While the simple act of outsourcing payroll turns a tedious manual process into a faster, easier way to pay employees, transitioning to a fully functioning human capital management solution will get you even more out of your payroll software.
A human capital management solution (HCMS) goes beyond tax payments and filings, making your payroll, HR and other workforce management processes work together. Instead of the separate processes performed by different employees causing multiple steps and requiring intensive reporting, integrating with an HCMS simplifies those processes to bring time and money savings through efficiency.
Using an HCMS eliminates duplicate efforts that can lead to errors and makes reporting more accurate as well. All data is centralized and secured, reducing or eliminating the need for importing and exporting data between departments or systems. Data accuracy and organizational productivity improve along with efficiency, speed and ease of payroll and HR operations. The best HCMS software will include payroll, compensation and benefits, time and attendance, performance evaluations, ACA compliance, and more.
Managing workforce processes with an HCMS is a cost-effective solution for small and mid-sized companies to better manage employee information. While some businesses are unsure about making the investment, the ROI of such systems is easily supported. One of the best features of a good HCMS is a single sign-on to a single data source, giving you the fastest, most accurate window into your employee management processes. Your business gets maximum access to integrated time and attendance, payroll, benefits, and HR for data entry and reporting without the need for multiple systems.
Understanding and managing compliance is a challenge facing every business. With so much employment legislation to know and follow, it’s difficult to be sure you’re meeting rules and regulations to stay out of trouble. Using an integrated workforce management solution to process payroll and other critical processes gives you better control over the data and important information you need to stay on top of the Affordable Care Act, FMLA, COBRA, and more. With faster, easier access and better reporting capabilities, you can recognize problems and trends affecting compliance more quickly and put together a plan for resolution.
If payroll software makes your payroll processing more efficient, accurate, and compliant by automating almost every part of paying your employees, an HCMS extends those types of efficiencies to all your workforce management processes with the ultimate electronic tools. Secure and organize all your workforce processes into an integrated system that lets you more easily access and use your employee information when and how you need it.