business owners with a streamlined bookkeeping solution, saving business owners time and money, and allowing them to focus on growing their businesses.