If you company is like most small and medium-sized businesses (SMBs), payroll is likely a complex and time-consuming administrative task. You must gather employees’ information, track their time, calculate their pay, withhold taxes, and adjust accounts as necessary. These responsibilities are constantly shifting and evolving as employees come and go and as tax requirements change.
Managing the payroll process requires having an effective payroll solution. Some SMBs trust their payroll needs to outside service providers, while others rely on in-house technology. But there’s also a third option: payroll management software integrated with a cloud-based Enterprise Resource Planning (ERP) solution. What that in mind, here are the top four benefits of integrating payroll with cloud ERP.
Benefit #1 – Efficiency and Reliability
Integrating payroll with cloud ERP makes it more reliable and efficient. Most of the data needed for payroll calculations—employee information, tax rates, time tracking—is stored in a single source. This method eliminates the need to search multiple systems for pieces of the puzzle. It also reduces manual data entry and paperwork. When used correctly, this integration can dramatically reduce the time and effort needed for payroll processing.
Plus, ERP solutions provide detailed tracking capabilities that allow you to view past payroll information quickly and easily. This feature makes it easy to stay up to date on changes in tax rates and other legal requirements and ensures accurate processing of payroll data.
Benefit #2 – Resource/Labor Management
Because of a global labor shortage, some businesses find it challenging to operate with limited staff. Payroll management software from cloud ERP provides information regarding which workers are available for various tasks and projects. Managers can easily monitor and change resource allocations in line with changing needs and availability. These capabilities make it easier to stay on top of labor resource management.
Benefit #3 – Employee Payroll Management
Payroll is essential for both employees and employers. Delays and inaccuracies in payments or deductions can lead to frustration, extra work, and decreased productivity. An automated payroll ERP process helps guarantee accuracy while reducing the manual labor of repetitive tasks. This feature ensures companies pay everyone on time while also improving efficiency. With the right system in place, everyone can count on the payroll to be reliable and accurate.
Benefit #4 – Secure Team Portfolios
Securing employee records is essential for protecting personal information, such as addresses, contact details, and identity documents. To ensure this sensitive data stays safe, it’s critical to have effective payroll ERP strategies and modern payroll management software. With the right tools, you can ensure employee records remain secure while allowing easy access when needed.
Bottom Line
Payroll management software integrated with a cloud-based ERP solution like Acumatica can help SMBs streamline the payroll process and ensure accuracy and reliability. Such integration has many benefits, from increased efficiency to more secure access to employee portfolios. Investing in the right system can save you time and resources while providing peace of mind. Acumatica ERP integration is the way to go for businesses looking for a comprehensive, efficient payroll solution.
Don’t leave payroll to chance. Contact us today to learn more about how our Acumatica ERP-integrated payroll software can help you simplify and improve your payroll process.