What good is integrated financials and payroll? Well it can lead to a ton of benefits for PSO’s and here are just the top three to take into account…
- Profitable and Productive Employees: What makes for a productive employee? If we got into all the factors, we may be here awhile, but one thing that definitely helps is getting paid on time as well as receiving the right benefits promised to him or her. Meeting that initial demand also results in more profitable employees as they work harder and know their hours will be compensated. In order to meet these employee demands while keeping trust high, you need to manage payroll in a timely manner and how can you do that when you’re checking multiple systems and/or reports?
- Better Decisions: When numbers are in sync with one another automatically, business decision makers have confidence in their data, making difficult decisions much easier. If you can see accurate billable hours in relation to profit, then you can make better moves to increase that profit. Integrated financials means having information at your fingertips instead of having to cross reference multiple reports or logging into multiple systems. That requires a ton of focus and energy just on attempting to retrieve those numbers and then once you finally have them, how can you really trust the data?
- Communications Made Easy: A financial maturity study performed by SPI Research shows that as organizations improve performance through better focus, alignment, communication and collaboration, the more “mature” they become. Better communications helps employees stay focused and armed with the right information to do their jobs. And better communication comes from technology that connects employees with updated data, their colleagues, and their clients.
Many PSOs deal with a number of best-in-class applications and while those each may be good on their own, it doesn’t provide the visibility needed to grow a business or to provide optimum customer service to their clients. PSOs must be in alignment. They must also be flexible in order to change as needed.
You may already know to begin with Enterprise Resource Planning (ERP) software as that’s the core of all revenue generating organizations, but beyond this, you need to access financial metrics, demand great visibility, and choose add-on solutions that most easily adjust to unexpected changes.
At BTerrell Group, we have experience with a stellar suite of software solutions to create the integrated accounting situation you’ve been looking for. With WorkforceGo!, Intacct, and Ameriflex Workforce, PSOs can streamline benefit management, simplify back-office processing of payrolls and payroll related information, including employee-level deductions, with-holdings, garnishments, vendor payments, 401(k) and more. PSOs can handle all Human Resources (HR) requests as well as stay HR compliant without question. Tracking time and labor is also incredibly easy to manage as all systems speak with one another and data can finally be trusted.
By Brian Terrell of BTerrell Group, LLP, Intacct and Sage ERP & CRM provider based in Dallas.