Here are the 5 important benefits of an integrated business solution:
A reduction of redundant data capture
Integrated business solutions bring accounting, payment, and payroll systems together thus eliminating the manual import of data from payroll to accounting and the reconciliation of financial data and bank statements. It saves hours of work for both the accounting and payroll personnel plus ensures an updated information for the payroll and the financial systems at all times.
A more improved business performance
The constant, complete, and up-to-date data in the accounting system enables the accessibility of reports and information needed for a more in-depth planning, budgeting, and forecasting. The availability of real-time and accurate reports provide insights on cash flow, HR capacity, and business improvement opportunities, that can all be used to optimise the performance and make future plans.
Less to no possibility of errors
The elimination of data recapture means a reduction in human errors. Plus, the single source of real-time and accurate company data creates integrity to the business’ finances while avoiding any costly errors on payroll and tax calculations.
A reduction in paperwork
The integration of accounting, HR and payroll systems helps all teams in the organisation stay on top of the paperwork. In an integrated software, an update made on employee information in the HR system means an automatic update in all other systems such as payroll. This also means less work and fewer errors for all the staff.
Opens a platform for workplace mobility and self-service
Integrated business solutions leave an up-to-date and accurate data that every employee can access and use for self-service updating of their information saving the whole organisation a great amount of time. This efficient working platform is also very beneficial to managers who want access to real-time business information anytime and anywhere.
The goal of integrated business solutions is to help organisations concentrate on their businesses and advance into the future by freeing them of the ground paperwork and data capture. This way, each business can grow into becoming a global market leader.