For any organization, employees are their backbone. It is due to their support that keeps the organization running effectively. Thus, for any business, it is crucial to take care of their requirements too.
One of the crucial aspects in this direction is processing of payroll. However, utilizing the conventional procedure for the payroll processing is inaccurate & time consuming, both.
This causes financial discrepancies & delayed payments, which eventually lowers the staff morale. However, like other issues, technology too has come out with solutions for the same. And, it is called cloud HR software.
It integrates cloud in the payroll management to make sure timely payments & hassle free experience, which simplifies things in reference to the human resource department.
Here, we will list 6 reasons why businesses should opt for cloud HR software:
Satisfied employee base
Looking to enhance your business revenue? This is only possible if you keep your staff extremely satisfied with your service. As per an article in Forbes, a content and happy staff base can assist your business generate more money.
Taking up a cloud based HR system for your organization is a great initiative towards this step.
Using cloud for payroll management helps relief staff from various work hassles. It even offers staff with an employee self service (ESS) platform.
Just by utilizing it, staff can simply access their information on payroll at any time from anywhere.
Employees can download their salary slips, request PTO, report overtime, access tax details & even apply for the retirement funds. Also, they can update their own information/data on the go.
Thus, the cloud based HR payroll system helps in verifying the number of hours worked, allows employees to apply for leave, update their credentials and swiftly manage various other work without involvement of HR. It even ensures timely & accurate payments submission into employees’ accounts on time.
One of the crucial problems with local storage is just restricted to accessibility. All info/data are stored locally in the platform.
What if your employee is not able to come to the workplace & payroll processing is delayed? It leads to delayed payments.
With cloud HR software, all the data/info is stored in cloud servers – you can easily access it anytime, from anywhere. All you require is a high speed internet connection, browser & an authorized access.
Thus, it does not matter where you are actually – you can simply access the payroll info/data & authorize the payments. In short, fretting in regard to those missed payroll is now not possible.
Simply accessibility to the latest technology
Maintenance of the accounts is not a kid’s play. Overdue deadlines, miscalculating payrolls, tax linked errors & extensive bookkeeping are few of the challenges witnessed in the payroll process.
More extensive the data/info base, the more tedious it is to maintain the conventional methods.
However, technology integration in payroll process & management endows you with an edge & makes the business future proof. Also, it assists in ameliorating the accuracy & makes things extremely simple.
With a cloud based HR system, you can surpass these challenges. It can automate the payment processing, tax estimation, payroll calculation & manages various other deductions.
You even can schedule payrolls, delayed payments & eliminate redundancies. Through this way, you essentially cut down the unnecessary manual activities & concentrate on other crucial things, such as monitoring the employee performance.
Safety of business data
Data or info is one of the most precious assets for every business. Thus, it is crucial to maintain privacy and confidentiality. When info/data stored locally, it actually carries an increased risk of getting compromised. For example, your business hard disk can crash off anytime all of a sudden. Also, it is more prone to theft. It makes storing confidential info locally, highly risky.
Cloud based payroll comes with top notch info security features like latest anti virus & fire walls, experienced IT experts & automatic intrusion detection monitor info/data for suspicious tasks. Next crucial feature is info encryption – even when security gets breached, attackers will even then not be able to know your data/info.
Contributing to the environment
Managing your finances traditionally not just impacts your resources, but also impacts the office environment. Filing taxes, processing payrolls, updating time sheets, maintaining employee records & issuing payslips need extensive paperwork & use considerable paper amount.
Paper production has its own ill effects on the environment, like deforestation & global warming. Also, a good amount of cartridges and ink get used for the printing purpose.
They contain numerous heavy metal compounds & for producing those considerable amounts of oil gets used. This furthermore depletes natural resources.
Using cloud based payroll lowers paper usage. Cutting down on paper usage saves nearly 1.50 lakh trees from getting cut down each day. Also, you can save the environment from damaging effects of discarded cartridges and inks.
Also, as per Microsoft study, shifting to cloud can help save nearly 93% energy consumption & lower carbon dioxide emissions by 93%.
The software pays back
Each organization looks out for a profitable return on investment (ROI). They continually are looking to make most of their resources & utilize them in the best way possible. However, there are various expenses that they face.
Maintenance of employee payouts, office space, overhead charges, & other expenses are few of them. For those who are not at all careful when investing, it can adversely impact the company’s finances.
Payroll system like Dynamo payrolls is a cost-effective investment. It helps automate your payroll processing activities, saving money & time.
Also, it excessively lowers your IT expenses, when used with the hosted Dynamo system. You do not have to set your own IT infrastructure for its maintenance.
Also, you can easily scale your software at a genuine price. So, when you go ahead with cloud, you not just require paying your staff, buy even yourself.
Lowered costs, availability of recent software, better payroll processing & ameliorated access to data – these are few of the advantages of opting for payroll management.
As all such info/data gets updated on a real time & is even centralized, your company accountants can simply collaborate to manage your business finances. It moreover makes the payroll processing simpler & accurate. Even you get the experience of a premium system at a comparatively reduced cost rate.
Dynamo works inside Microsoft Dynamics 365 FO – cloud based payroll software, we aim to offer the above similar features to all the businesses to make their payroll system function at ease with simplicity.
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.