Looking at the recent changes in tax reforms and the world economy, it is becoming clear that handling complex payroll calculations is not as easy as it may seem. Manual errors in the payroll system can be a nightmare. Moreover, human errors with respect to payroll management could occur in any business, regardless of the size or industry.
Investing in a trusted cloud payroll software could be a step in the right direction.
While the resounding answer is yes to the question “Is it beneficial to have an automated payroll software”, the major question to ask is when you should make the switch. If the timing is correct, not only does it simplify the implementation process but also increases the adoption rate.
But before we get into the details of when to shift, let’s understand what the best cloud based payroll software looks like.
What is a Cloud Payroll Software?
Imagine a system that lets you control every aspect of payroll, right from maintaining historical data to calculating leaves at the end of the month. Additionally, the system would also make it easy for the HR and finance departments to coordinate, despite working remotely. Among all of this and having a configurable salary structure would be cherry on the cake!
With security protocols in place, the best cloud-based payroll software could be a dream come true for most businesses. Basically, a comprehensive payroll system that accurately calculates salaries is something every business needs.
No wonder every small business owner is interested in finding and investing in an automated cloud based payroll system.
Along with providing a multitude of benefits with regard to handling operations, such as increasing the efficiency of the business and reducing the upfront costs, the cloud payroll software also has core payroll perks like simplifying the compliance details, providing centralized employee details, and streamlining complex business programs.
Once you begin understanding the convenience factor of the software, the decision to switch will become obvious.
If you have already made a decision, take a look at the Adrenalin Max Payroll software.
With it, you get an array of advantages. Right from seamless integrations with finance tools, biometric, etc., to employees being able to access Employee Self Service (ESS) to view/download their payslips, monthly salary & tax statements, declarations, loans, etc., all in one place.
When to Make the Switch
In the best-case scenario, you want to let go of your manual payroll process and embrace a cloud based payroll software at the start of the tax year.
This way, you will gain a buffer time of a couple of weeks between the month-end payroll for April and the end of the tax year. Your employees will get sufficient training time and get acquainted with the new style of working with cloud payroll software.
Furthermore, you won’t be required to carry forward the data from the previous tax year into the new one.
That said, you can make the switch tomorrow, as long as you have all the necessary information. It’s given that entering data into a cloud-based payroll system will take up a considerable amount of time, so take up the task when your workload is at its lowest.
When the time comes, do not be intimidated by the number of things to do. Take your time and nail the execution process.
Here’s a list of some indications that tell you, “It’s time to invest in a cloud payroll software”.
- Your HR and payroll team gets stressed when they’re subjected to complex formulas and numerous spreadsheets.
- The employee data might not be secure.
- The employee documents are unorganized and it is becoming tough to keep a track of them.
- Maintaining an attendance sheet for each employee and then calculating their compensation accordingly has become an unmanageable task.
- You’ve had to hire professionals who only focus on either the calculations or tax law compliances.
- Statutory compliance details need to be updated manually.
- Increased confusion in terms of shift changes and their approvals.
- Reports and registers tend to have mistakes and cause confusion amongst the HR department and employees.
Long story short – there’s no time like the present.
It is time you move on from your manual payroll system to the automated version, especially if you’re considering the possibility of continuing remote working systems.
Nobody wants to deal with human errors and delays in payments anymore. If such issues become a regular occurrence it could impact employee morale and the management would be answerable.
These inconsistencies directly question the organization’s integrity and reflects in the profitability as well.
It all boils down to this one thing – Would you take such a risk?
Instead, find a cloud payroll software that fulfills your payroll requirements, offers the right features and fits into your budget.
Most providers will offer you services that will ensure your switch ensues as smoothly as possible.
One such provider is Adrenalin. Our Max Payroll management system will ensure you can initiate, confirm and finalize payroll with ease.
With 19+ years of experience in HR tech, we have expertise in deployment across industries, countries, multi-currency and country payroll. We also update requirements real-time making it easier for all clients on-cloud to be updated with latest changes and requirements on the go.
Created by industry experts, it’s one of the best cloud-based payroll software systems available in the market. It synergizes the best features and functionalities to ensure easy implementation and compensation practices for various business verticals.
Write to Anita.firstname.lastname@example.org for a free demo.