Time to Switch to a Cloud-based Payroll Software!

Time to Switch to a Cloud-based Payroll Software!

In this day and age, ‘Cloud’ is a step ahead to look forward to. Being a future ready organization it becomes imperative that you are in sync with the latest changes happening in this tech savvy eco-system, and hence it becomes essential to switch to a state-of-the-art cloud payroll software that will help enable immense benefits like improved flexibility, increased efficiency, cost-effectivity. In this rapidly growing and ever-changing ecosystem many organizations are switching to cloud for their HR and payroll needs; with the reasons being multiple, some prominent aspects are highlighted as follows. Business scalability Cloud architecture is built on the principles with scalability factor as a base. A cloud based solution expands with the need and hour of the business and thus keeping in sync with the fact that the organization can focus on the core of the matter i.e., business and profitability. As your business grows, it becomes inherent that the IT infrastructure needs to be expanded, but in the cloud based model this is taken care by considering the fact that there is minimal dependence on IT infrastructure and it its most importantly the vendor’s obligation to provide the optimum performance. Exceptionally Secure A cloud based solution is safer and secure as and when compared to desktop/server based installation. Because of higher encryption protocols and stringent measures put into place into cloud solutions, the risk factor being considerably less and thus your data is much more secure in a cloud environment, which entitles us to function in a safe digital environment. It can be considered to point out that on premise server based data was recently...
Best Investment Options to Save Your Taxes This Year

Best Investment Options to Save Your Taxes This Year

Believe it or not, but for most of us, tax planning is a let’s-do-it-later affair. Almost everyone has a tendency to plan for investing in tax saving instruments only when the financial year is about to end. Thus there is no much room left for a prudent investment planning. A smarter approach is to start investing in the early quarters of the financial year, in order to prudently plan on how to get the most of your tax saving investment options. Being proactive, will help you minimize your chances of making a wrong investment in haste. Let’s have a look at some of the best tax saving investment options in 2017: ELSS Mutual Funds Equity Linked Saving Scheme (ELSS) Mutual Funds are specifically designed for saving your taxes. Being market linked product they are not only a high risk products but also offers the prospective of high returns. Other than ULIP, ELSS is one of the two tax saving investments options that are equity based. It boasts of the shortest lock in period i.e. 3 years among its class of investments. Investment in an ELSS can also be made through a SIP (Systematic Investment Plan) wherein you can spend a small fixed fraction every month instead of paying a heavier sum altogether. Thus, an ELSS invested through a SIP makes the overall investment easy and affordable. Health Insurance Some might not agree with a health insurance plan being calculated as a tax saving investment option, as it offers no perky returns like the other forms of investment. But the value you get from health insurance coverage makes it much...
Tax Saving Tips for Salaried Employees, 2017

Tax Saving Tips for Salaried Employees, 2017

Taxes are undeniably great, but for those with loads of responsibilities, taxes are a toll! So, do you think you are paying extra taxes? If yes, and want to curtail them then you need to go for proper tax planning. There are several ways in which we can save our taxes but one important thing is that there are several things that we do are actually tax-free. However, we are not aware about them. For instance, insurance investments are tax-free. Thus, to save your taxes all you need to have is a proper planning. Let’s find out the best tax saving tips for salaried employees : Salary Restructuring Have you ever thought about the expenses you do just because your job demands it? In case if you switch your job right away, you will have to spend money in order to get settled in the new place. For instance, you might have to travel to the office or your client’s office daily just because your job wants you to do so.  Moreover, you might also need to read some specific newspapers, magazines or books to fulfill the purpose of your job. These expenses will vanish when you leave the job. This means that these expenses are enforced; therefore your employer needs to pay for them, which shows that you are only a medium these expenses are not a part of your income. In such situations have a word with your employer and request them to restructure your salary structure. You need to get allowances and perks if you spend money on such things. Ensure that this is not a...
Attendance Management System : HR’s Best Buddy

