If you’re in charge of payroll in your company, you know that payroll is one of the most time-consuming, frustrating tasks around. It takes time to calculate taxes and benefits, collect all the data you need to create paychecks and get everything to your employees on time. Even if you manage to do it yourself, it can be hard to keep track of everything when so many different systems are involved. A standalone payroll system might seem like the best way to go about things until you realize how difficult it can be to integrate with other applications you regularly use in your business.
1) Reducing Administrative Hassles
One of the most significant benefits of payroll integration is that it simplifies your business’s payroll needs. Rather than manually entering all your employees’ pay into each system you use, just set up a few rules in your timekeeping or payroll software to push that data into other applications. That makes not only pays simpler but also reporting easier. For example, you can directly pull employee information from accounting software into human resources systems, so you don’t have to deal with multiple sources when reporting on employees for compliance purposes.
2) Streamlining Workflows
If you’re familiar with how payroll is processed in your organization, you already understand one of the significant benefits of integrating payroll systems. If not, here’s a simple explanation: Employees do their work and submit timecards to payroll, which processes timesheets manually and often generates separate checks for each employee. When companies outgrow these manual processes, they begin to integrate their payment systems using technology that links multiple programs into a single system. This way, employees can enter data once rather than inputting information into numerous locations, which streamlines workflows and reduces errors that could cause costly problems down the road.
3) Delivering Better Data Reporting
Data integration enables payroll systems to work together seamlessly, helping your business understand its finances more clearly. The alternative is spending an enormous amount of time manually preparing reports—which inevitably leads to missed or inaccurate data. What’s more, it’s impossible to gain an accurate view of all your revenue streams and expenditures at once without data integration. This limits how effectively you can see where the money comes from and how it gets spent, making it difficult to strategize for growth or make adjustments when things aren’t planned. By providing a complete picture of all your financial operations in real-time, data integration helps you budget more effectively and deliver better data reporting to stakeholders across all levels of your company.
4) Empowering Employees Through Flexibility
Employees are our greatest asset. That’s why it’s essential to create an environment where they are empowered to make good decisions for themselves. Empowering employees can help cut down on turnover and increase engagement, which in turn increases productivity. As a business owner, you should keep their needs in mind when coming up with policies for your company. Giving your employees autonomy can be extremely helpful in getting them invested in your company. Providing them with flexibility at work—like remote options or an increased ability to work from home—can be incredibly effective. When people feel like they have more control over their lives, they are less likely to jump ship.
5) Ease of accessibility of data
Being able to access payroll information from anywhere and any time is a huge plus. Today’s workforce expects and demands flexible work hours and locations, which makes keeping employees satisfied imperative. And with mobile technology providing more and more ways to stay connected—whether it’s email, text or IM—using a standalone payroll system isn’t always practical or helpful. By integrating your payroll software with other tools like CRM (customer relationship management) systems, you can centralize vital data in one place. This allows for easier access and better organization that helps you see all aspects of your business at once, making day-to-day tasks much more straightforward than having an array of separate programs.