In today’s competitive environment, businesses have realized the importance of cutting-edge IT technologies and solutions.
While the organization does understand the cost to buy new technology and keep them upgraded, it had become more than a necessity for businesses of all sizes.
Unfortunately, more than 50% of companies are still stuck with traditional or legacy IT systems based on outdated technologies. These systems incur costs of equipment, consulting, installations and maintenance contracts.
Being agile and efficient in HR operations and workforce management without blowing out the budget is one of top priorities of businesses to survive in today’s cutthroat and competitive business ecosystem.
Here are 7 reasons why Cloud-based Payroll Software is the need of the hour for businesses.
1. Value for Money: Automation eliminates the need for manual calculations of Compensation, incentives, loans and tax thus, saving time and efforts for HR personnel. Just a small command and run a schedule payroll like never before with cloud payroll software. Thus, no more payroll redundancies and inaccuracies.
2. Connectivity: Get to work while being on notepad, mobile etc. This is because cloud based payroll system empowers you to process payroll from anywhere, anytime and from any device. Moreover, the employee self service portal allows employees of an organisation to access and update their personal information on their own so that you don’t have to saving a significant amount of time and efforts for your HR crew. They can download payslips, apply for leaves, check balance leaves, tax details, TDS information etc. on the go. For businesses with office locations at multiple geographies, cloud based HR software offers a unified platform that makes it easy to access from any given location.
3. Environment friendly & economical: Moving to cloud means you go paperless thus, resulting in reduced carbon footprint by just using the exact amount of cloud storage consumption you need. Further, no need to be apprehensive about upgrades, as these are automatically triggered from the vendor freeing your IT crew.
4. Customisable: With pocket-friendly, SaaS based subscription models, you get to choose what suits your business the best. For businesses with special requirements, customising a solution is never a problem with cloud-based payroll software.
5. Execution: Unlike on-premise solutions, execution and implementation of cloud based HRMS solution is easy and painless. Thus, bringing down the total cost of ownership to a great extent.
6. Space Facility: As all your data is backed up on cloud, data recovery becomes one less matter to worry about in times of untoward situations like strike, floods or fire breakdown or even during a major computer crash, cloud will save the day for you.
7.Organized Filing: Since everything is on cloud, all the data is neatly categorised and available as and when needed. Hence, there is no need for indulging in cumbersome paperwork.
For more details on how cloud-based payroll software can streamline and speed up your HR operations, reach us here.