Looking to shift to a cloud based payroll system? 5 reasons why you should consider

As the world is over, businesses are making the shift to the cloud based technology for their human resource & payroll requirements.

There are various reasons for it: cost effectiveness & accuracy for the compliance with lowered obligation for support.

The trend has an intense impact on the office & business surrounding too. In this world of payroll systems, technology has brought all the individuals closer and has kept them well connected whether they are miles apart physically.

What is the technology of cloud based systems?

This is a simple procedure of hosting systems or applications on a server, which is placed at a remote location by the service providers while the users easily get access to it over the internet. Now there is no requirement to install specific software on the office or personal systems.

The software is operated on the remote system at any time from its own system from the comfort of home or office from anywhere.

The system of payroll is not a stranger any longer to the technology as the cloud based payroll system is a new trend for some time now.

As per research of Zion Market, the global cloud based payroll system market, which one is worth 7884 million USD in 2018, is expected to yield nearly 13,374 million USD by the year 2026 at a CAGR of nearly 6.8% between the years 2019 & 2026.

Listed below are some of the prominent reasons, as to why companies should consider using Cloud based payroll system:

Long term struggle of managing scattered staff or employee data/info

With the cloud based payroll system, you can easily manage and track all the employee or staff lifecycle events like onboarding benefits, pay rate changes, performance reviews, leave certifications and other utilizing one centralized data source.

Also, you can track the business assets assigned to the staff/employees from the computers to vehicles, maintain staffs’ complete work history, manage all the staffs’/employees’ interactions from a single centralized location.

Fret of remaining compliant with the statutory needs

Cloud technology caters you with nothing short of the compliance bliss! Software is up to date with recent compliance changes on the back end, that automatically gets reflected on the front end.

Be nearly 100% sure of the statutory compliant with the cloud based payroll system & put TDS, PF, Form 16 and ESI frets to rest for the good.

Face overload of employee or staff queries

Cloud based HR payroll system offers the employees ESS portal also known as Employee Self Service portal, which empowers the employees with 24 X 7 online access to the payslip benefits, real time attendance info, leave requests, tax linked info, personal data and other.

It lowers emails and calls to the HR employee & research reveals that the self service platform and mobile accessibility drives in employee engagement.

HR software do not talk to one another

Rolling out the flawless & timely payroll needs data to flow in the payroll software from numerous other human resource systems like leave management system and attendance management system.

Smooth and easy flow of such data or info can be attained simply with cloud based payroll system, which ameliorates collaboration & facilitates the seamless data flow via multi user, web linked access to identical, & real time data/info across the HR system.

Battle against clock to deliver reports to the management

Cloud based human resource and payroll system with the core human resource system module caters you with meaningful reports for the effective human resource analytics.

Apart from the statutory & labor law reports, businesses can even access the readymade HR MIS reports & create their own user defined & ad hoc reports simply.

Cloud based payroll system makes all such data or info you require, available readily on dashboard so that business can get a relative bird eye view on all the matters.

With potential of creating various reports with just a click, businesses no longer require shifting through the mines of info or data & create the reports manually.

l Employee require flexibility to perform work from any location

It is simple to view on how you may require to view as well as edit your leave data or information or even apply for the leaves while you are away from the organization’s location.

Moreover, one mostly requires their payslips and various other payroll linked data for various reasons, such as when applying for credit card, saving account or any loan, banks as well as financial institutions ask for your payslips.

With the cloud based human resource and payroll system, one can easily access their payroll linked info or data such as tax data, payslips etc, attendance data, leave balance and other possible data.

Such ESS portals can even be accessed through dedicated applications. Also, managers can approve leaves as well as regularize attendance on the go.

l Do not require fretting in regard to payroll system cost

Crucial benefit of a cloud based payroll system is low investment & high returns they generate.

As there is zero physical set up or any requirement for hardware, businesses save massive amounts on initial & recurring expenses both, which includes cost of the servers, in house income tax support and others.

Cloud based systems are available at a cost effective price that even a business that is bootstrapped can afford and later on scale up with zero hassles.

DynaPay, is the perfect HR and Payroll solution that runs seamlessly inside Microsoft Dynamics 365 Business Central suitable for all organization’s sizes

Dynamics Business Solutions (DBS) is certified Microsoft Dynamics partner in UAE, we take pride in our ability to develop and deploy the right business solution that matches global client’s requirements.

To know more, speak to our expert at Dubai: +971 4 447 5525 Abu Dhabi: +971 2 222 2100 or inbox us your query at dynapay@dynamics.ae OR visit www.dynamics.ae