Top 5 Advantages of using HR and Finance Integrated Payroll System
- Are you managing your payroll in isolation?
- Are your finance, HR, and payroll data scattered across your organisation causing more risks?
- Do you want to fully digitise and optimise your organisation’s payroll process?
It is evident that outdated and isolated HR, finance, and payroll systems not just limit the efficiency of HR and finance, but the daily operations of entire business with the inabilities to track and report KPIs in time and more discrepancies in payroll processes. But despite the knowledge, many finance and HR departments are still grappling with risky and time-consuming manual payroll processes.
A survey by CIPP (The Chartered Institute of Payroll Professionals, UK) showed that 50% of the companies said their current isolated payroll systems were “lot less effective” and were outdated. The same survey revealed that 64.74% of the companies responded that their systems were inflexible, 42.20 % revealed they lacked data insights and 30.64% stated they feared the risk of data breach with their current payroll system. Further, 50.95% of respondents were in favor of using an HR and finance integrated payroll system.
Source: CIPP Future of payroll Research survey report 2019
With the onset of digital revolution and automation, integrated and automated payroll systems have become a necessity for every small- or large-scale business. Let’s dig deeper.
Advantages of HR and Finance Integrated Payroll System
1. Eliminates tedious administrative work
Having an HR and finance integrated payroll system automates all your manual and tedious payroll processes including employee information management, payments, timesheet tracking, and more. It means no double data entry, less risk of errors, more productivity and everything paperless!
It allows employees to use a self-service portal to check their daily stats, update personal information, keep track of their leaves and benefits, reducing half of the time that would have been spent gathering such information manually. At the expense of just a few clicks, HR and finance managers can update payroll and other fields with complete synchronisation of every single data.
2. Improved reporting & analytics with holistic view
One of the common challenges for HR and finance teams is gathering good data for reporting and analytics. With disparate systems, the collection, cleansing, and synchronisation of data is a manual and time-consuming process. The integrated solution easily solves these problems as they have built-in analytics, driving transparency with accurate data which can be leveraged to track and measure business metrics and create detailed reports via holistic view, saving valuable time for the team.
The data is easily accessible by both HR and finance departments on a single comprehensive platform with a 360-degree view, eliminating 24/7 record keeping and monitoring of the employee information. Instead of fiddling with aging systems, HR and finance managers can utilise their time analysing data, identifying trends, and making data driven decisions to improve overall productivity for the team and the company.
3. Highly Customisable and Scalable
Integrated payroll systems provide the flexibility to customise and scale the system as your business expands. For instance, managing teams through isolated payroll systems can get out of hand if your team grows. Manual entry of data for larger teams can result in more discrepancies, especially when multiple departments such as finance and HR have to maintain separate instances of the same information. Modern integrated solutions can automate processes, and offer a single 360-degree view of employee data, and are easy to customise.
4. Enhanced Employee Experience with Integrated Payroll
The modern workforce demands modern ways and technologies to help employees work when they want and how they want with ease and efficiency. With an integrated system, employees can get immediate access to their information, become more empowered and keep track of their paychecks, attendance, and benefits- all fundamental to enhance the support of employees and improve their work satisfaction.
5. Better Compliance
Apart from facilitating HR and finance to have better reporting for data-driven insights, integrated payroll software also makes HMRC compliance easier for small businesses with accurate and up-to-date headcounts. HR and finance managers can pull HR and payroll data from a single platform, providing a clear pathway for data synchronisation, reducing errors, meeting compliance standards. Payroll professionals will be more productive when they do not have to spend time amending the mistakes.
HR and payroll activities are intertwined, and it makes little sense to manage them with separate systems. If organisations move away from their traditional payroll software to a cloud based integrated solution that allows continuous innovation with new technologies, they will be able to receive intelligent and personalised experiences with the highest levels of trust and security.
Looking for an integrated payroll solution?
SiriusPayroll365 is the leading integrated payroll solution across UK which has already been adopted by a wide range of industries. Integrated payroll system such as SiriusPayroll365 will help reduce the headache and hassle of pulling data across different departments, saving time for HR to focus more on improving their productivity, assisting both finance and HR teams to maintain accuracy, timeliness, and compliance.
Dogma Group recently conducted an insightful webinar on – the benefits of HR integrated payroll on September 9, 2021. Watch a replay of our webinar on an exciting discussion with Eddie Harford, CEO of Dogma Group, about how HR and finance integrated payroll can simplify your payroll process.
Here you will learn:
- Current payroll landscape
- Problems organisations face with isolated payroll
- Benefits of an HR integrated payroll
Sign up to get your on-demand recording here!
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