Human resource roles and functions continue to grow in complexity, according to HRCI. It makes sense; as businesses prioritize digital-first deployments, HR leaders must effectively leverage the increasing variety, volume and velocity of employee data without compromising speed or security.
Human resource information systems (HRIS) — sometimes called HR accounting tools — are designed to streamline HR teams’ data entry, tracking and management to help improve organizational operation at scale. But not all HRIS systems are created equal. Here’s how the Sage Intacct offering can help HR staff address — and overcome — common professional pain points.
No Pain, More Gain
While any HR team benefits from the deployment of advanced HR accounting tools, two market vertical offer a microcosm evolving challenges: Professional employer organizations (PEOs) and professional management and development training companies.
Their top pain points include:
PEOs often manage multiple tasks for their clients including employee benefits, payroll, workers compensation and recruiting. But for PEOs, the sheer number of tasks presents an HR problem: Consolidation.
Many organizations now find themselves overwhelmed by the volume of spreadsheets and variety of data sources that require validation and entry each month. As a result, teams must spend time manually reviewing data inputs and correcting entry errors instead of delivering core services. Sage Intacct allows companies to automate key tasks such as currency conversions and local tax reporting to empower enterprise-wide consolidation, which can save hundreds of person-hours per year and reduce monthly closing time by up to 66 percent.
Manual processes are naturally problematic. This is especially true for PEOs providing HR services to multiple companies simultaneously — when users access data belonging to a different legal entity, they’re forced to logout, reauthenticate and log in again. Unsurprisingly, this is a significant time sink.
Inter-company transaction automation powered by Intacct makes it easy for staff to quickly shift from one client profile to the next, reducing wasted time by up to two hours each day.
While spreadsheets remain the de facto standard for accounting operations they’re not ideal for on-demand editing and collaboration, making timely reporting an ongoing challenge. To help HR, finance and accounting departments improve both operations and output, flexible reporting and dashboard tools are critical. Equipped with real-time profitability reports and dashboards segmented by client, PEOs can gain 20 to 30 percent in productivity.
What you can’t see can hurt you. This is especially problematic for professional management and development training companies — when project data comes from multiple departments and must be manually assembled and analyzed to drive financing decision-making, companies are behind the curve.
Leveraging Sage Intacct as your HRIS system allows the automatic collection and consolidation of data to deliver real-time project costing and timeline information, in driving up to 10% higher project profit.
Significant System Maintenance
Legacy HR accounting solutions often demand significant upkeep and maintenance to deliver consistent performance over time. What’s more, many are not equipped to handle the speed and scale of data required to manage the increasing. scope of training and professional development initiatives. As a result, HR and IT teams face a dual challenge: Keeping in-house servers up and running while also finding ways to connect with critical outside data sources.
Cloud accounting for HR powered by the Sage Business Cloud shifts the burden of upkeep and maintenance to a trusted partner while delivering on-demand data collection and management both inside local stacks and beyond office walls. Effectively deployed across your organization, cloud-based HRIS can reduce total overhead costs by up to 20 percent.
Diversification drives business success — multiple clients managed and served in ways that solve their specific challenges and encourage long-term relationships. The challenge? Many HR and accounting tools don’t deal well with diversification. Instead, they require completely separate instances with disconnected financial reports and administrative processes, forcing teams to find workarounds that reduce time wasted — but may inadvertently increase security risk.
Deploying a true cloud system solves this problem by delivering anytime, anywhere access that embraces rather than avoids diversification to drive savings of up to $30,000 in IT costs.
Challenging the HRIS System Status Quo
“Good enough” is no longer enough for Human Resource, accounting and financial teams. Existing solutions that can’t deliver consolidation, automation, and on-demand diversification don’t just cost your company time — they reduce potential profit and significantly increase the risk of human error.
Don’t get stuck in a systems rut: Solve for the status quo and eliminate key pain points with Sage Intacct.
IWI Consulting is a Sage Intacct partner specializing in accounting and financial solutions Professional Services including staffing and recruitment agencies, marketing & media, Financial Service and HR service industries. .