Cloud Payroll Software: Do You Really Need It? This Guide Will Help You Decide!
cloud payroll software
10 min read
July 7, 2023
So, confusion, confusion! Small businesses or enterprises must think once before investing in any kind of service or software!
This is one of the major confusion, about whether to have cloud payroll software. In that case, the cloud has emerged now in every possible technology nowadays. Coming to the main point, it is the era of digital transformation and taking the first step towards payroll software on cloud.
Manual payroll solution can be error-prone, tough, and hard to manage, which can take more effort and time of you. That affects company efficiency, productivity, and ROI as well
You have a system that has everything in one place. No more hassle of collecting data from here & others, no more worry about payroll calculation, payroll processing & timely pay of payroll.
Whenever you want to increase the number of employees, a cloud-based system makes the cumbersome process easy.
Check when having a cloud-based system where 100% accuracy is there. No errors in money matter calculation.
A tech-driven solution is actually needed for modern payroll problems!
First of all, let’s check cloud payroll benefits that may give you clear thoughts on whether you need them for your organization or not!
There are several benefits, that help a small business, medium & enterprise for managing payroll. Below are some benefits:
Automates Payroll System
Rather than, counting attendance & leave, entering manually in the calculator, and counting payroll for every single employee, a cloud payroll software can set up an automatic payroll process. That means it saves time more than 50% of HR, by eliminating all daunting manual payroll tasks.
Getting a cloud payroll system, and automating payroll processing make the chances low of human error. At last, this can help you to pay employees correctly in a timely manner and save time and money in the long run.
Gives Authenticated Access
Having a centralized system means everyone can access the data from anywhere. However, the data access is authenticated. Required chunks of the data are accessed by a higher level of authority only. Other than that, employees can access the record of their own data through the employee self-service portal.
This feature of cloud payroll software helps MNCs, and big enterprises maintain their records and access data anytime, anywhere. At last, we can say cloud-based, automated payroll system helps streamline payroll processing.
Flexible payroll means, you can integrate cloud payroll with any bank, also it provides a direct deposit feature, download payslip feature, and many more. As we talked about above, the data is stored in the cloud so you can access it from anywhere.
No worries about it- what if every employee has a different type of bank account, what if they want clarification about payroll calculation and all? It is more flexible to make it easy for all.
A centralized, payroll system offers scalability, as many small businesses are thinking to scale their business, and wanted to increase employee strength from 50 to 500 to 5000 as well. Cloud-based payroll software can help you to manage employee records, tax regulations, investment declarations, and many more.
No hassles for handling too many records, complete control to manage leave & pay right with a user-friendly and cost-effective solution.
Generate Analytics & Reports
Who doesn’t want to keep track of everything regarding cost, finance, and payroll? Whether it is small businesses or medium enterprises- audit reports are a must. At this point, a cloud system comes in.
An automated, cloud payroll software mostly offers analytics & reports. This can ensure that they are complying with laws of labor and financial laws.
Also, the industry can identify where they are spending much. It is one kind of decision-making for compensation management.
Offer 24/7 Access
If the time is limited, then you can only do operations in office time, right? What if you have 24*7 access? – can’t you consider it “Cherry on the cake”? This feature of payroll software benefits businesses with employees in different countries, different time zones.
Cloud payroll is mainly integrated with real-time clock-in and clock-out, it provides real-time attendance & leaves insights into their data. This can help businesses to make more informed decisions about payroll calculation.
When it comes to payroll- security is extremely crucial. If there is paper-based data or spreadsheet-based data – it may happen- information can be stolen or misused somewhere. With the cloud-based payroll software, HR departments can work with peace of mind by knowing that all payroll information is safe and secure.
Moreover, These kinds of services help to regularize compliance & tax declaration, it is highly beneficial for all kinds of industries.
Cloud Payroll Features You Can Adopt for Your Business
1. Automated Inputs
Automated payroll software mostly takes automated inputs from a leave management system, attendance management system, real-time clock in & clock out from HR systems. Whenever it is changed in HRMS data, it automatically updates and passes information to payroll software. Whenever the salary chances of any employee, it will be updated in the cloud system.
2. Auto Calculation
Once the automated inputs are verified, pay calculations happen in the system automatically as per the organization’s rules. In this case, basic pay, gross salary, variable pay, deductions, and everything will be counted automatically.
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Direct deposit, means the system can create an automated transfer to sync up with the different bank accounts and transfer data automatically. Because the cloud-based system is already synced up with the bank’s system. It can transfer salaries to employees’ bank accounts without any manual intervention.
4. Payslip Download
Employees need automatic updates regarding their pay. Before depositing in their account brief about all the payroll terms is needed. This can be an integral part of communication, that ensures employees know how much they are getting in this month’s payroll.
5. MIS Reports
MIS reports are necessary for informed decisions. Whenever you know about – what is spending and where business needs to save their cost. A set of standard reports help to make the future decision easy.
Now, The Ball is in Your Court
You have knowledge about what is cloud payroll, what the benefits of that are, and why you should invest in cloud-based payroll software! But still, it is your decision, whether you want to save 50% of the time and improve HR & employee efficiency or you want to follow old-aged traditional manual payroll methods.
However, Superworks is on your side. If you are searching for a comprehensive solution for cloud payroll software, Super Payroll is there. We have everything regarding payroll automation that every business actually needs.
Written By :
The founder & CEO of Superworks, I'm on a mission to help small and medium-sized companies to grow to the next level of accomplishments. With a distinctive knowledge of authentic strategies and team-leading skills, my mission has always been to grow businesses digitally. The core mission of Superworks is Connecting people, Optimizing the process, Enhancing performance.