One might be forgiven to think that payroll teams have the most monotonous or clerical jobs, spending most of their time manually updating all the payroll related details, recording employee bank account and PAN details, keeping track of investment details and proofs provided by employees, configuring CTC based on grade, month and department, sending pay slips and form 16s to all employees etc., but the reality is that there are larger complexities and risks to HR and Payroll than what meet the eye.
Considering all the above mentioned jobs being tedious and error prone, it becomes absolutely mission critical for everyone in the HR team to ensure all data is protected, accurate and that proper channels of communication are used to transmit the same.
Now imagine one system performing all these functions. One the most revolutionary benefits of such a software is that your payroll team can regularly update and pull out data, and at the same time giving all your employees access to all the payroll related information from the self service portal. Today the CHROs or Payroll Heads of organizations need to construct intuitive HR solutions which suit the modern day workforce requirements. It’s their responsibility to encourage and empower their teams to move out of the traditional processes and bring changes in the system with simplified and easy-to-access HR and Payroll software.
No matter how big or small a business organization is, it needs a customized payroll system on the cloud. This cloud based payroll software – which, by definition is available anytime, anywhere – should be scalable and upgrade friendly, simultaneously evolving along the changes occurring in the organizational size and structure in the future.
The payroll system should ensure better resource management in your team and higher employee satisfaction.
Everybody enjoys their piece of cake
Over the last few years, Cloud Based systems have been making the biggest noise in the HR universe. The HRMS software adoption rate is increasing with major organizations across the globe opting for automated and digitized HR systems. The use of Cloud based systems for managing HR processes has risen to 70% this year as compared to only 30% two years ago.
Payroll on the cloud will serve as an enabler for enhanced user experience and short processing cycles. The benefits of having a cloud based payroll system are not limited to the management of it alone. The employees are simultaneously benefited as automated emails sent by the system to both the management and the individual employee ensure that they receive timely updates at the end of every month. It guarantees both flexibility and transparency. The employees are also able to manage their Flexi Benefit Plans (if present) and have better control over their financial planning.
Having a cloud based payroll system ensures better management with minimal effort. Whether it is updating the details of the employee or making changes to the taxation system, every major and minor change can be done by any person with authorized access to the cloud based payroll system.
Impact of having a cloud based Payroll system:
Resource & Cost Optimisation – A cloud based payroll system enables the management to monitor resource utilization in a better and more controlled manner. It is possible to identify the cost heads and the return against each employee. It also allows the management to identify when the workforce needs to be expanded to achieve higher output.
Security – Security and maturity of the product are the two major concerns of any payroll head before making any heavy investments on payroll softwares. As the system needs to be operational round the clock and needs to store confidential data, having it on cloud storage protects it against any physical damage and probable data loss. SaaS vendors utilize secured and certified platforms for building HRMS software. ISO 27001, SSAE 16 and ISAE 3402 are few security standards being adhered to.
De-centralized access – The payroll system on the cloud server can be accessed from any place and at any point of time. This is beneficial, especially for organizations that have presence in multiple locations across the world.
Convenience – Payroll on cloud will definitely make it more convenient for the teams associated with the system, as well as employees, to access data and make necessary changes or upload and download any file from the system without having to be physically present at the organization’s office or server location.
Real time updation – The payroll system get updated real time when changes are made to any data related employees and their remunerations.
Cost effective – Having the payroll system on cloud does not mean paying a hefty amount. It is highly cost effective and the entire system can be maintained at a minimal cost.
Keeping in mind security, flexibility and cost-effectiveness, cloud based payroll systems today are the best addition to the organizational HR system.
Payroll and HR are at the core of every organization. With new-age workforce distributed across geographies, organizations are grappling with multiple payroll processes, numerous pay-components, and inconsistent tax and compliance handling. Alt Payroll provides intelligent payroll management solution for building smarter workplaces.
Get in touch with our payroll and compliance executive to know more about Alt Payroll and how we can manage your payroll better.