The world over, companies are making the switch to cloud technology for their HR & Payroll needs. There are multiple reasons for this, ranging from cost-effectiveness and accuracy with respect to compliance to a reduced need for support. Below, we've listed six of the most prominent reasons that are sure to make you lend a thought in this direction.
Top 7 reasons to switch to a cloud payroll software
1. You struggle to manage scattered employee data
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 employee communications from a single centralized location.
2. You worry about staying compliant with statutory requirements
Cloud technology offers you nothing short of compliance bliss! The software is updated with the latest compliance changes on the back end which get reflected on the front end automatically. 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.
RELATED: Top 7 benefits of Payroll Software
3. You face an overload of employee queries
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.
4. Your HR systems don’t talk to each other
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 information across HR systems.
5. You battle against the clock to deliver reports to management
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 also 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 you can get a bird’s-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.
6. Your employees need the flexibility to work from anywhere
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, you ask? Mobile access through a dedicated app. Managers can also approve leaves or regularize attendance while on the move.
7. You worry about the cost of payroll software
A major 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.
Did you know that greytHR - the cloud HR & payroll software for small businesses - generates over 7,50,000 payslips every month? The numbers don't lie. So why not go ahead and see how greytHR handles the payroll process?