Cutting-Edge ERP Payroll Software Strategies

ERP payroll software can help small businesses save a great deal of time. The average SMB spends 5 hours per pay period calculating payroll and associated taxes. Business situations such as multiple locations, hourly and salaried workers, shift work, and split shifts compound the complexities of calculating and issuing payroll.

Companies running a sound ERP platform may wonder if there’s a payroll solution that works with their ERP accounting platform to streamline the process. Several options for ERP payroll software exist, and, depending on your base cloud ERP software, one of them can greatly reduce the workload for your accounting department.

The Benefits of ERP Payroll Software

In addition to saving time, the main benefit of integrated ERP and payroll software is accuracy. The ERP system tracks data from multiple points throughout your company. When it is synchronized and integrated with a payroll software package, the result is not just a faster payroll process but also enhanced accuracy. Benefits such as time accrued, overtime pay, salary ranges, and more can all be analyzed in one comprehensive platform.

Although accuracy may not seem like a major benefit, consider the ramifications of a payroll mistake. It’s not just an inconvenience for your accounting team. It can also cause hardships to your workers. If they were counting on overtime pay, for example, and it is miscalculated, they may have to wait days or even weeks until it is fixed in a manual system. Adding ERP payroll software decreases the likelihood of mistakes.

Features of the Best ERP Payroll Software

There are several features you should look for when choosing ERP payroll software.

• Tax management: Taxes in the United States encompass federal, state, and local taxes. If your business operates globally, you will need software that can calculate employee payroll taxes across multiple countries, tax jurisdictions, cities, and more. It’s also important to ask how frequently the software is updated, as tax laws, regulations, rates, and requirements often change.
• Benefits management and administration: A good ERP payroll system also helps you track and administer benefits. This is important if you need to track used or unused benefits and pay accordingly, like paying employees for accrued and unused vacation or sick time at the end of a specific period.
• Salary and wage information: The system needs to track all salary and wage information for individuals as well as provide the average for your company. It must also be able to accommodate hourly and salaried workers if you have both at your company.
• Operational expenditures: It is helpful if your ERP system is connected to your payroll system since salaries and wages are part of your company’s overhead. This information, when shared among systems, ensures that your overall accounting and financial statements accurately reflect the cost of overhead.
• Reports: Good reports are also an important component of any ERP software, but especially payroll software. Customizing reports using yet another third-party software can be costly and time consuming. A system that has good reporting features included as part of the package is a time and money saver.

Sage HRMS

If you are running a Sage ERP system, then Sage HRMS is the ERP payroll processing solution of choice. It checks all the right boxes and helps you manage salaries, wages, benefits, and more. It includes an employee self-service feature so that employees can check on their own salaries and benefits and update information as needed.

Acumatica Payroll

For Acumatica users, the ERP payroll system is Acumatica Payroll. This payroll processing system tracks everything you need and can handle complex tax environments with ease. It works with Acumatica ERP and offers many time-saving benefits.

Get Started with ERP Payroll Software Today

No important decision should be made in isolation. We welcome your call if you need to decide on the best ERP system and payroll processing solution for your company. If saving five hours a month processing payroll sounds good to you, then contact us today.

Mindover Software

Mindover Software can help you find the right ERP for your business. We are your business technology partner. Contact us or call 512-990-3994.