Integrated Payroll Services

What are Integrated Payroll Services?

Integrated payroll services are features and functionalities built into other HR software, most commonly an HCM (Human Capital Management) or an HRIS (Human Resources Information System), that allow you to run payroll for your team.

The main advantage of having payroll integrated with your HR software, rather than having separate tools or apps for each, is that you have easy access to all information in one place.

These tools often come with time tracking, which makes it easy to review and approve timesheets and ensure everyone on your team gets paid the correct amount on time. You’ll also have access to full employee records, hiring and onboarding tools, and performance and learning management functionalities.

How Do Integrated Payroll Services Work?

With integrated payroll services, payroll is just one of many functionalities that your unified HR software offers. In addition to payroll, you’ll be able to utilize the platform for the following activities:

• Automatic tax calculation and filing
• Talent acquisition and onboarding
• Time tracking and shift scheduling
• Leave tracking
• Benefits administration
• Reporting and analytics

You can store key business information, track all changes to your workforce, and gain real-time visibility into your labor costs and cash flow. If you opt for an advanced solution, you’ll also be able to see the profitability of each project, make accurate projections, and ensure compliance with all relevant laws, rules, and regulations.

Given that these types of tools either offer built-in time and attendance and leave tracking functionalities or integrate with the tools you’re already using for these purposes, they ensure complete payroll accuracy.

The Key Advantages of Integrated Payroll Services

There are many advantages of using integrated payroll, let’s have a quick look at the main benefits:

• Streamlined workflows — An integrated payroll system greatly reduces the time required to run payroll and complete other HR-related tasks.
• Fewer errors — With an integrated system that automatically calculates payroll and taxes, you minimize the chances of human error.
• A single source of truth — All the data stored in one place reduces miscommunication and ensures that everyone is up-to-date with the latest developments and updates.
• Real-time reporting — An integrated system gives you valuable insight into the overall performance of your business. You’ll be able to see payroll costs, track income and expenses, and see every other relevant variable that will help you make smart, data-driven business decisions.
• Employee self-service — Integrated systems often come with an employee self-service portal. This enables your team to access, review, and update their payroll information and benefits.