Digital Transformation Series – Cloud HR Software
To support businesses in Wales, Superfast Business Wales has created a new digital toolkit designed to help businesses improve efficiency, streamline operations, boost security and often reduce costs.
Listing over 100 cloud-based solutions, the Digital Toolkits Directory will help you find software and services you can rely on. All products listed are presented for information and research purposes only, and no recommendation is intended to be comprehensive or act as a specific endorsement of Superfast Business Wales.
DOWNLOAD A COPY OF THE DIRECTORY HERE
In part two of this series, we look at the HR industry and the benefits of using cloud-based software.
HR software is now the preferred solution for many companies, replacing outdated paper-based HR methods, filing cabinets and disjointed systems, such as spreadsheets and Word documents.
In today’s digitally connected world, companies are turning to cloud-based systems on the Internet for many business functions, and in particular HR.
The benefits of cloud-based HR systems
There are many reasons to use cloud-based software within your HR functions, from managing and tracking personal information (including: compensation, skills, training and achievements) to providing self-service options for leave requests. Dedicated HR software can also reduce the burden on HR staff, allowing them to focus on the people they serve.
- Compliance management: Ensuring your team is up to date with HR and labor laws is essential and cloud solutions make this process efficient as you can adapt your procedures and features when needed.
- Data overview: All your data and information is efficiently stored in one place, allowing you to have a more detailed analysis of each employee.
- Efficiency: Adopting online software reduces the number of administrative tasks, because cloud-based software handles much of that for you.
- Centralization: Everything is in one place with cloud-based HR software. This means you can access essential data wherever you are. All your data is housed in one central repository, which means nothing gets lost.
- Profitable: Some legacy software systems can be expensive, while many cloud-based HR services offer a range of budget options and, in some cases, can save your company significant savings.
- HMRC Responsibilities: Payroll software can facilitate the accounting of staff payments, including the accurate and automatic submission of PAYE information to HMRC. Although you can buy standalone payroll packages, it may be better to buy it as a bundle with your financial reporting software.
In April 2019, Making Tax Digital for VAT came into force requiring registered businesses with a taxable turnover of over £85,000 to keep records digitally and file their VAT returns using ‘a software.