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Why does it make sense to opt for cloud based payroll software?



Payroll is an important aspect of running a business but many small businesses have been reluctant to adopt cloud-based software until recently. But technology has evolved and managing payroll has been easier than ever before.

Moreover, this fact can be solidified as the cloud-based software market is estimated to be worth $17.39 billion by the year 2027. There are multiple benefits of adopting the software and in this blog, we are going to discuss if you should go for cloud-based software or not.

In this regard, you should avail of Microsoft Dynamics 365 Business Central, which is a total solution in one power-packed package.

As per Eurostat, 41% of companies in the EU used cloud computing in 2021. Some areas need the usage of cloud computing, such as HCRM and payroll. The global cloud-based payroll software market was projected at around $7.34 billion in 2018. Now, it is expected to reach $17.39 billion by the end of 2027.

Difference between cloud-based and self-hosted payroll software:

Self-hosted software means that you and your team are responsible for administration and maintenance. Moreover, self-hosted software includes server costs and maintenance costs.

However, when it comes to cloud-based software, it is hosted on the server of an external service provider and can be accessed through the cloud by logging into your account online.

It is way cheaper than the cloud than the other one. It is also known as hosted software or manager software. As far as the broad category is concerned, it falls under software as a service.

Cloud-based payroll system is hosted and accessed on a cloud which means that the company using the payroll system needs a computer and a stable Internet connection.

It is a more feasible option when compared to self-hosted payroll full payroll software (which is self-hosted & is run and maintained on internal servers).

You need the necessary server capacities and one needs to be in charge of system security and updating. The need of the hour is cloud-based payroll management and we will dig deeper into the same. Running payroll on the cloud has multiple advantages for the business such as increased efficiency, productivity, enhanced security and fast deployment.

Read Also | What are the advantages of cloud-based HR software?

1.    No hidden costs: One of the reasons why most companies are opting for cloud-based software is because it does not include any hidden costs. You can simply pay a monthly or annual subscription fee for a cloud-based software system and that is it.

Fast deployment and convenience: Self-hosted payroll software needs a lot of preparation to set things up. This can slow down deployment and even force companies to replace the outdated payroll management system.

With manual software, you need to buy the server and set it up. Moreover, you need to install security features. Cloud-based services are way more convenient; all you need to do is just log into it and start working instantly.

There is absolutely nothing about cloud-based payroll software that will prevent you from doing your work.

2.    Fewer worries: More and more entrepreneurs are shifting to cloud based payroll software because it keeps you worry-free. You do not have to deal with anything related to maintenance or security.

Since you will be opting for a managed software solution, cyber-attacks and troubleshooting will not be your problem any further.

·       Increase productivity and efficiency: You will witness better productivity and efficiency with cloud-based technology. It reduces the requirement for manpower and also freezes up resources, thus increasing operational efficiency.

     Read Also | A Few Benefits of Microsoft Dynamics 365 Business Central

·       Enhanced compliance: Another reason why you should opt for cloud-based payroll software is that you will be able to sign up for enhanced compliance with the same. The compliance requirements are met at the right time with cloud-based payroll systems. The software is designed to optimise efficiency as well as reflect technological developments.

·       Remote accessibility: The pandemic has taught us the importance of remote working.

Since many employees are still opting for working from home, you have to make sure that you install software that is accessible to them anytime and from anywhere.

Cloud-based systems can be accessed by employees, which makes it the best choice for remote first businesses. Even though the pandemic is no longer here, remote working and hybrid modes are here to stay.

·       Improved data security: As mentioned earlier, you can worry less with cloud-based software. You will be able to enjoy better data security with cloud-based software.

Other benefits:

·       Built-in employee self-service features

·       Easy integration and scalability

·       You can be stress-free

So these are the main benefits of availing cloud based payroll software.

Dynamics Business Solutions (DBS) is certified Microsoft Dynamics partner in UAE, we take pride in our ability to develop and deploy the right business solution that matches global client’s requirements. DBS has developed in-house state of the art solutions for HR and Payroll, Dynamo and DynaPay on top of Microsoft Dynamics 365 FO and Business Central respectively. These solutions are catering the all business needs of HR and Payroll departments. We provide best services and support to our clients.

To know more, speak to our expert at Dubai: +971 4 447 5525 Abu Dhabi: +971 2 222 2100 or inbox us your query at info@dynamics.ae OR visit www.dynamics.ae

 

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Location: Dubai - United Arab Emirates

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  1. Business Experts GulfSeptember 6, 2023 at 10:29 PM

    I just stumbled upon your blog, and I must say, I'm quite impressed with the quality of your content. Your writing style is engaging, and the information you provide is both informative and well-researched.

    Crm Solutions Abu Dhabi

    ReplyDelete

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