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Wednesday, October 20, 2021

Does a Cloud-Based Payroll Software Benefit Your Company?

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Human resources are a mandatory part of any company, and payroll is the most important function of any HR department.

Today many companies are making changes in their HR segments to include cloud based payroll software function.

Cloud-based means the ability to store programs and data on a remote system that can be accessed by any computer with an Internet connection, and this offers many benefits to your company.

Can be obtained quickly and easily

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With cloud based payroll software that lives in the cloud, businesses do not need to dedicate IT resources to maintain or support the software.

Installation is not required, and data and functionality are available after logging in, accessible from anywhere, and natural disasters such as floods or fires have no effect on access.

Reduces IT-related issues in maintaining, upgrading or adding payroll security in the cloud. These functions are virtually unnecessary because most of you cloud provider will take care of them.

Companies and their employees can easily and quickly access payroll data on desktops, tablets or mobile devices.

Payroll is always online

Cloud based payroll software can improve your processes, such as calculating tax information, processing time sheets, applying retirement funds, or issuing payments. There are several benefits to managing payroll in the cloud:

Payroll is always “on” – no matter what time of day or night you work, your data and processes are always available in the cloud.

Not realized from the desk – cloud-based payroll software provides access to your payroll while you are on the go, whether you are at a conference, lunch, vacation or seminar, and you do not need to miss any payroll.

Improved collaboration – Simplify how you handle payroll and extend it to those who have access. Multiple individuals can now collaborate on the work if needed with access to direct information and similar data.

Scalability – Scale your services up or down as your company grows or reorganizes. Cloud-based payroll is easily scaled with your company. This is an important benefit whether you are trying to grow your business or you have a seasonal operation.

Cloud Payroll Safe – Protect against data loss without complicated server backup schedules, aging devices or IT personnel because Payroll is backed up securely in the cloud. Payroll information needs to be stored for years and cloud-based software facilitates storage and access.

These are just some of the benefits that cloud-based payroll offers. One of the best benefits is the extra time you have when you are no longer attached to the payroll desk.

Below, we list some popular reasons that might give us an idea in this direction.

You are struggling to manage scattered employee data

With cloud payroll software, you can now track and manage all employee lifecycle events such as onboarding, benefits, performance reviews, pay rate changes, vacations, certifications and more, using a centralized source of data.

You can also track company assets assigned to employees, from laptops to vehicles, manage employees’ complete work history and manage all employee communication from a single centralized location.

You are concerned about compliance with legal requirements

Cloud technology is no less than a pleasure for you! The software is updated with the latest compliance changes on the back-end, automatically reflected on the front-end.

Be 100% legal compliant with cloud payroll software and relax your TDS, Form 16, PF, PT and ESI worries for good.

Great HR, for example, takes a lot longer to ensure that their payroll software complies with all relevant legal compliance, so you never lose a thing.

You face an overload of employee questions

Cloud HR & Payroll Software provides employee self-service, empowering staff with 24/7 online access to payrolls, benefits, vacation requests, real-time attendance data, tax information, personal information and more.

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Research shows that it reduces calls and emails to HR staff and drives self-service and mobile access employee engagement.

Your HR systems do not talk to each other

Data needs to flow into the payroll system from many other HR systems, such as the vacation management system and the attendance management system, to create a flawless and timely payroll.

Such information can run smoothly with cloud payroll software, which enhances collaboration and facilitates the seamless flow of data through multi-user, web-based access to identical, real-time data on HR systems.

You struggle with the clock to provide reports to management

Cloud HR & Payroll software with Core HR software module provides you with meaningful reports for effective HR analytics. In addition to legal and labor law reports, you can also access ready-made HR MIS reports and easily create your own user-defined and provisional reports.

Cloud payroll software makes all the information you need easily available on the dashboard so you can get a bird’s eye view of all things. With the ability to create multiple reports with a single click, you no longer have to sift through data mines and create reports manually.

Your employees need the convenience of working from anywhere

It’s easy to see and edit one’s vacation information while away from one’s office location or see how to apply for leaves.

Also, banks and other financial institutions often require information about one’s payroll and other payroll related information. With Cloud HR & Payroll software, accessing one’s payroll – related information (payslips, tax information, etc.), balancing, attendance information and more is possible on the go!

How do you ask? Mobile access via special app. Managers can approve leaves or streamline attendance while on the move.

You worry about the cost of payroll software

An important advantage of cloud software is low investment and high returns. Since no physical setup or hardware is required, you save a lot of start-up and recurring costs, including the cost of servers, internal IT support, and so on.

Available at high cost, cloud payroll software can also be afforded by a bootstrapped company and then scaled without any hassle.

Do you still settle for simple manual computing? Is it wise to switch to cloud based payroll software? It is very important to weigh these in the options available.

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