The world over, companies are making the switch to cloud technology for their HR & Payroll needs. There are multiple reasons for this: cost-effectiveness and accuracy for compliance with a reduced obligation for support.
This trend has a profound impact on our office and business environment too. In our world of Payroll software, technology has brought people together and has kept us well connected, though we could be miles apart physically. Our tasks can now be performed seamlessly and without any major hassles.
It is a simple process of hosting a software or an application on a server which placed at a remote location by service providers while users are able to access it over internet. There is now no need to install a particular software on your personal or office computer.
The software can be operated on this remote system at any time from your own system from the comforts of your office or house or simply, from anywhere. Payroll software is no longer a stranger to this technology as cloud-based payroll software are the new trend for quite some time now. As per a report by Zion Market Research, the global cloud-based payroll software market which was worth around USD 7,884 million in the year 2018, is expected to generate around USD 13,374 million by 2026, at a CAGR of around 6.8% between 2019 and 2026.
Below, we've listed a few of the most prominent reasons that are sure to make you lend a thought in this direction.
With a cloud payroll software, you can now track and manage all employee lifecycle events such as onboarding, benefits, performance reviews, pay rate changes, leave, certifications, and more, using one centralized source of data. You can also track company assets assigned to employees, from laptops to vehicles, maintain employees’ complete work history, and manage all employees’ communications from a single centralized location.
Cloud technology offers you nothing short of compliance bliss! The software is updated with the latest compliance changes on the back end, automatically getting reflected on the front end. Be 100% statutory compliant with cloud payroll software and put your TDS, Form 16, PF, PT, and ESI worries to rest for good. greytHR, for example, goes to great lengths to ensure their payroll software adheres to all relevant statutory compliances, so you never miss out on a thing.
Cloud HR & payroll software offers employee self-service, which empowers staff with 24/7 online access to payslips, benefits, leave requests, real-time attendance data, tax-related information, personal information, and more. This reduces calls and emails to HR staff, and research shows that self-service and mobile access drive employee engagement.
Rolling out a flawless and timely payroll requires data to flow into the payroll system from multiple other HR systems, such as the leave management system and the attendance management system. The smooth flow of such information can be achieved easily with cloud payroll software, which improves collaboration and facilitates the seamless flow of data through multi-user, web-based access to identical, real-time data across HR systems.
Cloud HR & payroll software with a core HR software module offers you meaningful reports for effective HR analytics. Other than statutory and labor law reports, you can also access readymade HR MIS reports and even create your own user-defined and ad-hoc reports easily.
Cloud payroll software makes all the information you need, readily available on the dashboard so that you can get a birds-eye-view of all that matters. With the capability of creating multiple reports with a single click, you no longer have to sift through mines of data and create reports manually.
It is easy to see how one might need to view and edit one’s leave information, or even apply for leaves, while away from one’s office location. Also, one often needs one’s payslips and other payroll-related information at banks and other financial institutions. With a cloud HR & payroll software, accessing one’s payroll-related information (payslips, tax information, etc.), leave balance, attendance information, and more is possible on the go! How do you ask? Mobile access through a dedicated app. Managers can also approve leaves or regularize attendance while on the move.
A significant advantage of cloud software is the low investment and high returns it yields. Since there’s no physical setup or hardware required, you save a lot on both initial and recurring expenses, including the cost of servers, in-house IT support, etc. Available at highly cost-effective price points, cloud payroll software ensures that even a bootstrapped company can afford one and scale up later without any hassles.
Should you still settle for regular manual computing? Is it wise to switch to a cloud-based payroll software? It is essential to weigh these in the choices available.
e-payroll software are now offered by service providers as a SaaS (Software as a Service) and comes with monthly/quarterly subscriptions. There is no need to purchase a server(s), which in turn reduces its maintenance, infrastructure, environment, upgrading, security and manpower costs straightaway.
e-payroll software can be accessed by authorised personnel from anywhere, from any system and at any time for processing or for any purpose. There is no need to log into one particular system alone.
System maintenance, upgraded software, new features on application, auto-updates of statutory compliances, latest security firewalls, access or system risk controls as required by auditors are all managed by service providers. This is very helpful as many aspects in payroll such as computations, statutory compliances and reports are common for most organisations. The only thing you will own here is employee data.
e-payroll software support business continuity or disaster recovery requirements in case of any eventuality. Both the software and data are securely backed up in multiple back-up servers at different locations by service providers to prevent any loss of data and time.
Cloud-based payroll software are flexible for customisation to specific user needs, workflows, reports, MIS, link to different internal systems such as accounting, time & leave management or HR softwares or external systems such as government systems or banking softwares.
One of the most popular cloud-based payroll softwares in India is the greytHR Payroll Software, which has been in this industry for many years to provide the very solution that you are looking for. Looking for an efficient and robust cloud-based payroll software? Give greytHR a try and experience the difference!