Organizations can reap numerous benefits by utilizing an integrated human resource (HR) payroll system. Consolidating these essential functions into a single management solution can enhance operations, and with the right tools and capabilities, your organization can optimize its accounting software and maximize efforts to achieve your mission.
We are breaking down the key benefits of having an integrated HR payroll system, as well as the most important features to consider when choosing a system for your organization.
The Five Benefits of an Integrated HR Payroll System
Having a single system to manage your people and payroll makes running your organization significantly easier. Optimizing your tools and getting the most out of every solution you use allows you to free up valuable time and money that your team can allocate to other essential responsibilities, such as growing your community and reaching bigger goals.
1. Maximize Efficiency
Maximizing efficiency should be a main priority for any organization. Working with an integrated HR payroll system enables your team to spend fewer hours processing payments and managing personnel.
With more time on your hands, your department can focus its energy on the activities that benefit your workers and establish a positive culture among your team.
An all-in-one solution enables you to automate repetitive, time-consuming tasks that take precious time away from your mission. Any opportunity to boost efficiency is advantageous for your processes.
2. Greater Accuracy
Another perk of working with an integrated HR payroll system is enjoying greater data accuracy. When working with different systems, there is a greater risk of human error because your team must enter their data into multiple solutions.
With a single integrated system, organizations can have greater confidence in their data accuracy because their processes are more streamlined. You can utilize automation tools to minimize data discrepancies since there is less need for manual entry. Whether you’re working with social security numbers or time sheets, data accuracy is critical.
3. Improved HR Strategy
Human resources and payroll go hand-in-hand. Having both of these systems in one integrated solution enables organizations to make better, more informed decisions based on data. When working to put your people at the forefront of your mission, it is crucial for your operation to maintain highly organized budgets and payments.
Investing in integrated payroll systems allows organizations to scale with ease. They give your team easy-to-access data at their fingertips, so they can make more innovative moves to supercharge overall growth and harness better relationships among your people.
4. Easy Compliance
Adhering to compliance standards is essential to safeguard your reputation and maintain operational continuity. Whether your organization must meet Governing Accounting Standards Board (GASB) or Financial Accounting Standards Board (FASB) guidelines, satisfying critical compliance criteria is also easier with an integrated HR payroll system on your side.
Compliance is an essential element of payroll and human resources operations, so finding systems to manage your important data and generate reports is highly advantageous for any organization.
5. Boosted Security
Keeping your data and sensitive information secure has never been more challenging or important. In today’s landscape, it is essential to choose solutions that protect your accounting and keep your human resources details safe. With an integrated HR payroll system, your business can focus on safeguarding a single set of data rather than multiple sets.
Controlling who has access to your data and when is crucial for protecting your operation against cybercriminals and other malicious third parties.
Five Features to Look for in Integrated HR Payroll Systems
When looking for the right integrated HR payroll system for your organization, be sure to consider the following features and how they can contribute to your overall success:
1. HR Management Tools
Having robust management tools is essential for streamlining your organization’s daily human resource activities. Manually processing HR activities can be time-consuming and tedious because they often must meet strict compliance regulations.
When looking for integrated HR payroll systems, consider the tools and capabilities they feature, such as:
- Family and Medical Leave Act (FMLA), equal employment opportunity, and veteran reporting
- Tax form generation and e-filing functionality
- Employee record and data tracking
- Employee history audit trails
2. Direct Deposit
Direct deposit is becoming the standard method of paying workers, and most people expect their wages to be deposited directly into their bank accounts. In fact, almost 94% of American workers receive their paychecks by direct deposit. Be sure to consider this feature when exploring different HR payroll systems for your organization.
The direct deposit files you use should comply with National Automated Clearing House Association (NACHA) standards. The right tool will help your team avoid lost and delayed paychecks while amping up confidentiality.
3. Benefit Plans
Another essential feature to look for in an integrated HR payroll system is employee benefit plans, such as:
- Paid vacation
- Health insurance
- Social security
- Monetary bonuses
- Employee allowances
- Stipends
Look for functionality that allows your organization to develop and manage your benefit plans. Automating calculations and easily applying them to your team will make the lives of your HR and payroll teams easier than ever. Some systems also allow workers to access and review their benefits independently.
4. Digital Access
When selecting an integrated HR payroll system, ensure you consider the online features available. Today, digital tools are essential to optimizing your human resources operation.
Systems that enable your team to access and update important information online will help streamline everything from timesheet changes to time-off request approvals. The right solution will provide your team with greater transparency and convenience, offering 24/7 access to online records.
5. Payroll Automation
Automated payroll tools are a critical feature of integrated HR payroll systems. They help organizations like yours minimize payment inaccuracies and streamline complex wage calculations, allowing your operation to reduce the time and energy spent on weekly payroll processes. Automation also simplifies the creation of accounting and transaction entries.
Looking to optimize your organization’s operations? Follow these best practices to streamline operations and set your organization up for sustained success.
