Online Payroll Software: What It Is And Top Benefits For Your SMB!

Online payroll software has long been a luxury, but now it is easier to configure and less costly to install. The software automates the complex payroll processing and also makes compliance easy. It keeps the payroll disbursement error-free and provides insights into your organisation's most crucial payroll trends.

All of this means you and your team can move your focus from repetitive tasks and toward strategy building which will optimise how you allocate your resources. And this sure is an essential aspect for your growing company. And all of this with 0% error in salary disbursement helps in keeping your employees happy, satisfied, and working!

What Is Online Payroll Software?

Online payroll software is an application that automates all your tasks like payroll calculations and reports etc. The best part of payroll software is that it ensures 100% accuracy, quick payroll calculation, and timely salary disbursement.

Moreover, payroll software includes self-service modules that allow employees to print their payslips, W-2 Forms, and more with only a click!

What’s more, it can auto-calculate CTC from the Basic or HRA. Also, the statutory compliances are automatically taken care of. Lastly, it makes your payroll system more efficient through various insightful payroll reports!

5 Benefits Of Cloud-Based Payroll Software For Your SMB

#1: It Is Your Cost Saver Genie

The biggest and most direct advantage of online software is that it saves you a lot of costs as you do not need expensive servers and other hardware for your on-premises solution. Nor do you need to pay for a separate IT department to run and upkeep the software! We are sure your finance head would be pretty happy with the idea of opting for a cloud-based solution.

#2: Makes Operations Faster And More Efficient

A huge issue with legacy systems is that they are awfully hard to upgrade and customise according to new compliances and functionalities. The task is time-consuming and extremely expensive.

But, cloud-based payroll systems do not ask you to do all that! They take care of updating new compliance requirements and adding new features and also leave room for enough flexibility to accommodate HR policies—At no extra cost to you!

Moreover, your payroll team and employees can save their own and HR team's time to get payslips in a few clicks.

#3: Maintain All Your Data In One Place

A tremendous comfort with cloud systems is that they maintain a single employee database that every module can use- recruitment, payroll, performance, or anything else!

For example, employee data is automatically added when you finalise a candidate in the recruitment module. Its CTC gets auto-calculated and disbursed on the payday! You do not have to input data manually every time, which saves time, cost, and errors.

#4: Compliance Ensured!

Statutory compliance is a crucial part of payroll processing which keeps on changing with budget announcements, deduction revisions, and a lot more. Cloud systems handle it by themselves and ensure you do not have to invest any time. Nor do you need to go wrong anytime, be it with PF, PT, ESI, IT or anything else!

#5: Get Insights That Will Push You To The Next Level!

As a developing business, you need to know what is working and whatnot! Cloud payroll processing software, much like HROne, provide insights into precisely that. You get trends of your CTC expenditure, that is, how your hiring cost changes over time, how much you owe in the future in bonuses, gratuity, etc. In total, you can get 27+ reports depending on the software!

Ready to take the plunge? Book a free demo of the best online payroll software!