Are you one of those contemplating to shift to cloud based payroll software? With an increasing number of organizations shifting from on premise human resource software to cloud based payroll software, it may be a genuine choice for other organizations who are yet to make the switch to review and do the same.
As per PWC’s survey in 2017, about 73% of the businesses took up the concept of cloud based HR software, which is nearly 68% up in awareness since 2015.
Amongst the businesses that still are abiding by the concept of on-premise HR software, around 1/3rd of them are aiming to shift to cloud based payroll software by next 12 to 18 months.
If your company has not completely sold on the thoughts of cloud based payroll software, here are 5 reasons why they should consider it now.
1. Improves accuracy and speed:
There are some things more crucial to business employees than getting paid the correct amount and on time payment. For those employees working in the HR & payroll department, usually gets rushed down to affairs not created due to them but because of business not undertaking the updated technology for payroll management.
Cloud based payroll software is designed to ease off the pre payroll crunch. Maximum of the features in this software are user friendly, that gives way to straightforward navigation and intuitive user interface.
As most of the features and functions are automated and remove the requirement for manual calculations, cloud based payroll software for HRs of today are an ideal choice for all business models.
Removal of manual calculations allows lower errors, workaround and redundancies that often plague employers.
2. Mobile accessibility
In the present world, the real work is generally conducted outside the office premise. One such great advantage of incorporating the cloud based payroll software is that the HR department and the field managers can easily process as well as approve payroll from any electronic device at any time of the day.
For those organizations with multiple worksites disseminated across various time zones, this serves as a massive benefit. Same is for field managers who can review and also approve time cards from any device at any time.
3. Data is highly secure and protected
There are few employers that fret about security of the cloud based payroll software.
Little do they know that the data of the payroll is stored up in the cloud, which is usually safer than the info/data stored up on the on premise software.
Generally, on premise payroll software are prone to data security issues, as the data stored in such platforms are vulnerable to natural disasters such as fire, cyclone, earthquake.
Such data may even get erased completely from your system owing to major computer crashes.
As cloud based payroll software invests a sizable amount on data storage and infrastructure security, companies’ data are backed up in the cloud and can be accessed anytime irrespective of uncertainties such as computer crashes or natural disasters.
Here is a list of pointers, which you should keep in mind when comparing cloud based payroll software with other HR softwares:
- Data must be hosted on private cloud
- Server uptime must be high near to 100%
- Providers’ servers must be set up in top tier data centers that are certified with 24X7 security monitoring.
- Data must be encrypted through secure protocols
4. Highly scalable:
Unlike the on premise payroll system, cloud based payroll software is highly scalable. If your organization manages seasonal, growing or fluctuating work strength, then this is a crucial plus point.
As an outcome, you do not require fretting about the growing business capacity or paying more than required. Cloud based payroll software allows you to pay just for your work strength capacity you have in the course of a specific billing cycle.
5. Existence of employee self service portal or ESS:
Existence of ESS provides crucial advantages to businesses as well as employees working within the organization.
Self service portals allow employees of companies to access their specific information from anywhere, at any time and from any device.
By using their mobile app, employees can review their pay history, request for leaves, update their address, contact details and others.
Not just this helps empower employees but lowers the tasks of managers and HR departments who now just require responding to their incoming request in regard to leaves and others and concentrate on more necessary activities.
With this solution, we allow the HR department of a company to manage employee records, calculate payrolls and manage their documents with expiry reminders.