7 Ways a Cloud Based Payroll System Can Supercharge Your Payroll
Payroll is an activity that’s often mistakenly considered as being one of the easier HR tasks. After all, it’s just about getting the monthly/weekly salary to the employees, how hard could that be? Well, ask any seasoned HR professional, it’s the farthest thing from being easy. The persons in charge of payroll have to deal with a humongous quantity of data, pore over the attendance and leaves of all the employees along with their varying salary structures and calculate overtime. Additionally, there is the need to comply with legal formalities, tax provisions, and government policies. So, maybe you need to think again before you refer to payroll as being ‘easy’.
Nevertheless, technological solutions have eased the troubles of many a department. Present-day payroll has been made much simpler owing to payroll software. With the availability of cloud-based payroll systems that are accessible on any device and anywhere, payroll has been simplified further. If you need more reasons to automate your payroll with a great HR payroll software, here they are:
Employee Self-Service (ESS) Portals
ESS portals make the job of both employees and the HR department easier. Now the HR department does not have to spend time updating employee information manually as employees can add or update the details themselves using the ESS Portal. Employees can check their payment history and attendance, and apply from leave from within the ESS portal itself. Thus, employees are empowered by having control over their information and the HR department can focus on tasks that hold greater importance.
Scalability is a huge deal, especially for small and medium enterprises such as startups which are on the path of growth. Cloud-based payroll systems, unlike older on-premise payroll solutions, are scalable. They grow in accordance with the needs of the organization. First off, you can choose the features/modules you require at present and pay for only those. As your business grows and your business finds itself in the need for more specialized functionalities, your provider will be glad to include them in your subscription.
Diminished Ownership Costs
As mentioned before, with cloud based payroll software, you have the option to pay only for what you want. So, you won’t be stuck with an expensive, bloated system that has features your payroll team will never even need to use. Similarly, with such a payroll software, updates and maintenance are not the responsibility of the user. The onus of these tasks is on the provider. Updates are made directly by the provider as soon as they’re available. Your systems do not have to spend hours in downtime just for updates, and your payroll employees, as well as in-house IT team, can focus on more pressing tasks. Wasted time, as well as extra costs related to payroll, are eliminated.
Integrations with other Crucial Software
There is no ‘I’ in the team but business teams today rely on the ‘I’ in integration for successful completion of their tasks. It’s the same for Human Resources. Integrations with other related software can make the jobs of various departments simpler and faster.
Integrating your payroll software with your accounting software will mean that both HR and accounting departments will be saved from the trouble of manual data entry for employee-related transactions. The processes on both the ends are streamlined and duplication of data is avoided. Similarly, integrating your ERP system with the payroll will allow relevant data to be updated automatically in the ERP system. Such integrations go a long way in reducing the workload of the concerned employees
The aforementioned benefits add up to result in effortless reporting for the HR department. The HR software will contain standard reports which can be generated with real-time data. Yes, there is no waiting period involved: you can generate reports pertaining to a certain period with whatever data the software has captured automatically. You also have the option to customize the existing reports or generate new templates entirely. As legal compliance is of utmost importance in payroll, the software will ensure that the provisions of the relevant laws are met with when generating payroll reports. This would be quite difficult to do manually and would involve a significant amount of errors owing to the complexity of legal and tax provisions.
Cloud-based software checks all the boxes when it comes to security measures. The providers are compelled to comply with high data security standards. Many of them store sensitive data on their private cloud, along with rigorous encryption and backup, and 24/7 security monitoring.
Data security is one of the biggest concerns for any organization, especially when it comes to payroll data. Cloud based payroll systems guarantee the highest levels of safety for your data.
The one feature that unifies various elements of a cloud based payroll software is mobile access. In any scenario today, a software without mobile access will not be of much use to an organization. As the number of remote workers and employees choosing to telecommute increases, it is important to provide mobile versions of the software they use at work. Cloud based payroll software with mobile capabilities enables the employees to check details regarding their salary, leave or attendance wherever they may be. Similarly, payroll staff can keep track of records or generate reports on-the-go. As the world becomes increasingly mobile, software is catching up to do the same. Companies that operate in multiple countries or have remote employees necessarily require mobile capabilities for their software.
Choose cloud based HR payroll systems to make payroll processing simpler and more efficient for your payroll staff. Empower your employees to be in control of their personal and salary-related information at all times. Ensure legal compliance for your payroll, at every step. Invest in cloud payroll software for simplified, efficient, and effortless payroll processing.