Why switch to cloud-based payroll software? The purpose of cloud based payroll software is to simplify and automate the process of paying a company’s employees. The payroll process includes tasks such as computing deductions and employee benefits, producing pay slips, calculating and filing employment taxes, complying with regulatory requirements, processing or depositing payment directly to employee’s bank account, voiding payments if need be and even producing reports.
The world over, companies are making the switch to cloud technology for their HR & Payroll needs. There are multiple reasons for this, ranging from cost-effectiveness and accuracy with respect to compliance to a reduced need for support. Below, we’ve listed six of the most prominent reasons that are sure to make you lend a thought in this direction.
- Improve speed and security
Few things are more important to your employees that is being paid on time. Yet for many HR and payroll departments, running payroll is often a rushed process. Cloud based payroll software is designed to ease payroll process and provide security. Most feature a friendly, intuitive user interface and straightforward navigation. Perhaps more significantly, because many functions are automated, it eliminates the need for manual calculations, reducing the errors, redundancies and workarounds that plague employers still struggling with older on-premise payroll software
- Offer mobile accessibility
These days, the real work often gets done outside of the office. One of the great benefits of cloud based payroll software is that HR staff and field managers can process and approve payroll from any device, any time of day. For businesses with multiple worksites spread across multiple time zones, this is a huge advantage. Even employees traveling for business purpose can avail the benefits of payroll software.
- Reduce cost
Cloud based payroll software offer a higher return on investment than on-premise software or manual spreadsheets. There are no in-house servers to buy and maintain, no physical set-up to accomplish and no upgrades to purchase. Further, updates are handled painlessly. When all of your important company data is stored in a secure cloud at your fingertips, you can avoid spending excess time hunting down paperwork and paying unnecessary non-compliance fines.
- Less mistake
Chances are, you’ll commit more mistakes in manual payroll computing no matter how careful you may be. More hours spent on processing payroll also lead to less employee productivity. Mistakes in payroll processing may also lead to decreasing employee engagement.
- Increase employee productivity
Using a cloud-based payroll software keeps the HR team on-the-go. Even while commuting, you’ll be able to run payroll through your smartphone or tablet. Your cloud based payroll software manages most of the tasks for you. Managers become more productive and efficient when they can handle employee tasks on the go. Employees become happier and more efficient when they can view information and complete tasks without having to ask HR for assistance. HR Managers become more strategic and efficient when they can delegate tasks while maintaining accountability.
- Integration with less effort
Easily integrate systems and share valuable data in real time. You can utilize all of the features and benefits of a cloud-based payroll software by integrating payroll with time and attendance, leave management, statutory compliances and performance management.
Real time payroll processing makes it easier to generate reports that are legislatively obliged as it ensures that all information is up-to-date and correct. It also helps you plan your business strategy to get better insight for the business.
factoHR is a leading name for providing payroll software in India. It provides end-to-end solutions for SMEs.
To learn more about what factoHR, HR & Payroll can do for your business. Book Free Demo !!! Call us on +91 782 000 3100 | Mail at email@example.com
Schedule Free Demo
To learn more about what factoHR, HR & Payroll can do for your business. Book Free Demo !!!
Call us on +91 782 000 3100 | Mail at firstname.lastname@example.org