A cloud-based payroll system is a very helpful tool that allows a company to automatically account for payroll calculations keeping in check all the necessary factors. This system relieves the Human Resources (HR) department from calculating paychecks for each employee on a monthly basis. In most cases, working hours and holidays are included in the cloud payroll system providing utmost convenience to its users.
Let’s take a look at the many benefits provided by a cloud-based payroll system.
1. Feasibility
The first advantage that a cloud-based payroll system offers is high ease and speed in calculating monthly paychecks. The system also takes into account an employee’s entry and exit times, vacation days, holidays, wages, and possible deductions and taxes. It also helps with securing and delivering cheques to the respective employees when needed, ensuring convenience for both the employers and employees.
With this cloud-based system, the HR department can eliminate the need to dedicate several days to calculating paychecks. All efforts put into manually computing the various additions and subtractions for each employee can be avoided. Rather, the HR can concentrate on other aspects such as finding new employees, training them, and ensuring their needs are met. The automated system also ensures that no errors are made in the processing of the numbers and reduces the frequency of clarifications between the HR team and the employees.
2. Accessibility
Payroll systems grant direct access to employees to add details of their working hours. They can also track personal milestones such as accrual calculation as well as update any personal information such as their address, date of birth, marital status, etc. Another feature includes putting in leave requests and gaining approval through the system itself. In addition, access to the various features of a payroll, such as processing and approving of tasks and documents, can be done from anywhere and at any point in time.
This proves to be an advantage for businesses that work across multiple time zones and can easily comply with the time regulation of an employee’s given country. The accessibility of a payroll system is not limited to desktops or laptops but also extends to tablets and mobile phones. Cloud payroll solutions provide utmost accessibility to employees, allowing for payroll matters to be handled efficiently by the employers.
3. Data Protection
Cloud-based payroll systems provide efficient measures to ensure complete protection of employee and employer data. The first protection is from any natural or man-made disasters, fires or device crashes since all the data is saved on a server online and does not have a physical component that can be damaged. Another form of protection is that of the data being encrypted, backed-up, and secured in a system that is absolutely private to its users.
These security measures stand true when an organization scales up or down as the server has a large capacity for users and data storage. Besides this, security protocols are also provided to users to ensure safety of their data as an added layer of protection. Most systems also provide 24/7 monitoring that further adds to data security.
In this manner, a cloud-based payroll system provides a business with multiple benefits with important features that an organization can employ more efficiently and easily. Installing such a system is further beneficial for employers who no longer need to be burdened with the costs of set-up and maintenance of a payroll system. Furthermore, these systems help save up on commodities such as ink and paper and ensure zero physical resource wastage that proves to be an environmentally friendly pursuit. Investing in an automated payroll system can help provide vital benefits to your entire organization.
