7 Benefits of A Cloud-based Payroll System For Your Business

If you’re starting a new business or expanding the existing one, payroll software knowledge is a must. You should understand the elevating importance and benefits of a cloud-based payroll system. This way, you manage the growing workforce and business effectively.

To educate yourself on the same, refer to the benefits listed below in this blog post.

7 Benefits Of A Cloud-Based Payroll System For Your Business Are:

  1. Save time with automated tasks.

One of the core benefits of a cloud-based payroll system is to automate tedious tasks. For example, HRs no longer spend hours manually entering employee data in cumbersome excel workbooks.

Instead, the uKnowva payroll system integrates with the employee data available in the system. This is the data employees put in when they enter the firm as new hires.

From there on, rolling out salaries, calculating employee expenses, operational heads, incentives, deductions etc., is easy. The calculations are not manual any more. The system runs every such accounting calculation at the backend.

It saves human resource professionals multiple hours every month.

  1. Organising employee data is easy and effective.

Managing employee data has been quite user-friendly using cloud-based payroll software uKnowva. Companies and their hiring managers are at ease. The employee data is accessible on-the-go/on-the-move.

That’s one of the reliable benefits of a cloud-based payroll system. Now, HR persons can verify, evaluate, moderate, and modify employee data in one place. They can also check the history of changes to remain transparent.

Unlike excel workbooks, the data is not lost on the system. Plus, each employee has an individual profile.

Visiting their profile is a few clicks away for HR persons and reporting managers. From there, they can check the pay grade the employee falls in and other relevant information.

  1. Swifter bank transfers.

The most dependable benefits of a cloud-based payroll system are to roll out salaries successfully. That is possible with secure, swift, and smoother bank transfers in bulk. Of course, each employee has a different bank account. But companies can opt for salary accounts as well.

However, there is no lag when rolling out bulk employee salaries using uKnowva payroll software. It encrypts the salary data easily and on time. So there is no room for hacks, bugs, or lags. Even the server is 99.99 percent times live and up.

  1. No loss to registered data.

Human resource professionals and their teams access employee data on demand. The system backs up the data regularly. So there is no mishappening around the employee data. This was earlier more common in excel worksheets or workbooks.

But when the payroll system is on the cloud, managing bulk employee data is safe and sound. That’s why it has made the list of top benefits of a cloud-based payroll system for your business.

Additionally, secure employee data helps HRs and their teams to conduct on-time audits. They might need to check any specific employee data for regularisations and corrections. So it’s possible for them without delays and misunderstanding.

The data will remain intact as long as the admin does not tamper with it. In fact, the system admin can also assign different roles and permissions to each user: employee, hirer, HR, or reporting manager.

This way, the hierarchy of monitoring employee data in the system remains transparent and more trustable.

  1. Accurate results and dashboards. 

Data maintained and highlighted on dashboards by payroll systems is accurate and free from errors. That is because there is no manipulation, miscalculation, or misclassification.

However, admins still have the right to regularise the data whenever required and demanded from the management.

When the data is trustworthy, further auditing and appraisal work can be streamlined too.

These dashboards and analytical reports on the payroll system based on the cloud are available for accessibility on the go. First, you need the login credentials and start interpreting the reports.

These dashboards and live reports often provide you with the insightful crux. You, as an HR, would know how efficiently you are paying your employees regularly. There could be answers to questions like:

  • How many employees have received their salary on time this month? 
  • How many employees are in-house, contractors, and remote workers?
  • Which bank account is the most in-demand for employees at your firm?
  • How much average salary is being rolled out to each employee in your firm?
  • Is there any employee getting paid less or late? If yes, find the possible reasons. This could be because of an increase in leaves, absenteeism, or late punch-ins.

These are only a few questions that you can answer and decipher from the insightful reports.

Further, you learn to better manage your current and new workforce using live dashboards reports. That’s why accurate results and data are the best benefits of a cloud-based payroll system today.

  1. Interactive payroll activities. 

Payroll software has to be interactive to be user-friendly. This is what uKnowva provides in all its tools like a cloud-based payroll system. With a large font, directly visible action buttons, easy colour codes, and an in-app social intranet, an interactive experience is possible.

That’s why it’s again one of the common benefits of a cloud-based payroll system. Human resource persons and their teams depend on such features.

That is how they can carry out their daily payroll and expense management activities without human errors. In return, such an interface saves effort and time. Plus, HR teams and employees can directly interact with one another on the system.

Then there will be no confusion in regularising salaries and timesheets. Salaries can roll out on time because of an interactive session experience for each user.

  1. Integrate payroll with other apps. 

HR teams use multiple apps along with expense and payroll management. These could be meeting apps, chat boxes, Zulip, Microsoft Office, Gmail/G-suite, etc. A cloud-based payroll system helps integrate these apps with its interface.

Then, teams and employees don’t have to exit the tab or the payroll system account for further communications. All such important discussions are on the same platform. The accounts are linked, and updates are published everywhere at once on-demand.

Conclusion:

The above-listed 7 benefits of a cloud-based payroll system are important for HR persons to notice. Later, they learn to implement the same in their systems. In addition, such benefits improve employee experience, internal branding, and retention rate as a productive output.

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