Highlighting 5 Benefits of Using HCM and Payroll Software

As your business grows and flourishes, keeping everything running smoothly takes more work. Every individual part of your organization’s ecosystem needs to function flawlessly in order to maintain your organization’s success.

For your HR systems, however, this can get exponentially more difficult as your company grows. You want your payroll to be efficient, but inaccuracies can have costly consequences and potentially affect the morale of your staff.

Nearly 82 million US workers say that they’ve experienced paycheck errors in their careers. Luckily, tools exist that make it easy to stay organized regardless of how the scope of your business changes over time. Utilizing the full power of technological tools available to aid in your human capital management (HCM) and payroll efforts helps make sure that your team is taken care of even when business gets more complicated.

Is it Time for New HCM and Payroll Solutions?

Your HR and payroll systems are critical pieces of your business, and you can’t afford to have them functioning improperly. Errors in human resources records or in payroll may just be a simple shift in a number on your paperwork, but for the team member they affect, it could mean a long-term inconvenience or serious crisis.

Errors like these that seem simple from a clerical standpoint can potentially have serious consequences in the lives of your employees. Not only do they make your organization look bad, but they could also be costly due to fines, back pay, and legal fees. Even worse, they could potentially lead to your talent finding somewhere else to work where they feel they’ll get more reliable support.

Even if your payroll is always error-free, what’s the cost of the solution that you use? HCM isn’t just about efficient processes and structures, but also the efficient allocation of talent.

A payroll process that’s complicated and lengthy can only be handled by a select few, making it a repeated drain on the efficiency of your organization. Updating your payroll and HCM efforts to modern, simpler to use, systems can potentially result in better results that cost you less each period.

Integrating technology into your business systems to enhance processes and support your team is a necessity today in nearly any industry. With the complicated and error-prone processes of payroll, it’s the perfect opportunity to leverage superior technological solutions for an edge in your HCM efforts.

The Benefits of HCM for Payroll

A robust human capital management infrastructure accommodates payroll and streamlines your HR efforts across your organization. Payroll software is methodical and can improve your entire HR infrastructure. A good HCM ecosystem provides tools to make payroll worry-free and easy to use.

There are a number of benefits that you can leverage by streamlining payroll systems that improve both your overall efficiency and increase how effectively you take care of your team.

1. Improve Accuracy

No matter how good your payroll staff is, it simply can’t compete with the accuracy of automated processes designed specifically for your HR ecosystem. A single error on payroll processing can have long-term implications for both your personnel and the HR staff who need to troubleshoot their issues.

Payroll software solutions within your HCM program can help take the redundant, tedious work that often leads to errors out of your payroll. You can quickly and reliably get 100% accurate payroll information each period without utilizing a whole team of highly specialized accountants.

2. Improve Efficiency

Using archaic paper solutions for payroll isn’t just inefficient from a labor perspective, but also from an organizational one. You’re essentially repeating work over and over again as paper records must be stored and compiled manually for use by your HR and accounting departments for future reporting needs.

Unifying payroll in one software solution under your HCM allows you to automatically capture all necessary information from payroll each period throughout your entire organization. This revolutionizes the efficiency of your record-keeping processes and clerical systems throughout your company in addition to making your payroll process easier and faster.

3. Boost Cost Effectiveness

Efficiency within the scope of HCM isn’t just about how smoothly your internal systems function, but also about how you allocate talent and financial resources throughout your organization. Automating payroll processes frees up extra resources to be used on other important matters, ultimately improving your bottom line.

Having highly specialized and qualified members of your team regularly invest time in payroll prevents them from working on more vital issues. By automating processes so that it’s easy for anybody to process your payroll, you free up their valuable time to get back to growing your business.

The costs of physical resources from processing payroll manually add up as well, and payroll software within your HCM solution saves you all that cost to devote to other efforts.

4. Increase Security

Like many HR records, payroll data is extremely sensitive, and you need to make sure it remains secure to protect your employees. Using payroll solutions within your HCM infrastructure, you can make sure that the highest levels of security are maintained on all sensitive information.

Paper records don’t have many of the same security risks that electronic records do, but with the robust security solutions offered by your HCM, your data is more secure than that locking file cabinet could ever be. With tools like access control and audit logs, you always know that only authorized users are accessing payroll data.

5. Simplify Your Process

Often payroll processes become increasingly convoluted and arcane as an organization grows. Having a dense process where only a few members of your organization properly understand all the moving parts just makes an essential function of your business harder and harder each period.

Payroll software not only makes processing payroll simpler for anyone within your organization, but it also makes it so that the necessary departments can always easily access the information that they need. Integration with your greater HCM solution means that your authorized HR, management, and accounting professionals always have payroll information easily at their fingertips.

HCM’s Advantages Beyond Payroll

Though the potential benefits to your payroll systems are sweeping, the advantages of an HCM system go far beyond just payroll. A robust HCM solution streamlines the operation of your entire HR system, making everything involving personnel within your organization function more smoothly.

Automated systems can help troubleshoot HR issues and disputes that your staff may have with perfect accuracy and lightning speed. While there will always be a place for human interaction in human relations, freeing your team from tedious research and bureaucracy allows them to concentrate more fully on your team.

The often redundant and bureaucratic systems essential to the operation of your business can also massively benefit from a unified HCM solution that includes robust tools for payroll. Tasks that involve heavy data compilation like payroll tax, time management, and insurance reporting can be seamlessly exported between parts of your infrastructure.

Streamline Your Business With HCM and Payroll Software

Your team is important to your business and they need to be able to rely on their pay every single time, but committing more and more of the valuable time to payroll each period just reduces your resources elsewhere. With a software payroll solution as part of a robust HCM, you can reclaim the resources you devote to payroll while also getting more reliable and efficient reporting.

You didn’t hire talented HR and accounting personnel to have them fill out mindless forms. Automating these tedious processes within your HCM ecosystem boosts efficiency throughout your entire company and gives your team time to work on important things. At Your Payroll Department, we offer comprehensive HCM solutions that include powerful tools to help you keep your payroll systems optimized. If you’re ready to see how HCM payroll solutions can improve the way you do business, contact us today.