Let’s face it: payroll processing is a tedious task. However, it is also a critical task whose hygiene has to be maintained without fail so as to avoid loss of credibility to the organization. The Indian business landscape, however, poses a challenge to companies that prefer to process their payroll in-house – the lack of qualified personnel. To overcome this, some of the best payroll software in India may be used.
Cloud Based Payroll Software (Payroll Software On-Cloud)
These require minimal training and, especially with cloud software, much hand-holding is offered through the life cycle of the product. These factors ensure that even those without deep knowledge about payroll can use cloud payroll software to meet the needs of the organization efficiently.
There are also some factors specific to startups that make a compelling case for the adoption of cloud technology in the space. Startups have their focus on getting off the ground and growing as fast as they can. In the rush to do this, focus on HR policies and compliance-related tasks are seen to drop. This can cause much heartache in the long run, when penalties and fines get imposed on the startups by government agencies.
Cloud software can be key to avoiding such scenarios. With the facility to deliver automatic compliance updates built into the back end, a good cloud software can be the ideal companion for a startup. This takes away the need for startups to stay regularly updated with compliance changes or face the risk of getting slapped with fines. In other words, startups, which have much else to do and do not have the time for HR and compliance, will find that they’re ably helped along by a good cloud HR software in India (Click here).
Another aspect that makes the case for the adoption of cloud technology by startups is the matter of salary structures in the space. Often non-existent, salary structures are replaced by a simple transfer of the net pay (which is often confused with an employee’s CTC, but that is for another post and another day).
This too results in problems in the medium and long term, as various statutory deductions such as PF, PT and TDS are required to be made before monthly salary payments are rolled out to employees. How does a cloud software help here? A cloud software vendor can help you create appropriate and compliant salary structures for your organization. For this reason too, startups should look to cloud software for their payroll processing needs.
Proper documentation too is a time-consuming task and may be difficult to incorporate into the daily functioning of a startup. This too is dealt with expertly by software that has all information stored centrally and digitally – cutting the costs required for document generation, storage and retrieval. This too works in the favor of startups.
What’s more, cloud payroll software comes integrated with employee leave management software (Click here for more info), adding to the efficiency that can be achieved. 🙂
Cloud-based payroll software is on the rise for many organizations as it removes the problem of slow and expensive cross-border payments. I have learned more on this topic from this blog. Thank you for sharing this information