As we live in a data-driven world with evolving competitors across all industries, it is crucial to implement the most effective software system to streamline business operations. Updates in technology, to a great extent, have provided a way for HR departments to streamline their tasks and increase compliance with complicated labour laws. One such update in technology allows companies to integrate their payroll system with other systems, thus facilitating staffers to have quick access to the information they need when they need it. In addition, with a cloud payroll system, you can access vital information from anywhere at any time. Among other benefits include improved decision-making, reduced costs and increased productivity. Read on to find out the advantages of a cloud payroll system as a comprehensive and integrated solution for your business.
Operational Advantages
- Saves Upfront Costs- embracing a cloud payroll software frees up your company from the expenses and complexities of buying, maintaining and upgrading legacy on-premise systems. Unlike legacy on-premise systems that require professionals to update every few years, cloud payroll systems can be updated by vendors as often as needed with virtually no implementation from the internal IT department. So, in addition to massive cost savings associated with not having to purchase big servers and hardware required to run on-premise systems, you can also save the money that would have been spent on professionals to maintain them.
- Fast and Efficient Business Operations – one of the most common reasons why businesses are keen on making the switch to a cloud payroll system is the fact that in comparison to a cloud payroll system, even a high-quality legacy system ages poorly and uses significant resources to complete routine payroll tasks. Also, with cloud payroll software you can access payroll information from wherever you want, allowing payroll professionals to respond to requests and get tasks done on time.
Core Payroll Advantages
- Centralised Employee Data- it allows you to track and manage information related to your employees’ life cycle events such as onboarding, salary revisions, benefits, leaves etc. Using a centralised source of data. It also enables you to control all employee communications from a centralised location.
- Compliance is Simplified – cloud payroll system facilitates adapting to compliance changes on the fly. With a single update, you can ensure that your business stays compliant with all statutory compliance laws.
- Reduced Workload – maintaining employee data, collecting proofs and validating them takes up a lot of HR’s time every month. Responding to clarifying questions through back and forth emails is another hassle. Cloud based payroll system comes with employee self service portal where an employee can submit the proof themselves. The employers can validate and then approve or reject them online. And if something is missing, you can request supporting documents from employees by sending real time messages.
- Simplified Business Processes – with cloud technology, integrating complex business operations is a lot easier. Single sign-on allows your employees to switch between multiple systems without having to remember multiple passwords. With secure access controls, you can improve cross-department collaboration without sacrificing usability or security. Real time data flows between departments effortlessly.
Cloud payroll systems have a lot to offer when compared to traditional payroll systems. It not only saves your money from unwanted expenses but also simplifies various tasks and makes sure that the business is compliant with regulatory laws. With over 25 years of experience working in this field, Ramco Systems Australia has been able to help a number of business owners in managing their business operations end-to-end. If you’re interested in investing in efficient cloud payroll software, get in touch with our experts to learn more about the system benefits and offers.