Businesses from all over the world are making the switch to cloud technology for their Payroll and HR requirements. There are numerous reasons for this: some of them are cost-effectiveness & accuracy for compliance with lowered obligation for support.
Meaning of cloud-based technology:
It is a software/application hosting on the server, which is positioned at a remote location by service providers while the users can access it over the internet.
Now there are zero requirements to install specific software on your office or personal computer. This software can be used from any remote system from the comfort of the house or office or anywhere.
Today payroll software is no longer a stranger to the technology of cloud-based payroll.
According to the Zion Market Research Report, global cloud-based payroll software was worth nearly USD 7000 million in 2018 and is expected to yield about 13,000 million by 2026, at a CAGR of almost 6.8% from 2019 to 2026.
Read Also | 5 Benefits Of Using Online Payroll Software
Listed below are some of the most eminent reasons to switch to cloud-based payroll software:
Cheap as the subscription lowers IT associated costs:
The e-payroll software is offered by the service provider as SaaS and comes with quarterly/monthly subscriptions.
There is no requirement to buy a server, which in turn lowers their infrastructure, maintenance, upgrading, environment, workforce and security costs straightaway.
E payroll software can easily be accessed by authorized personnel from any location from any device and at any time for processing or any other purpose. There is no requirement to log into a single system alone.
Read Also | Know about Cloud Based HR System Software
Timely maintenance, support, and automatic updates:
Service providers manage the maintenance of system, upgraded software, auto-updates of the statutory compliances, new features on the app, latest security firewalls, access, and system risk control as needed by auditors.
It is very helpful as numerous payroll aspects like statutory compliances, computations, and reports are usual for most businesses.
The sole thing you will own here is the employee data.
E payroll software highly supports business continuity as well as disaster recovery needs in occasions of any eventuality.
Both data and software are backed securely in various backup servers at distinct locations by the service providers to prevent time and data loss.
Read Also | 5 Benefits of using DynaPay Payroll
High flexibility for multi-users:
Cloud-based software is highly flexible for customization to particular user requirements, reports, workflows, MIS, links to various internal systems like time and leave management, accounting or HR software and external systems like banking software or government systems.
Why choose Dynamo Payroll and DynaPay Payroll?
Alongside getting top class business solutions, we also take huge pride in our potential to deploy the right system support that matches well with the global client’s needs.
Dynamics Business Solutions (DBS) is a 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.