For any owner of a small or medium-sized business (SMB) that’s looking to add new staff members and grow steadily in size and scope, it’s important to have the right solution in place for processing payroll and other human capital management (HCM) functions. In these situations, it’s not uncommon for organizations to feel like they’re outgrowing their current solutions.
Imagine you are running a business with 100-500 employees, and using multiple systems to manage HR, payroll, and time & attendance. Now, add in the difficulty that comes when your business consists of hourly paid works that are non-unionized. Chances are you’re spending a lot of time and money on these functions, yet still suffering from payroll errors, tax filing errors, and a lack of visibility into real-time data. You need a solution that’s faster, more efficient and less likely to yield embarrassing mistakes.
In other words, you need a single application – a robust tool that works in real time to tap into a centralized employee database, access exactly the right data and help you make quick decisions, armed with all the relevant information. You don’t have time anymore to sign on to multiple solutions, and make the same updates in each. The efficient, streamlined method is to house all of your operations in one cloud-based system. The cloud makes it easier to save information, access it remotely or share it with fellow employees.
Here’s a look at three reasons to discard your old HCM tools and use a better solution for your business.
Maintaining legislative compliance
Payroll processing is always subject to local, state and federal regulations. Every time you pay your employees, you have to make sure your organization is staying compliant and not making any mistakes in tax filing or any other area. A streamlined solution is always up-to-date with the latest legislation (especially the ACA) and reduces the risk and cost associated with compliance requirements.
Striving for reliability and accuracy
Reliability and accuracy is impossible when your SMB is using multiple systems. A single application with zero interfaces is the only way to ensure that you are correctly processing payroll and time & attendance data. Payroll errors can be a major source of unrest in the office, not to mention embarrassing externally. Even the smallest mistake can anger your employees, make your organization look bad, and sometimes be very costly. Using a single, comprehensive solution can help you eliminate any errors and help the entire process go in a more seamless fashion.
Gaining real-time visibility
Especially at the executive level, it’s important for corporate leaders to have real-time visibility into operational costs and workforce data. This can help them make big-picture decisions about the future of the organization. With a single HCM solution, changes to payroll, benefits, and workforce planning are immediately calculated for accurate forecasting and decision-making. Employees can also have online or mobile access to their pay statements, HR & benefits information and more.
If you are interested in learning more about an HCM solution that includes Payroll, HR, Time & Attendance with the option of Benefits, check out our Dayforce HCM offering for mid-sized businesses, Dayforce Go.
Dave MacKay is President of Ceridian, responsible for leading the global HCM business. Dave has extensive experience in senior leadership roles in the technology and human resource industries. He joined Ceridian over 20 years ago and has contributed significantly to the company’s growth and success in product development, business process outsourcing, sales and marketing. Follow him on Twitter @MacKayCeridian.