Attendance Management System : HR’s Best Buddy

Don’t you think being an organization, keeping track of the attendance time of your hundreds or thousands of employees is a time consuming task? Yes it is! When an organization performs this task manually they have to not only keep a track of how many hours their employees worked, but also need to allocate the time appropriately. Gone are the days when organizations used time-sheets or time-cards to track working hours of their employees. Now it’s time for automated attendance systems which are inexpensive but offer incredible benefits to employees, employers and payroll services. Attendance management system has its own benefits like it saves money and time and also reduces errors.  Let’s see how attendance management system helps HR in their duties: Simplified Management Attendance management system allows managers and payroll administrators to simply review, approve and submit employee attendance information from centralized, online dashboards. It’s quicker, easier, and creates an accessible data trail that can be used for strategic planning or called upon in case of disputes or when questions arise. In the meantime, employees can also enter and submit information more flexibly, this way they will stay up-to-date too. Significant Cost Savings Attendance management system eliminates buddy punching, erroneous time tracking, over payment, and absence tracking processes saving both money and time. Any organizations can not only save up to thousands per employee, but also, would require less people to monitor or track employee attendance and less paperwork thereby reducing costs, if they have a time tracking system and automated leave management software in place. Enforcement of Legal Compliance and Company Policies In order to detect a...
Why Training Employees Is Obligatory?

Why Training Employees Is Obligatory?

Let’s start this way! Suppose you are given a choice between two pilots, one is ‘trained’ and the other ‘untrained’, which one would you choose? Obviously the ‘trained’ one, the same applies to organizations too. Organizations look for qualified employees but when it comes to training their own few don’t feel the importance. In an organization employee training and development is the strongest pillar that establishes great performance, ideal results and company success. Nowadays there are some good numbers of organizations across the world that spends a large part of their total business capital to improve skills, confidence and performance of their employees. It happens that sometimes due to insufficient budgets, strict project deadlines, unresponsiveness of training department and lack of initiatives restrict employers from executing training plans. Here are some reasons why it is obligatory to train your employees: Improvement in Performance It’s a fact that every individual possess different skills. Apart from everything one best thing an employer can ever do is helping his employee in enhancing the skills he/ she is already good at. Before subjecting any employee to a particular training program, the manager should evaluate training needs for him/her. To start off, training managers/ coordinators have to first divide employees into different groups by associating each group should with a targeted development plan. Employees can overcome their shortcomings and weakness with the help of professional training and development. These programs give them the opportunities to reach higher levels of expertise and gain more exposure to improve their professional skills. Maximum Output A well-trained employee is ought to know how to make best use of...
Why to Offer Added Benefits to Your Employees?

Why to Offer Added Benefits to Your Employees?

Employees are considered as the “soul” of any great business, also leaders and key employees are essential for a long term success. Once you have well performing team in place, it’s a huge blow to lose any of those vital employees. In today’s date benefits are no longer a “perk” instead they are expected to be a part of compensation. You want to run your business successfully? If yes, then keep your employees happy by providing them with enough incentive to maximize their productivity. Well, there are other ways to accomplish this but offering benefits to employees going beyond legal requirements tend to be effective. Here are the top five reasons for why you should offer added benefits to your employees: Increase Appeal In order to create a strong foundation for your business, acquisition of dedicated and skilled workers is vital. With more job available nowadays, candidates are becoming more selective on where they want to work. To bring these individuals on board you need to stand out from rest of the masses. Rather than offering bare minimum try to give your employees something more like retirement plans, health plans, paid leaves, paternity leaves, sabbatical leaves etc. Offering solid benefits shows that you believe in your company enough to invest in your employees, and proves that you are stable; this can help you acquire A-list talent. Retain Talent Do you think finding new employees is cheap? No, there is often a significant cost attached to it, also while loss of continuity for customers, so once companies have great employees on board, their focus should turn on how to keep...