Over the last few years, cloud payroll software has seen a tremendous growth.
Small and large businesses are slowly moving from legacy payroll systems towards cloud payroll to improve operational efficiency and save money.
You’re here because you want to know more about cloud payroll software and whether you need it for your business. Let’s get started.
What is cloud payroll software?
Cloud payroll software is a system for managing and automating employee payments remotely.
A well-designed cloud payroll system can also help businesses reduce operational costs and stay in compliance with their legal and financial obligations.
It allows you to manage your employees from their onboarding stage through to their exit. It is extremely beneficial for employees working remotely, as well as the HR department responsible for payroll. With a click, the salary can be sent securely from anywhere with just a click.
9 Eye-opening Benefits of Cloud Payroll Software
We will now explore the main benefits of for businesses.
Lower operational expenses
Cloud payroll software eliminates the need for companies to pay upfront costs for legacy systems like hardware and server infrastructure. This software also eliminates the costs associated with maintaining such systems.
Cloud payroll software is disruptive technology. This is why it’s affordable for all businesses, including startups.
Cloud payroll software is much easier to maintain and upgrade than legacy payroll management systems. It’s usually updated by vendors once or twice a year, with little to no involvement from your IT department. It is also your responsibility to maintain it, which makes your life much easier and less stressful.
More efficient and faster
Legacy payroll systems are unable to keep up with the demands of today’s fast-paced, connected, and data-driven world. Is more cost-effective and time-efficient than legacy systems.
Also allows you to access your payroll and employee information from any location at any time. This allows HR and finance teams to respond quicker to employee queries and requests.
Cloud payroll software automates compliances such as TDS, PF and ESI. It helps organisations keep up with changing regulations. This feature of automatic compliance is especially useful due to frequent changes in tax laws and tax obligations. It was the introduction of the dual tax regime law.
Your staff does not have to update the payroll system manually when a new law is passed or changed. Your payroll software incorporates any changes automatically, making sure that your business is in compliance with all statutory requirements.
Centralised employee data
The HR department manages a lot of information related to employee life cycles, including onboarding, compensation and salary revisions. It also handles investment declarations and attendance. If the employee records are not centralised, it can be difficult to accurately manage all of this information. Allows payroll to manage all employee information from one centralised source.
Relief for HR staff
The HR team gathers expense proofs each month from employees to validate them. This takes a lot of time. This leads to a lot of back-and forth emails that can take up a lot time.
With the help of employee self-service portals, cloud payroll software relieves the HR team of the burden of proof submission. This frees HR from the responsibility of proof collection.
This saves time and allows your HR to focus on more important tasks like planning and recruiting.
Easy to scale & customize
Although cloud-based payroll software comes with pre-built features it allows you to customize and configure settings. You can customize offer letters and calculate salary breaks for different employees. You can also configure user roles, API access and contractor payments.
On-premises systems are limited in flexibility and can be cumbersome when a company grows and adds employees. Cloud-based payroll is far more user-friendly than spreadsheets or legacy systems and can be modified to accommodate new roles and salary structures.
Comprehensive reports & analytics
The legacy payroll system presents a significant challenge in generating management reports or analytics. These systems are jammed with redundant, unorganized, and duplicate data, making it difficult for anyone to sort these reports and create meaningful insights. These reports are not useful for decision-making.
Cloud payroll software solves this problem and provides insights by consolidating payroll metrics based upon real-time data at the touch of a button. It does not require separate business intelligence systems, data warehouses, or other software.
Simplified administrative tasks
Sometimes, the finance and HR teams work together to process the payroll month after month. To execute payroll, employees must provide personal information, tax declarations, attendance, commissions and any other data that is not related to their salary.
Cloud payroll software integrates seamlessly with legacy payroll systems, which can make it difficult for departments to link together information. This unified approach makes payroll processing simple and smooth.
Automated employee Onboarding
Cloud payroll software is also a great tool for employee onboarding. With just a few clicks, new hires can upload all documents, such as Aadhaar degree, contract details, bank account details, and employee contracts. HR can automate routine checklists and other processes using the software.
Are you looking for cloud-based payroll software?
You have found the right place.
It provides instant updates on any changes in regulatory laws and automates compliances.
Its intuitive and user-friendly design increases operational efficiency while providing significant cost savings. It scales with your business’s growth and is therefore suitable for all organisations, small, medium, large.