Advantages of moving payroll to Cloud
Cloud dependant payroll system has many advantages than any outdated legacy system. There are many reasons why your business must move to the cloud. Cloud as the software as a service is becoming ubiquitous across all the functions of business and applications. Cloud computing is useful for increasing efficiency, offers flexibility and lowers the cost of ownership.
The best cloud-based payroll solution comprises of all the needed functionalities. The encrypted data enhances the security level.
The main reasons for migrating payroll to the cloud are as follows.
- Monitored data
Cloud enables the organizations or companies to store their data from different sources at one single place. It helps the payroll department to manage all records of employees in a better and efficient way. It keeps the info related to salary amount, leaves, records of performance and many more. Monitoring of data also allows better tracking for the organization which has a number of employees.
- Self – service
Payroll department can enable 24 * 7 access to the personal information such as pay slips, benefits, I Tax declarations, I Tax proof submissions, and training record details of employees. The direct access and self-service by employees results in tremendous reduction in administrative time/cost. Employees can access cloud on their smart devices for leave requests, approve the time cards and regularize it. Employees can also display and review the information of other events in the organizations. All this can be finished without interference from the payroll team.
- Easy Reporting
Payroll team can easily collect the information they need with cloud-based applications available to develop reports. The payroll and HR team need not waste their time in finding or managing the larger amount of data in excel sheets.
Cloud-based application saves on huge capital expense and instead there is a small recurring operational expenditure. Thus it proves to be economical in comparison to the on-premises solutions.
- Automatic updating and no back-up necessary
It has the main feature of automatic updation to the payroll system. The best software which will automatically update the latest and legal information for each of the countries that you operate in. It means that your processes of payroll are kept consistent updated and compliant. An old legal system requires to do back up at regular intervals hence its process and information can be easily lost or damaged in such procedures. But once you are on the cloud, there is no chance of losing the data and never require backups.