No matter whether you are an HR professional or a small business owner working in SME, your role is crucial for the growth of your company.
While business owners show the direction to the organization, the HR professionals are accountable for supporting the long as well as short term goals of the business.
As the owner of the company, you would always want to enhance your organization’s profit. Crucially the first step forward this should be to automate your payroll procedure so that your HR team can concentrate on other crucial tasks.
Listed below are top reasons as to why you require adopting cloud based payroll software for your SME business:
1. Saves time:
As payroll has a significant implication on attaining business goals, automating this would save time for the HR team. This would also provide them with the necessary time for strategizing essential HR management activities.
Usually, manual payroll processing takes about 1 to 3 days basis the company’s size and the payroll team’s size. In case your salary is disbursed twice in a month, this would consume nearly 6 days of your HR team per month.
The ultimate point here is, processing of payroll takes a lot of time, which is unnecessary. However, incorporating a cloud-based payroll system in your business would lower the excess time which is usually taken to at least a day, thereby increasing the productivity of your HR team.
2. Reduces human error:
Manual calculation of payroll not just is a tedious and time-consuming process but is also susceptible to human errors. Errors made in manual payroll calculation may hurt your business.
This would not only lower the morale of your employees but in the worst case can make your company face legal consequences. With the assistance of a cloud based payroll system, you can easily get rid of such human errors.
Payroll software would guarantee your business to remain compliant on the labor laws too. And would also allow you to generate an on-time payment of salary to your employees, thereby boosting their morale and productivity at work.
3. Completely secure:
The provider of cloud-based payroll system is completely compliant with the data privacy act. They completely follow all the rules and regulations listed in the data access and storage.
Cloud based payroll software is also trained to back up your data on the cloud daily, preventing you from losing a large amount of confidential identifiable data.
All the more, the payroll system is also encrypted to keep up the sensitive data secure.
4. Highly organized:
Using a cloud based payroll system makes the record-keeping for your SME business simpler and easier. This thereby helps your HR team to get rid of the messy spreadsheet data that are often tedious and susceptible to mistakes.
Automating payroll simplifies the Human Resource procedure like maintaining clock in & clock out of employees, filling of leaves, reimbursement, and also salary disbursement.
Cloud-based payroll system takes out the stress and clutter from their life, helping them be more productive in other business-related work.
Automating your payroll system doesn’t break your bank, as it is cost-effective. While it may add up slightly to your per month expenses, the advantages you garner by implementing it outweighs its cost.
Automating your organization’s payroll, in the long run, is estimated to prove worthwhile as your company is deemed to make huge profits via its work as the technique eliminates the risk of manual errors.
Elimination of the risk of manual error moreover keeps your business away from any kind of legal concern. The best part is, payroll software automatically updates its system to the current law changes & calculations.
All SMEs aim at growing their business huge, this could only begin to happen if you make your HR team operate at its complete capacity by supporting the organization to attain its goals.
Automating your payroll is one of the ways via which your aim can be accomplished. To your assistance, we at Dynamics Business Solutions bring you DynaPay HR – Payroll.
DynaPay is exclusively constructed for the Microsoft Dynamics 365 Business Central users. This application is a cloud based payroll system that automates the most complicated payroll scenarios for accurate and efficient payroll processing.