Your business has many options when it comes to managing payroll and one popular model is to use HRMS payroll management. Managing your payroll within your HRMS is often your best bet. Integrated HR payroll synchronizes data between payroll and the HRMS. It runs across a spectrum, from light integration through file exchanges to deep integration through a web services interface. In some cases, especially with small to medium sized companies, the light integration is a perfectly workable solution.
There are many reasons why managing payroll through your HRMS is not just a good idea, but a good business practice as well.
- One Set of Data – A single platform can centralize all of your processes, such as local payroll requirements or multiple offices, as well as provide the opportunity to establish new processes, delegate tasks and report on productivity.
- One System = Less Effort to Keep Everything in Sync – Interfacing data can cost a lot of money, from design and analysis costs to maintaining file transfers to resources needed to investigate when things go wrong. Integrating your payroll, benefits, talent management, recruitment and employee self-service all in one platform can save valuable time, resources, and ultimately money.
- Improved Process Efficiencies – reduces administrative work and refocuses your workforce. It can also foster stronger, fact-based decisions with better work.
- Seamless Accounting – Finance and Accounting looks at the big picture view of an organization’s finances and relies on accurate data from all teams, including HR and Payroll. The right payroll software will have API’s that can interface with accounting software.