7 Reasons to Switch to a Cloud Payroll Software
Cloud is fast becoming the new normal. According to a Gartner report, the public cloud services market in India is projected to grow 38 percent in 2017 to touch $1.8 billion as nearly 60% IT organisations move their systems management to the cloud. The second highest growth will be driven by Software-as-a-Service (Saas) which indicates that the migration of application and workloads from on-premises data centers to the cloud as well as cloud ready, cloud-native applications are fueling the growth of adoption of cloud.
Why cloud? It’s because cloud computing increases efficiency, provides flexibility, cuts the cost of ownership and offers many more benefits. The benefits are just the same with a cloud-based payroll software. World-over, companies are making the switch to cloud for their HR & Payroll needs. There are multiple reasons for this; ranging from cost-effectiveness to reductions in the carbon footprint. Below are seven of the most prominent reasons that are sure to make you lend a thought in this direction:
1. Employee management: which mainly focuses on tracking and managing employee events: on-boarding, benefits, performance reviews, pay rate changes, leave, certifications and more, with one centralized source of data. You can also track company assets assigned to employees, such as electronic equipment, tools and vehicles.
2. Employee self-service: Empower staff with 24/7 online access to benefits, payslips, training enrolment and personal information it is important to empower staffs with 24*7 online access. This will not only reduce calls and emails to the HR but also drive great employee engagement with self-service and mobile access.
3. Manager self-service: Cloud technology takes management beyond the office. Using mobile devices, managers can approve requests for time off, review and approve time cards, regularize missed punches, view employee information and events, etc.
4. Core HR reporting: HR processes and reports being the most painful, through cloud all the information you need is readily available so you can get a bird’s eye view of all that matters. With the possibility of creating multiple reports, you no longer have to sift through mines of data.
5. Statutory compliance: Be 100% statutory compliant. eTDS, Form 16, etc. are worries of the past. Payroll softwares ensure that businesses do not miss out on regular updates and follow relevant statutory compliances.
6. Cost effective: A major advantage of a cloud software is the low investment and high returns it could yield. Since there’s no physical setup and hardware required, businesses can save a lot on both initial and recurring expenses through the adoption of cloud.
7. Carbon footprint: For the environmentally inclined (as we all should be), the benefits of switching to a cloud system runs deeper than the above mentioned points. The primary nature of this is that one doesn’t need to maintain a local server. Apart from the cost savings, there are no energy requirements to run. So in the long term, organisations will be saving themselves and the planet for good measure.
A cloud-based payroll software is all encompassing as it includes nearly everything required to manage a company and its employees. It rids you of the need to maintain heaps of manual records and multiple Excel files. All the data will be encrypted and stored on the cloud so access is anytime and from anywhere. A good cloud payroll system will serve as an invaluable tool to make the HR and finance function easier.