The business world is evolving and so is the way how companies manage their payroll and HR requirements.
Most companies avail of cloud based payroll solutions these days. And there are various advantages of the same, such as accuracy for compliance with lower obligation as well as affordability.
This also has a great impact on the overall business environment. Technology has been a blessing to us and it is emerging every day to fulfill the demand in the market.
One can complete all tasks without any hindrance and seamlessly through technology. And companies aren’t falling behind.
Business organizations gain traction from cloud based payroll solution as their jobs are easily done via these solutions.
Now let us start with the basic – what is cloud-based technology? Cloud-based technology is a simple process of hosting software or an application on a server that is placed at a remote location by service providers while people can access it over the net.
You don’t need to install certain software on your personal or office computer. One can operate this software at anytime from anywhere.
So these are a few reasons why you should switch to a cloud based payroll solution if you still haven’t.
Manage unorganized employee information
A cloud based payroll solution can help you track and manage employee data seamlessly. You won’t struggle as you are, right now.
Right from onboarding to benefits, pay rate changes, leaves, and performance reviews, everything would be recorded with the help of the solution.
Companies can even keep account of assets assigned to employees, such as laptops, bikes, et al.
Staying compliant with statutory requirements
This is one of the major worries of business houses. Cloud technology offers you updated compliance. You can be totally statutory compliant with cloud payroll software and you can easily let it take care of your TDS, Form 16, PF, ESI, and more.
Tackle employee queries
Cloud-based payroll solution offers employee self-service, which provides access to workers to their respective benefits, leave requests, tax-related information payslips, attendance date, personal information, etc. You will get fewer calls and emails with this. Self-service will also boost employee engagement.
Rolling out a seamless and punctual payroll requires data to flow into the payroll system, from various HR systems, such as leave management and attendance management systems.
Punctual Delivery of Reports to Management
One of the major benefits of this solution is that Cloud HR & payroll software with a core HR software module provides value-added reports for HR analytics.
You can easily access labor law reports, statutory reports and HR MIS reports with its help. Say goodbye to manual report-making, which has higher chances of mistakes.
You can access all the data just with the help of a few clicks.
Your workers want the flexibility to work from anywhere. It allows applying for leave or edit information while being away from the office. One can also access payslips and tax information with the help of advanced Cloud HR and payroll software.
Cost of payroll
Another benefit of online payroll software is that it is low investment and high returns. You will be able to save on recurring costs like the cost of servers, IT support, etc.
Benefits of online payroll software
You should shift to online payroll software instead of manual computing. In a nutshell, here are some points.
- Cloud-based payroll solution helps in reducing IT-related and infrastructure costs, which is as cheap as a subscription.
- It can be used from anywhere. There is no need to log in.
- Service providers take care of upgraded software, new features, and auto-updates of statutory compliances, latest security firewalls, etc.
- It is easy to use for multiple users. It can be used according to user needs, workflows, reports, MIS, link to different internal systems, etc.
There are many companies like Dynamics Business Solutions (DBS) that offer convenient and compact solutions such as Dynamo runs inside Microsoft Dynamics 365 FO. It empowers companies on a daily basis.