Numerous industries have seen exponential growth in the past decade, making the market for various goods and services more competitive than ever. Taking advantage of technological developments and keeping up with consumer trends became vital to assert superiority over competitors. Investing in new digital tools automates work and helps the employees become more productive in their tasks.
ERP (enterprise resource planning) is a business tool that can help companies in various administrative tasks. With ERP, organisations can efficiently connect the applications used for multiple functions within the company. It provides the workforce with a centralised platform that can boost teamwork, which is crucial in the growth of a business.
Because of its importance to institutions, the billion-dollar industry of ERP has seen multiple innovations over the past years. ERP systems are typically deployed in private servers in the office and are maintained by a dedicated IT staff. While on-premise ERP software is far from dead, many enterprises are pivoting to the use of cloud-based ERP solutions to fulfil their business needs.
Besides improved implementation, cloud ERP software can help businesses migrate their operations effortlessly from legacy tools. It is also much more economical to implement because the majority of cloud-based ERP solutions are offered as software-as-a-service (SaaS). Cloud ERP offers limitless opportunities for business-critical departments. It can help with functions such as human resources and payroll management.
No business will survive without an effective workforce. Ensuring that HR has the tools that can simplify personnel management is critical in growing a business. HR staff is now responsible for various people management activities in an enterprise. Allowing them to utilise modern tools can help them improve employee engagement and culture within the company.
Implementing cloud ERP solutions, such as Microsoft’s Dynamics 365 Business Central, can streamline vital people management functions. This includes recruiting excellent candidates for a job, assessing the performance of the personnel, and managing payroll. Cloud ERP is an ideal tool to deliver the needs of the human resource department as well as the employees.
One of the prime benefits that the HR staff can enjoy in using cloud ERP is the less paperwork needed to complete tasks. The massive digitisation of business processes will allow companies to easily receive copies of necessary documents, such as government forms and reports, using the ERP. HR can also securely and efficiently organise the documents on the profiles assigned to each employee. This makes it easier to retrieve information when needed while minimising potential compliance risks.
In addition, it will be easier for recruiters to look for potential candidates to fill in job openings. They can seamlessly post for vacancies on various platforms and conduct interviews and assessments of the applicants. The cloud ERP’s capability to integrate with various communication applications will also improve collaboration between HR and management, which might be necessary when picking the right candidate for the job.
A reliable ERP solution will also boost information sharing between departments. With the software, information about the employees, such as performance and tenure, is regularly collected and stored on a central platform. HR staff or other authorised officers can quickly look for the information they need by searching for the personnel’s profile in the ERP. It will also assist HR in keeping the records up-to-date and minimising the possibility of duplication or incorrect data.
Moreover, investing in robust ERP can simplify the tracking of employee attendance and leave requests. Most cloud-based ERP solutions can be easily integrated with time tracking applications. This feature can help prevent potential timecard fraud. It will also help track an employee’s productivity and performance based on their working hours, tardiness, and overtime. HR can also efficiently monitor and approve leave requests by creating extensive employee leave profiles.
Managing payroll is a highly critical task for any business. Payroll managers need to release accurate payout computations, deliver the payroll on time, compute necessary taxes, and comply with the reportorial requirements. And modern ERP solutions can deliver all these functionalities with a positive user experience.
This is why sophisticated cloud-based ERP solutions that can integrate with payroll solutions are beneficial for companies. Once connected, Dynamics 365 Business Central allows HR to complete their tasks, including payroll functions, on one platform. This is possible as this cloud ERP can be connected to multiple applications. It allows organisations to use the data from a time-tracking application to create an accurate employee payroll.
Additionally, connecting the payroll software to a solid ERP solution will ensure that the financial data will be protected. There are plenty of digital security solutions available in the market that can be integrated to cloud ERP software. This capability help firms keep confidential financial information safe from bad actors.
Furthermore, combining a payroll application to the cloud ERP will allow employees to deal with their payroll needs anytime and in any location they are. The integration will provide employees with real-time access to their payslips and check if it is precise or if they need to file a dispute. Payroll managers can also accurately answer employee inquiries regarding their salaries. This cloud feature will be extremely helpful as industries continue their digital transformation and transition to a hybrid work setup.
Cloud ERP solutions are gaining traction in many industries, and more businesses realise their advantages in growing a business. Modern ERP systems make HR and payroll processes more efficient for all people involved and help institutions take a competitive position in the market.
And with the help of a third-party vendor, companies can fully reap the benefits of cloud-based ERP to improve their HR and payroll system. Integral Management Systems PTY LTD has been in the ERP industry since 1989 and is the preferred Microsoft Dynamics (CRM and ERP) partner in Western Australia. We can provide consultations, migration, and implementation to support and maintain your ERP and CRM needs.