Every organization that aspires for an efficient payroll management feels compelled to introduce IT solutions to their businesses. Payroll is an important part of businesses that shapes the company image and somewhat determines employee satisfaction. The multiple features of a payroll software facilitate payroll processing to a great extent. Here are the most essential attributes of cloud-based payroll software.
Employee Self-Service
An important benefit that companies enjoy with cloud payroll software is the self-accessing facility of the employees. Instead of arranging meetings with HR or calling them, employees can find all information related to their payroll processing right on the platform.
Mobile Accessibility
You can access data stored and managed on cloud software from any location and from any device. This means the HR team can post payroll details even if they are not available in the office. Similarly, employees can access all details related to their payroll from their home. For instance, employees can check and download payslips or verify tax deductions when they are out of office.
Data Protection
Cloud platforms are a much secure place for the storage of data. If you have a private cloud for the hosting of data, you can be assured of utmost security of your data. The software uses encryption to protect all your sensitive data and provides a robust backup system for the retrieval of lost data.
Improved Scalability
A cloud based payroll software gives organizations the opportunity to accommodate changes easily to their existing system to facilitate the company’s growth. As you keep changing the strength of your employees or start working with a more complicated database, you can update data on the cloud-based platform without losing track of anything.
Environment Friendly
When you switch from manual processing of payrolls to processing on a cloud software, you end up utilizing a smaller number of servers. This, in turn, protects the environment from the consumption of energy while also ensuring less expense at your end.
Real-time Access to Data
Cloud based payroll software allows management to view their employee details on a real-time basis. This is extremely helpful for eliminating errors that arise from manual data entry. Moreover, the HR team can update and generate reports based on the most recent data. This will also allow the employees to check their updated payroll details directly from the software.
Cost Effective
Cloud HRMS helps in automating much of the tasks related to payroll processing. You can calculate tax or loan deductions, incentives, and other compensations without spending time on doing manual calculations. This means you can have a smaller sized team working on the same aspects but faster.
Better Connectivity
Cloud platforms allow teams located at different corners to work together and access the same data on a single platform. This is crucial for keeping everyone on the same page, especially if your company is based on multiple locations.
Efficient HR Reporting
Cloud recruitment software can simplify much of the work of the HR team through automation. The team would no longer have to spend hours to calculate the payroll details. They can avoid manual entry of data with the software. Additionally, they can keep track of the attendance of employees, including their leave reports, and keep the system updated with accurate data.
Carbon Footprint
Working on a cloud-based platform means you would no longer require making entries on hard copies. This is an ideal way of spreading paperless policy in your organization and encouraging employees to adhere to the policy. You occupy only the required amount of storage on the cloud without wasting money on papers.
Statutory Compliance
Payroll processing requires complying to the various government led regulations to ensure there is no flaw or discrepancy. However, maintaining a manual record of all the information is not an easy task. Cloud payroll software can help you solve the problem. You can achieve flawless payroll processing without worrying if you have calculated the TDS correctly or have generated the Form 16 for sending the employees.
Improve Accuracy and Speed
Cloud software fast-tracks the processing and managing of data. You can have a huge database and yet face no difficulty in obtaining accurate reports when you have a cloud platform to work on.
These are some of the features of a cloud-based payroll software that can boost the growth of your business. The software is one of the best ways to resolve the issues involved with payroll processing. You can save a lot more time and money using a cloud platform than you ever can with a physical one.
