Payroll processing is a time and labor-intensive process. It requires a cloud payroll solution for preparing inputs, processing retrospective and LOPR arrears, overtime, salary, ensuring that the statutory calculations are accurate, generating reports, making payments, keeping records of personnel and overtime, and more. On top of it all, there are also issues such as attendance monitoring as well as ensuring correct deductions.
Not only is all this a drain on resources, but it also requires recruiting training, and management of a skilled team. They must spend time on spreadsheets, checking, re-checking, and fixing discrepancies that arise.
What are the alternatives present to ease these challenges?
Next-gen payroll management software is the answer to such problems. It’s quicker, more secure, less prone to errors, and a valuable long-term investment. PeopleStrong’s Payroll Software offers a unified system where all the payroll related information, including attendance, headcount reconciliation, CTC structure, Variable / Adhoc payments, CTC reimbursement, taxation, and compliance can be accessed and managed automatically through your own devices. Moreover, updates are automatic, so you can always be assured of 100% statutory compliance.
How is Cloud Payroll Management Systems better?
Data Stays Safe
Over the years, the cloud has evolved to be similar or even more secure than your on-premise data centers, only without the costs of maintaining hardware and related facilities. Enabling services that help you protect your data, accounts, and workloads from unauthorized access.
Payroll provides different layers of protection like data encryption, file encryption, and data in transit encryption. This ensures that sensitive employee information doesn’t fall into the wrong hands, whether it’s through error or on purpose.
It Frees Up Employee Time
With payroll services on the cloud, there’s much more time and space available for personnel to focus on the big picture. Your organization stays ahead because of the effort saved in having to upgrade technology every so often to meet the latest requirements. The entire process is automatic and simple.
For both employers and employees, there will be no more fretting about day-to-day errors and responsibilities related to salaries, wages, and payments. The system becomes efficient, reliable, and cost-effective.
Real-time, all the Time
Once on the cloud, all payroll-related data is available in real-time. This means the current situation is always at your fingertips, enabling no-fuss decisions. Retroactive data is also easily available at hand, so work-related to older projects and issues is easier to manage.
Cloud-based payroll processing is much more flexible than on-premises payroll processing. When payroll is on the cloud, you also have access to rich and insightful reports and analytics with configurable user dashboards. It is also available to answer queries 24/7. HR and payroll managers become empowered to make decisions based on accurate data without losing time.
Also, Read 5 Checklist items before you start with Payroll software.
Save on Costs, Save on Upskilling
Many organizations feel that the HR and finance department lacks the skills to carry out efficient payroll-related activities. Training and upgrading are, of course, a solution, but they take time and money. On the other hand, inefficient payroll management is undesirable.
With payroll on the cloud, the solutions are simple. Processes become automatic, secure, and consistent. You get an integrated payroll system with skills that can easily be enhanced on the job. Resources can be made available, and issues dealt with, as and when they occur. The 100% automated processes make 100% accurate paycheques possible every time, on-time, across multiple locations.
Payroll processes 4,25,000 paycheques every month, and INR 30,000 crores worth of salaries annually without glitches – On-time, Accurate and Transparent.
From Back Office to Front Seat
With cloud-based technology, payroll management can become a process that is seamlessly running behind the scenes. Efficient Payroll technology is not just a database creation, instead of an interactive environment that’s always learning and feeding you information. This way, payroll management can move to the front seat from the back office, with technology that sits comfortably between HR and Payroll.
Payroll and HR are at the core of every organization. With a new-age workforce distributed across geographies, organizations are grappling with multiple online payroll processes, numerous pay-components, and inconsistent payroll software.
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