When it comes to modernizing your business, you need to invest in a lot of things that will enhance your operations. One of the most important things that you should invest in is a cloud-based software.
They are apt for small businesses and start-ups and streamline the entire payroll process.
The pandemic has also changed the entire payroll landscape and more and more companies are switching to cloud-based hr systems. Why? For that, you need to read the rest of this blog.
Integrating the cloud in your payroll management ensures payment on time and a feasible experience. It will simplify things for the HR department.
What is cloud payroll system?
Cloud-based payroll management is where HR personnel and employees can track information just with the help of a few clicks. It is used for onboarding and offboarding employees, ensuring compliance, handling exit processes, and more.
The best part is that it improves employee engagement over a span of time. You will witness a rise in staff retention rate as well.
The global cloud-based payroll software market is estimated to be USD 17.39 billion by the year 2027. Employees can access all their personal information such as payslips and leave balance while staying outside office premises.
Ever since the work-from-home culture started, people have started realizing the ease of operating remotely. In fact, HR teams can now concentrate on other tasks since they face lesser queries.
All these can be done while maintaining fine-grained security protocols, preventing data breaches or unauthorized access.
What is Payroll Management Software?
They are used by HR teams to automate payroll procedures. They ensure easy and simple end-to-end payroll processes. It organizes the process of paying salaries and granting leaves. They are apt for all businesses, irrespective of their sizes and scale.
The major clients that get them include companies that are growing or looking forward to scaling or are searching for technical solutions to handle employee data.
Why are people opting for it now?
People are opting for it now because of the ease. As companies are scaling and technology is growing, most things are getting switched to automated versions. This helps in curbing costs and more.
It eradicates tedious employee compensation computations and manual tasks. The major objective for HR and payroll experts is to spend less time dealing with specific employee requirements. It is all about optimizing operational efficiency.
What does it include?
Payroll processing includes:
- Employee Orientation
- Policy Definition
- Compensation Plan
- Payroll Data Collection
- Salary Calculation
- Leave calculation
- Creating Payslips and Tax Forms
- Data Reports Compilation
- Offboarding of employees
Why do you need it for your business?
Happier employee base: One of the most important issues with local storage is that there is restricted accessibility.
Small companies are also turning to payroll software to boost efficiency and improve the bottom line. It not only streamlines operations but boosts the overall productivity of your business too.
The elimination of manual labor also removes uncertainties and human mistakes. According to Forbes, a happy employee base can help your company make more money.
If you implement a cloud-based payroll system for your company, it is a great move toward that step. Employees can handle the self-service portal anytime and from anywhere.
They can download their payslips, report overtime, access tax details, and even apply for leaves.
Better accessibility: Secondly, all the data is stored locally in the systems. This will surely result in delayed payments. With a cloud-based payroll system, the data is stored in the cloud servers.
For this, you need a web browser and a stable Internet connection. Missed payroll deadlines is a story of the past right now.
Access to the latest technology: Unlike on-premise software, cloud-based payroll system gets updated from time to time on its own. There are so many hassles related to payroll as well such as overdue deadlines, tax-related errors, and more.
A cloud-based payroll software can help you overcome these kinds of challenges.
It manages deductions and automatic speed on payment processing. Cloud-based payroll software also helps in scheduling payrolls and eliminating redundancies. You can also reduce your costs with the help of the same.
You will also be contributing your share to the environment. The extensive paperwork can be reduced by a considerable amount.
Safety of your data: Data is a valuable asset and we all know that. However, it is important for you as a company to maintain the confidentiality and privacy related to the data of your customers.
When information is stored locally, there is a higher risk of getting it stolen or compromised. But with cloud-based software, the risks reduce manifolds. It will help your employee data to be centralized and simplified.
These are a few reasons why you should opt for cloud-based payroll systems. It pays you back over time and if you calculate the return on investment, you will surely be surprised
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.