Businesses are hard to run, and they can be especially true for start-ups or small businesses. Handling all the tasks can be challenging, and you, therefore, need the right kind of tools to help with the operations.

One such job is payroll; you have the option of doing it yourself, delegating to an employee, or using one of the many cloud-based payroll software available.

Many businesses are employing the use of online software as a way of streamlining their processes. We will explore why such software can be beneficial for a company below. 

1. Increase in Productivity

Since the information is in Cloud storage, anyone with access can quickly get the relevant documents. This will result in greater efficiency because everything is within easy reach. Depending on what you’re looking for, you can get functions such as HR management, administration of benefits, employee self-service, among others.

2. Storage of data

Gone are the days of needing large cabinets to keep relevant documentation. Now all you need to do is install cloud-based payroll software, and you no longer must worry about the safety of your data.

Whatever employee information you need to keep, including Tax information, employee records, and pay rates among others will be available to you anytime.

3. Avoiding Problems with IRS

Many software companies offer tax filing as part of the package. Every time you’re on the payroll, it takes care of this vital requirement. If you incur any penalties, the cloud-based payroll software company will absorb it.

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4. Everything Is Under One System

With cloud-based payroll software for accountants, you can easily integrate many of the back-office functions. Such include payroll, benefits administration, time management, among others. You are therefore able to keep track of everything from one place and provide necessary updates quickly. You will save time, as well as reduce the risk of costly errors. You also do not have to deal with so much data because you eliminate repetition.

5. You Do Not Need to Deal with Paperwork

People are becoming more conscious of anything that impacts on the environment negatively. The elimination of paper with cloud-based software solutions will help to eliminate waste and end up freeing up a lot of space.

6. Allows for Scalability

No one starts a business to stay in the same place. Cloud-based payroll software will eliminate any bottlenecks that come with sophisticated management practices. It will also help save money, which the business owner can plough back into other areas of a company. The system will also allow for secure handling of many employees while meeting their needs.

7. Accuracy in Reporting

The online payroll software operates in real time, thereby eliminating the time an employer wastes waiting for reports or updates. The employer will also always know what is going on, thus allowing for quick decision making. The result is higher efficiency with regards to how the business runs.

The payroll system is also a great way to let employers know what is happening concerning human resource laws. The company is, therefore, able to comply with the statutory requirements immediately.

8. Accessibility of Information

Cloud-based databases will make it possible for the business owner to access information wherever they may be. Unlike a physical cabinet, the data exists online, and even if you are not within the country, you will still be able to get it.

Office functions do not need to stop just because you are away. With internet connectivity, you can easily carry out your activities.

9. Cost-Saving in the Long-Term

While the initial cost of getting the cloud-based payroll may be a bit prohibitive, especially for small businesses, in the long run, it is worth it. If you take into consideration all the factors we have highlighted above, you will quickly see that having the system will help you run your business efficiently and effectively. You eliminate a lot of time wastage, which will result in the loss of revenue.

The modern business can no longer afford to operate in traditional ways. Cloud-based payroll software is a great way of increasing efficiency in the running of the company. Loss of data will be a thing of the past, and only those with access can see whatever information is in the cloud storage.

The result is that employee information remains confidential while giving the business owner an easy way to track everything that is happening within the organization. Employers also have the option of providing employees with some level of access so that they can manage some of the information. By giving employees access, it will take the burden of the business owner from having to handle everything on his own.

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A hundred years ago we used to travel on horses but today we fly in jets, we used to communicate through letters but today we use social media and literally the world has changed so dramatically that if we manage to bring an individual from the last century, he will find black magic everywhere. But astonishingly one thing hasn’t changed yet - Payroll Processing! The paper-pen and calculator may have been replaced by spreadsheets but the amount of manual work remains unchanged but we are going to witness something great in 2019 and the years to come. Let’s have a look at how the HR world will be impacted by the cloud-based Payroll Software and other cognitive technologies.

Robotic Process Automation

The RPA technology has been gaining momentum and here’s what it will do to your Payroll: when you will receive a mail containing an invoice, it will automatically download the attachment and process the information along with creating a JV entry in your accounting software. Thus, it will not only assist but do the job for you! RPA can be used to process reimbursement claims and travel expenses. This can considerably lower the human intervention and increase their productivity. The fundamental reason behind using RPA is the amount of time utilized in the counterproductive workload so as to relieve HR of their redundant and cumbersome manual data entry. RPA is certainly one of the blue ribbon offerings any software offers as it dynamically learns the user’s interaction with the system and imitates the same.   

AI Chat Bot Integration

Call Centres are one of the most expensive clients servicing infrastructures and often big corporates hire dedicated employees to solve other employees’ grievances. The AI Chat Bot can be used to replace humans by providing a suitable database of queries and their solutions. This may potentially reduce the employee to employee retaliation and help employees feel confident about their queries being handled fairly and transparently. The problem of approaching the concerned personnel within the working hours is eliminated and thus the employees can access the system through Chat Bots from the convenience of their device and at their time. This results in lesser duplication of query answering and prompt grievance solving.

Customized User Experience

No company operates the same way as another company though they may be in the same field. The set of requirements for each firm changes case to case, and thus there is no panacea when it comes to Payroll Processing. Perhaps, the SaaS-based Payroll Software provides versatile customization options to contain any requirement that may arise. Thus they simplify the process and reduce bottlenecks by streamlining all the tasks. Various Payroll Policies can be configured and optimized as per the requirement of the organization.  Everything right from the format of data being acquired and displayed to the detailing of processing can be controlled. All the fields can be configured to decide their accessibility to various employees to help reduce complexity.

The decision making is now being treated with the utmost caution, and it is a subject of scientific research. Thus BI tools are employed to help assist in the decision making process. The better reporting functionalities can be used at any instance as the software can generate subject-specific reports in real-time, which can ease the impulsive decision-making requirements. HR and senior management can utilize multiple reporting formats for various strategic and non-strategic purposes. The rising awareness among the business houses regarding the criticality of facts and figures while making a decision has escalated the demand for such advanced tools.

Ending Note

There are great chances of changes in the HR world in the nearby future. Even Indian markets will experience a huge change in the HR management system in the upcoming years. Even a lot of changes have turned into reality, like the use of OCR technology or Geo-Fencing.

The concurrent trends have made a substantial amount of curiosity amongst Indian businesses and especially among the ones growing in size. They mainly struggle with employee management, compensation, and benefits administration that can be streamlined using a hrms software india, even it will turn all the functionalities out to be the blue-eyed hacks and help in easing all the HR activities by making the task smoother and efficient.