What Can You Do to Improve Your Payroll Process Using HCM Technology?

HCM software provides benefits for just about every department in the company. If your area of the company involves people (hint: they all do) and those people rely on the accurate, on-time delivery of their salaries and benefits in order to do their best work, then the right Human Capital Management (HCM) software will make a huge impact.

Improving your payroll process may be an ongoing endeavor, but a cloud-based HCM platform will allow your finance team to begin progressing almost immediately.

Get an Aerial View

What Can You Do to Improve Your Payroll Process Using HCM Technology?The most comprehensive HCM technologies provide as broad or detailed a snapshot of your finances as is needed, allowing finance departments to better understand the investments they’re making in their teams. Integral features like fully-automated, non-linear and retroactive payroll calculations, and the distinction of people versus position add nuance and provide insight into the inner workings of people-related accounting.

See Your Details All in Real Time

Information is only as good as its accuracy, and outdated details can do more harm than good. With a centralized database at the core of a single HCM application, you can see accurate, up-to-the-second totals on everything from payroll, to headcount, to benefits and retirement accounts. Everyone sees the same data at the same time, and knows that it is up to date. When everyone is on the same page, there’s no need to follow up with a number of sources for confirmation or doubt your data.

Track Totals

If all the crucial information is in one place, accounting professionals and HR strategists can track the true budget vs. actual metrics of headcount and costs. Any major shifts in dynamics or results that don’t match up can be easily charted and confirmed, with the final totals available at a moment’s notice.

Make Data Driven Decisions

As your teams track the trends and changes in the appearance and performance of your employee base, they can begin to draw conclusions and plan changes in approaches to recruiting, payroll, and people management at every level. Drawing on conclusive data can inform the discussions surrounding these decisions and make for a more fact-based process that can prove or disprove any assumptions.

Seamlessly Integrate Programs

Finance and HR information intersect even when their job functions inherently do not, and a full-service HCM system is the best way to manage that integration successfully. Get rid of redundant programs and the need for users to cross over from payroll to HR with a single, comprehensive platform that saves everyone time and minimizes the potential for entry errors.

Automating core HR, benefits, and payroll processes allows your employees to better balance the distribution of work and spend less time filling in the same details or cross-referencing between different programs. Centralized data ensures accuracy at all times, and supports both the finance and HR teams to work at the next level of efficiency and innovation.

Learn More

To learn more about SyncHR and our HCM solutions for your mid-sized business today, call 720.893.2000 or schedule a demo.

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