Organizations can enjoy many advantages when working with an integrated human resource (HR) payroll system. Consolidating these important functions into a single management solution can boost operations. With the right tools and capabilities, your organization can supercharge its accounting software and maximize efforts to achieve your mission.
We are breaking down the key benefits of having an integrated HR payroll system and the most important features to consider when choosing a system for your organization.
5 Benefits of an Integrated HR Payroll System
Having one system to manage your people and your payroll makes running your organization significantly easier. Optimizing your tools and getting the most out of every solution you use allows you to free up valuable time and money that your team can allot to other important responsibilities, like growing your community and reaching bigger goals.
Explore the top ways an integrated HR payroll system can enhance your operations:
1. Maximize Efficiency
Maximizing efficiency should be a main priority for any organization. Working with an integrated HR payroll system allows your team to spend fewer hours processing payments and managing your people.
With more time on your hands, your department can focus its energy on the activities that benefit your workers and establish a positive culture among your team.
An all-in-one solution enables you to automate repetitive, time-consuming tasks that take precious time away from your mission. Any opportunity to boost efficiency is advantageous for your processes.
2. Greater Accuracy
Another perk of working with an integrated HR payroll system is enjoying greater data accuracy. When working with different systems, there is a greater risk of human error because your team has to enter its data into multiple solutions.
With one integrated system, organizations can have more confidence in their data accuracy because their processes are more streamlined. You can utilize automation tools to minimize data discrepancies since there is less need for manual entry. Whether you’re working with social security numbers or time sheets, data accuracy is critical.
3. Improved HR Strategy
Human resources and payroll go hand-in-hand. Having both of these systems in one integrated solution helps organizations harness better, more-informed decision-making based on data. When working to put your people at the forefront of your mission, it is important for your operation to keep its budget and payments highly organized.
Investing in integrated payroll systems allows organizations to scale with ease. They give your team easy-to-access data at their fingertips, so they can make smarter moves to supercharge overall growth and harness better relationships among your people.
4. Easy Compliance
Abiding by compliance standards is necessary to protect your reputation and keep operations up and running. Whether your organization must meet Governing Accounting Standards Board (GASB) or Financial Accounting Standards Board (FASB) guidelines, satisfying important compliance criteria is also easier with an integrated HR payroll system on your side.
Compliance is an essential element of payroll and human resources operations, so finding systems to manage your important data and generate reports is highly advantageous for any organization.
5. Boosted Security
Keeping your data and sensitive information secure has never been more challenging or important. In today’s landscape, it is essential to choose solutions that protect your accounting and keeps your human resources details safe. With an integrated HR payroll system, your business can focus on safeguarding one set of data rather than multiple.
Controlling who has access to your data and when is critical for protecting your operation against cyber criminals and other dangerous third parties.
5 Features to Look for in Integrated HR Payroll Systems
When looking for the right integrated HR payroll system for your organization, be sure to consider the following features and how they can contribute to your overall success:
1. HR Management Tools
Having robust management tools is essential for streamlining your organization’s daily human resource activities. Manually processing HR activities can be time-consuming and tedious because they often must meet strict compliance regulations.
When looking for integrated HR payroll systems, consider the tools and capabilities they feature, such as:
- Family and Medical Leave Act (FMLA), equal employment opportunity, and veteran reporting.
- Tax form generation and e-filing functionality.
- Employee record and data tracking.
- Employee history audit trails.
2. Direct Deposit
Direct deposit is becoming the standard way to pay workers, and most people expect their money to go right into their bank accounts. In fact, almost 94% of American workers receive their paychecks by direct deposit. Be sure to consider this feature when exploring different HR payroll systems for your organization.
The direct deposit files you use should comply with National Automated Clearing House Association (NACHA) standards. The right tool will help your team avoid lost and delayed paychecks while amping up confidentiality.
3. Benefit Plans
Another important feature to look for in an integrated HR payroll system is employee benefit plans, such as:
- Paid vacation
- Health insurance
- Social security
- Monetary bonuses
- Employee allowances
- Stipends
Look for functionality that allows your organization to develop and manage your benefit plans. Automating calculations and easily applying them to your team will make the life of your HR and payroll team easier than ever. Some systems will also allow workers to access and review benefits on their own.
4. Digital Access
When deciding on your integrated HR payroll system, ensure you consider what online features are available. Today, digital tools are essential to optimizing your human resources operation.
Systems that allow your team to access and update important information via the internet will help streamline everything from timesheet changes to time-off request approvals. The right solution will offer your team greater transparency and convenience with 24/7 access to online records.
5. Payroll Automation
Automated payroll tools are a critical feature of integrated HR payroll systems. They help organizations like yours minimize payment inaccuracies and streamline complicated wage calculations, so your operation can reduce the time and energy spent on weekly payroll processes. Automation also makes creating accounting and transaction entries simpler.
Request a Demo to See MIP People in Action
If you need comprehensive, cloud-based human resources management software, turn to MIP Fund Accounting®. With MIP People, your organization can enjoy a user-friend solution built into your accounting software.
Our all-in-one integrated accounting, payroll, and human resources system can enhance your mission, streamline your operations, and scale with your organization. We design our software with nonprofits, schools, government, and health care organizations in mind. We want to help you manage your finances and meet compliance standards at every stage.
Are you interested in elevating your organization with integrated payroll and human resources software? Request a demo of MIP People today!
Share this post
