How cloud payroll software can help your business in times of disaster?

by Prajakta P. Digital Marketer

Before we delve into the solutions to deal with any disaster that your business may face in future, it would be worth to discuss the major activities and challenges businesses face. What are some of the toughest tasks a businessperson faces? What does it take to place your business on top? Some of these activities include market research, which demands a thorough study of market needs, business plan including capital and forming a team as well as studying possible risks before it occurs.

Yes, it takes a lot of courage and good amount of hard work even before you start implementing your ideas. These activities when not handled properly can prove to be detrimental for a business. Don’t worry, since this isn’t the end.

After you build a team and kick-start further activities for development, you need to take care of the most critical and key human resources management process i.e. processing payroll. There are many points to bear in mind before you decide about ways to pay your people.

The IRS (Indian Revenue Services) imposes fines and penalties on businesses that avoid paying taxes or fail to do so. There are also moments when IRS may order to shut a business due to unpaid taxes. And you are well aware of consequences on your reputation. Don’t worry, we’ve got your back on this:

Here’s how a cloud based payroll software can prevent your business from landing into troubled waters:

Cloud storage: The biggest advantage of a cloud based payroll software is that it serves as centralized employee management platform, which allows instant access to the required data from anywhere and anytime. The data can be anything from leave to attendance details, pay data, documents, manager details, etc. It also provides backup of the same.

Compliance management: Integration of any cloud-based payroll software takes care of all your taxes that needs to be paid. It includes statutory compliances and taxations in order to avoid any problem in tax filing for smooth and reliable operation of payroll every month. Automated payroll processing including all your tax payments and deductions and arrears from employee pay is done within few seconds minus any human errors, which then saves your business from a disaster.

Easy tracking: The admin can also track logs to know the users and check history of the usage. Further, time tracking lets you track your employees’ working time and employees too can access their working hours through self-service portal thus, offering transparency. Access to such activity is also supported in handheld device based applications which can be performed from anywhere along with multi hierarchy approval system for approving different requests from employees like leave requests.

Data security: Keeping your employee data safe is a big responsibility. Instances like data phishing and system outage can adversely impact payroll processes. On premise information is prone to data loss and this is an area where cloud based HR software comes into play. Recent advancements in cloud technology has made it possible to keep your data shielded from any threat.

On-demand and instant access to information is one of the biggest reasons businesses are moving to cloud when it comes to managing key business processes and HR is no exception.

Happy Payroll processing!