Why Payroll Module in Cloud ERP Software is a Must Have?
It feels exciting to grow a business. It shows that you are adding more talented members to your organization who are ready to invest their time and money in the business. Because access to the global workforce is key to expanding our talent pool, but it is not as easy as it seems to be. Paying everyone the correct amount can be a challenge. With the help of a payroll module in cloud ERP software, you can alleviate this issue. This makes it easy for you to manage the payroll quickly and effectively.
In this post, you will have much more to explore about the cloud-based payroll software, its top advantages, benefits, and tips to consider while purchasing it for your business.
Let’s have a detailed look at this outstanding software.
Top Benefits of using payroll module in cloud ERP software
1: Centralises Employees data
If you have a cloud-based ERP payroll software, you can collect all the payroll data at a single hub. This will help you track all the employee’s data and will make sure that all the members are paid correctly and on time. You don’t need to navigate multiple systems to retrieve data, although you can view analytics and generate reports very easily by using this system. So, it becomes easy for you to make informed decisions and answer all the important queries.
2: Employee Self Service
This is an exceptional feature of the payroll module in cloud ERP software. This feature can help both the employees and the employer. The employees have the opportunity to have easy access to their personal information such as tax forms and pay stubs. On the other hand, employers’ workload is reduced because of the elimination of manual paperwork. Overall it improves employee satisfaction and enhances data accuracy.
3: Cut Costs
The payroll module in cloud ERP software has proven very successful in reducing the overall cost of any organization. For example
- you don’t need to invest much in IT infrastructure because you do not have to purchase equipment and hire more members to manage all this stuff.
- It also eliminates the need to have more physical space in the office for server storage. This also saves a lot of your money
- You also do not need to buy more paper as all the paperwork is reduced and your spending on ink, printing, and paper will also be cut down.
4: Scalability
Cloud-based payroll software is very scalable with the growth of your company. You can expand your business very easily and can add more members with the help of this software. This software helps you increase your ROI too.
5: Reduces Workload
With the help of a payroll module in cloud ERP software, you can automate most of the manual tasks of the payroll team such as
- Tax calculations
- Payslip generating
- Workflow along with the tasks
This will be highly beneficial for your company as it will reduce the risks of errors, increase accuracy, and also mitigate the chances of workers being overpaid or unpaid. When the workload is reduced, the payroll team can become more energetic toward some strategic tasks such as
- Training and development
- Reporting and data analysis
- Improvement Process
6: Accessible from Anywhere
This software provides real-time access from anywhere anytime. You can easily get access from your laptop, mobile phone, or even by using a mobile app. What else do you guys want? This system has made it easier for the employees as well as for the business to manage the payroll from anywhere. In addition to this, the employees can perform various functions through their smartphones such as having a view of their pay information and submitting reports.
7: Improves Data Protection
Cloud-based providers are responsible for your data security. However, they ensure data backups and data redundancy as well. As all the data is in the cloud, there are very less chances of disasters and you don’t have to maintain backups.
What to Look for in a Payroll Module in Cloud ERP Software?
You need to focus on the following key features while looking for cloud-based payroll software.
1- Automation Capabilities
This is a must-have feature of any payroll module and can save your business a lot of time. So you can focus more on your other important areas. Cloud-based payroll software automates many tasks such as tax calculations, filing, deductions, and much more. Furthermore, it keeps an eye to ensure that workers are getting paid on time.
2- Strong Customer Support
The payroll provider that you are going to have should have a robust customer support network. This network should not only be during the onboarding phase or sales but also the working day’s operations.
Always make sure that you have this service 24/7 and also get its access through any device or multiple channels like:
- Live chat
- Social media
- Mobile phone
3- Integration
Make sure that the system you are going to have can integrate with other HR tools. This will help you more in reducing manual work and streamline the operations, and you can flow data easily between different systems.
Your payroll module should integrate with:
- HR tools to manage repetitive manual tasks.
- Accounting system to enhance accuracy and growth.
- APIs to build custom integration
4- Free Demos
It is also important to have some free trials before buying any software. So always look for platforms that can provide you with free demos and sales-led demos to have an in-depth picture of what you are going to have.
Conclusion
A well-designed Payroll Module in cloud ERP software can help you mitigate all the challenges that arise during workforce management. With it, you can easily ensure compliance with work laws, reduce costs, outsource tax deductions, and streamline your payroll processing. In short, it does all the heavy lifting for you to focus on your time, resources, and money to run your business effectively.
If you want to enjoy this service, you can reach us at cherryBerry ERP to avail of this module and to make a high-end level success. Let’s take your business to new heights together!