A lot has changed in India post the liberalization era and the current eon has been influenced immensely by the internet. The fundamental basis of every job profile has changed owing to automation getting involved but the HR is a profile that has remained stagnant so far. The cloud model has found many applications owing to it being affordable and effectiveness which is all set to take the HR world by storm in the Indian subcontinent. Dive in deeper to have a quick look of what changes a cloud-based Payroll Software can deliver.
Integration, Accessibility, Automation and Payroll Processing:
The cloud-based Payroll Software can collect payroll inputs from multiple modules such as Leave and Attendance, Performance Management, Travel and Expense Management, etc from multiple locations on a real-time basis in order to synchronize them with a central database. This data is then processed as the system is extensively integrated which helps running the Payroll with virtually zero errors. It completely replaces the need for manually collecting data from physical documents and compiling them in Spreadsheets. The integration of before mentioned modules allows the user to be confident about the validity of the data. As the Spreadsheets needed multiple references which were made manually in the past, it took a lot of time and effort to process salaries, yet one can not be sure that there is no error. The SaaS model offers unprecedented accessibility which is very beneficial to the aspiring businesses owing to the fact that they need not buy servers or any other ancillary equipment when using from multiple locations. As per APA, up to 80% of the cost incurred on Payroll processing by implementing office automation. These features have made over-the-cloud Payroll Software much suitable for the Indian market.
Statutory Compliance and Reporting:
The Indian taxation structure remains one of the most complex ones around the globe. Dealing with it is one of the most important portions of the HR profile. The HR Software can automate filing of statutory compliance by generating PF Forms, ESIC Challans and Professional Tax statements which are required on a monthly, quarterly and yearly basis. This relieves the HR of chasing the deadlines on a regular basis and the software also keeps a track record of them to help in case of audit trails and cost accounting purposes. Also, it can utilize the data to generate reports which can be used for strategic management and accounting purposes. For instance, they can generate performance reports which may help the managers to identify the employees struggling with work and counsel them along with providing them with relevant pieces of training. Thus, it may radically change the HR profile from disguised clerks to real-life decision makers who help businesses thrive.
Employee Engagement:
Apparently, every organization emphasizes on engaging its employees in a constructive manner. It is facilitated by the use of ESS Portals offered by full-fledged payroll software. The employees can use it to convey any changes in attendance data or apply for leaves without any paper process. They also facilitate viewing and downloading the payslips without approaching HR. The Performance Management System can be used to incentivize the positive traits of employees in order to create a healthy work culture. The employees can also use the Self-Onboarding feature at the time of induction as the HR can provide the new joiner with system credentials. They can view all the company relate documents, presentations, and videos while submitting the mandatory proofs as required by the company. This makes a positive impact on the new joiner and at the same time, the HR need not pay personal attention. These features lead to better employee engagement without costing heavily.
So, the cloud-based Payroll Software may change the way HR departments function and increase their productivity without affecting the quality of work. Apparently, it may tend to increase the quality as there is no scope of human error. Perhaps what excites the businesses is the financial prospect. One needs to pay only for the resources they use and not for the whole capacity. They also provide monthly subscription model which means there is no need for any long term financial commitment. Therefore they may be widely accepted
Source: https://factohr.com
