With the recent surge in the start-up arena, there has been a steep rise in the demand for cloud-based solutions and payroll is not an exception. A cloud HR software requires fewer resources and increases productivity as well as offers excellent return on investment (ROI) for a business especially for start-up.
An online payroll solution not only saves time and efforts, but also reduces lot of payroll errors. Further, it is cost effective, since it saves the cost of retaining in-house employees dedicated to payroll and other related costs.
- Time and Attendance
Employee time tracking, especially for employees paid on hourly basis, is very useful feature of an online payroll solution. It incorporates in-built timekeeping feature that employees can use to sign in and out. At the end of each working period or day, the system would automatically calculate daily/monthly wages. There is no need to manually calculate and enter employee hours, which reduces expensive errors and saves time.
- Automated Taxation
Taxes are very tricky component of salary. Each Tax has a different rate. Most importantly, every tax has its own remittance and reporting rules. On top of all, taxes vary by regions. Messing up on payroll taxes may invite penalty. Pocket HRMS automatically calculates and files taxes with precision. It provides support for complex statutory taxations as well.
- Add-On HR Modules
Pocket HRMS offers Add-On modules such as, employee self service, Online Leave Tracking System and Claims Management thus preventing repetitive data entries. Pocket HRMS streamlines your workflow by keeping HRIS data and payroll information organized in one place.
If you are preparing for the year-end financial report, you should plan on investing in a cloud based solution. It requires minimal investment, is cost effective as compared to manual payroll process and saves a considerable amount of time that can be invested towards other valuable and strategic business operations.