It does not come as a surprise that companies are now joining the bandwagon of digitising their businesses and cloud computing massively plays a fundamental role in this transformation.
Companies need to revolutionise their current business processes and leverage technologies to bring about digital disruptions within the company. But there are traditional minds who are hesitant to transfer their systems from a solid hard-drive to a cloud storage space. However, as per a report by Flexera, we are seeing a change in this scenario as enterprises are slowly letting go of these inhibitions to embrace cloud strategies.
A cloud-based solution trumps the manual method, eliminating dependency on excel sheets, automating mundane tasks and simplifying complex activities.
Let’s find out how.
Enhanced Efficiency Of Payroll Related Tasks:
A highly efficient system often ages poorly making use of additional resources to complete routine payroll tasks which isn’t the case with a cloud system. Another advantage of implementing cloud payroll solutions includes allowing business owners to access payroll information from anywhere. This makes it possible for them to respond faster to employee requests and to get the work done faster. Handling these small glitches improves efficiency of payroll tasks within companies.
Improved Accuracy To Almost Zero Errors:
Payroll departments often rush to process payments of employees on time. Cloud based payroll services aid in easing this rush by providing a way that’s smooth and user friendly. With the help of automation, most services taken care of by the system itself reducing error and redundancies bringing it down to almost zero.
Comes With In-Built Statutory Compliances:
Cloud solutions built-in with the latest compliance and statutory requisites that are needed to be followed by the company. By adopting a cloud payroll software companies can put their TDS, PF, PT and ESI worries to rest. Companies need to follow a variety of regulatory laws both in India and abroad depending upon where they have setup business. Cloud solutions update themselves automatically to be compliant with the laws of the country where the business is being conducted.
Is Effortlessly Scalable As Your Business Grows:
As opposed to manual methods of processing payroll, cloud solutions help in scaling the business. Irrespective of whether companies conduct a monthly or a seasonal business, cloud solutions can effectively alter themselves to boost company efforts. This ensures that companies’ worries of crossing the capacity limits are put to rest as they only pay for what they use. Generally, companies are only charged for a particular billing period.
Offers Employee Self-Serviceability:
Employees need to apply for leaves while they are away from office or they may need information related to payslips or tax filing. These minor employee related information can be taken from the cloud solution by the employee themselves as the software offers them the option to access when working remotely from the office. These softwares also come with a dedicated app to enable companies to sign off on leaves and check attendance on the go.
Reduces Effort Of Input Gathering:
A cloud solution allows you to track and manage all employee lifecycle situations such as their onboarding, reviews and payment structures all on the same platform. Additionally, you can also track company’s assets being allotted to the employees such as homes, vehicles, devices etc all in one single place. This reduces the effort of having to fetch information from ten different sources such as in the case of manual methods.
Offers powerful security:
Signing through a cloud solution through a single entry enables the staff of the company to use the software across multiple systems without having to remember multiple passwords. The cloud solutions are built with powerful security to improve cross departmental collaboration without sacrificing security or leak of personal data.
A flawless and automated SaaS payroll software is a must for every medium to large business. But not every company has a strategy in place to incorporate one. The payroll benchmark survey by Deloitte, presented at the annual American Payroll Association Congress in 2019, displayed that 88% of companies have a strategy in place. This was 50% higher than that in 2018.
It is safe to say that it's time that businesses fine-tune themselves to the music of changing times.