HR and Payroll Benifits

Gone are the days when carbon paper was the newest technology for sharing information with multiple parties and proved to be a time saver for office workers. Since few years there has been an increasing trend towards greater “integration” between HR and payroll. Also, with the need to increase efficiency and improve information sharing, this trend also reflects the desire to create much greater synergy between the two functions. Usually it has been seen that large or small businesses have maintained human resources and payroll as separate functions in their organizational charts. Sharing data and processes ensure that payroll and HR systems are synchronized and everyone in the business has access to the most up to date and accurate HR and payroll information.

Just as payroll software is a much better choice than carbon paper, HR payroll system integration can offer many benefits over separate HR and payroll systems. Let’s have a quick look:

  1. Less Paperwork

Tracking an applicant or data on new hires and existing employees can generate a mountain of paperwork. The problem becomes complex when payroll requires similar information. Integrating HR and payroll may enable managers and others to access applicable information via the same database. For instance, when an employee opts to add a benefit and HR compiles the information and enters it in the database, the payroll deduction is entered simultaneously, this reduces additional paperwork. Automatic updating is another key feature of an integrated system. When HR and payroll utilize the same employee database, information entered by HR is automatically updated in payroll.

  1. Improved Accuracy and Security

With fewer people entering information, streamlining data entry can increase the accuracy of one’s payroll and HR information across platforms – preventing costly errors and saving the time and money it would take to correct them. An integrated interface can also help improve data security; payroll and HR benefits systems consisting of highly sensitive company and employee data, from salary information to Pan card details. By integrating these systems into a highly secure HR platform, one can reduce the chance of data breaches too.

  1. Hosting Self-Service

An integrated system seamlessly introduces self-service functionality, as data only needs to be updated on to one database, and employees can view information relating to pay, entitlements , holiday benefits, and anything else they need all in one place.

  1. Improved Reporting

It is easier to achieve comprehensive reporting when data does not have to be pulled from multiple sources. A more complete database enables better-off, tailored reporting and the opportunity to more easily customize the information that’s gathered for a particular purpose, from reviewing the cost of benefits to improving employee retention. An accurate, complete dataset will help managers or others in planning a workforce that will meet the changing needs of their organization.

  1. Gauge Employee Performance

An integrated system may allow businesses to more effectively combine data on recruitment, learning and compensation models (information that previously existed in separate functions). Analyzing this data can lead to new approaches to employee training and development.

In an organization, an integrated system can take a huge burden off HR and payroll department in managing requirements of both cross-border and local workforces. For years our product PayWheel, HR payroll software is providing HR and payroll solutions to organizations, helping HR personnel and accountants streamline their routine processes. To know more, visit www.paywheel.com and keep following our blog to read interesting discussions/ subjects in our upcoming posts.