Cloud-based payroll software can be beneficial to you in more ways than one. Even if you have a small business, cloud-based payroll software can have certain game-changing benefits for your business.
It has witnessed massive growth over the past few years and the global market size is estimated to reach $10.8 billion by the year 2027. Even small and medium-scale businesses are shifting from legacy payroll systems to cloud-based payroll due to operational efficiency.
It also helps in cutting down costs. In this blog, we are going to focus on the reasons why your business needs HR payroll software like Microsoft Dynamics 365 business central immediately.
What is cloud payroll software?
It is an online payroll software that manages and tracks employee data to automate employee payments remotely. With the help of cloud payroll software, the administration and HR department can handle employee details at any time of the day.
Moreover, your employees will also be satisfied because they will be able to handle their pay slips at any time and from anywhere.
This helps in cutting down operational costs while aligning the latest financial and legal obligations. Cloud-based payroll software helps manage your employees from there on boarding to the exit stage.
As long as they have their phone or computer and a stable Internet connection, you are good to go.
- Lower operational costs: One of the main reasons behind availing of cloud payroll software is that companies do not need to incur money on purchasing on-premises systems. It also eliminates the costs related to hiring people required to maintain subsystems. It is a disruptive technology and the costs are affordable for all kinds of businesses.
- Faster and more efficient: Legacy payroll systems will not be able to keep up with the requirements of the fast-paced, data-driven world that we live in. Cloud-based payroll software allows you to access the payroll and employee information at any time of the day and from anywhere.
It will also allow your HR or finance team to respond in a fast way and more efficiently to employee requests and queries.
- Automated compliance: Cloud payroll software automates various kinds of compliances which will again increase the efficiency of your organization. Your company can comply with changing regulations. The software automatically incorporates the changes to make sure that the business is in compliance with statutory requirements.
- No mistakes in payroll: Even a small business needs cloud-based payroll software because it helps in reducing the errors and discrepancies in the payroll. Processing of employee salaries and traditional tracking will also increase the chances of errors.
A positive work course will have a higher retention rate as well.
- Centralized employee data: The HR department handles a large volume of employee life cycle-related data. It is challenging to manage all the data accurately if the employee records are not centralized. Cloud payroll software allows the payroll department to handle all kinds of employee information with the help of one centralized data source.
- Scalable and customizable: A cloud-based payroll software has built-in features and it offers you the feasibility to customize settings as well. It is easily scalable and can provide you with various kinds of solutions.
- Automated employee on boarding: Cloud payroll software also acts as a good employee on boarding process. And since the HR professionals will have fewer things to worry about, they can help with other tasks related to the business.
- Unified administrative tasks: At some firms, the HR and administrative teams join hands to complete the payroll processing. Some of the data that must be included in the payroll system are an employee’s personal information, attendance, commissions, etcetera. Cloud payroll software makes the integration seamless and easier.
It also helps in Comprehensive reports and analytics. The paperwork can be reduced in leaps and bounds as well. It ensures data security and more. These payroll software also comes with employee self-serve portals and automated reminders.
So these are a few reasons why a small-scale business needs cloud-based payroll software.
Dynamics Business Solutions (DBS) is certified Microsoft Dynamics partner in UAE, we take pride in our ability to develop and deploy the right business solution that matches global client’s requirements. Our in-house developed state of the art solutions Dynamo &DynaPay for HRMS and Payroll on top of MS Dynamics 365 FO and Business Central are capable enough to cater all requirements related to HR and Payroll.