Integrated Payroll System Benefits
By: Daniel Clark
Choosing the right payroll system for your business isn't just about ensuring your employees are paid on time. The right piece of software can do so much more for your business, including compiling reports and improving efficiency. If you're looking for a complete package, then an integrated payroll and HR system could be the solution.
The main benefit of an integrated system is the efficiency improvements that this will make to your business. Across HR and finance functions, a substantial amount of the same data is used, such as an employee's name, address and National Insurance number. Therefore, it would make sense if this information only needed to be input once. With integrated software this data can be shared between departments, without having to enter it again. This will limit the amount of mistakes that are made when constantly re-entering and updating the same details.
Real time information
By using an integrated payroll and HR system, everyone can benefit from real time information. Previously, if anything was updated it could take days or even weeks to filter through the system, meaning that other departments could be working from old and out of date information.
When it comes to analysing and reporting the figures, an integrated system will be much more efficient. There are no problems with trying to integrate information from two separate pieces of software that aren't compatible with each other. This makes it a far smoother process to analyse the information and it's quick and easy to print off the information you need.
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With all departments working from the same information, it makes the whole process of employee administration and finance much easier. Also it is less likely for there to be any inaccuracies as a result of someone mis-entering or forgetting to update certain information. It's a much simpler process than trying to integrate two existing stand-alone products.
Integrated solutions make financial planning much easier and more accurate. With the information already combined it's simple to produce forecast figures, including everything from wages to the cost of coffee. With everyone working from the same details, there's also no risk of using out of date information.
It's now compulsory to transfer real time information regarding payroll to HMRC on a monthly basis, either before or on the day employees are paid. Therefore, you need to choose a system that's compliant with the latest legislation and check every year that this is still the case. A system that works with the HMRC rules will mean that your employees are paid on time and that the information can easily be transmitted to HMRC.
An integrated payroll and HR system is not the best option for every business. The benefits that can be achieved outweigh any cost or time issues involved. For an effective system which guarantees great results, we recommend the CIPHR.com payroll software.
If you're looking for payroll and HR software, then CIPHR is one of the country's leading suppliers. They work with some of the largest and well known businesses.
CB Insights: US Insurtechs Compete In A Now Global Market
In the first half of the year, insurtech companies around the world have raised US$7.4bn, nearly doubling their funding in Q2. According to Digital Insurance, insurtechs have raised US$4.8bn in Q2—an 89% increase in funding from Q1. But US firms are no longer the sole beneficiaries.
What Are the Stats?
Out of the 15 Q2 mega-rounds—those that top US$100mn—only eight included American firms. Pretty good, you might say. That’s over half! But US companies only made up 38% of the deals, which marks a 10% drop from Q1 and a 12% drop from 2020. Technically, therefore, US insurtechs are less influential than they’ve been in the past. But who says this is a bad development?
Despite my American citizenship, I’d argue that a more globally diverse insurance market is only for the best. Many of the world’s citizens who could most benefit from improved insurance services live outside of the States—and deserve local, tech-savvy services.
Why Does This Matter?
You’re always going to see the typical insurtech contenders from Western countries. For instance:
- German-based wefox: US$650mn Series C
- UK-based Bought By Many: US$350mn Series D
- US-based Collective Health: US$280mn Series F
But it’s critical that we address risk across the world. American insurtechs might be some of the most technologically skilled firms in the industry, but it’s not their first goal to address floods in Southeast Asia, crop destruction in China, and COVID complications in South Africa. That’s why we should celebrate that the recent Q2 round included insurtechs from 35 different countries.
According to CB Insights’ Q2 2021 Quarterly InsurTech Briefing, this was the first time that they’d observed insurtech activity in Botswana, Mali, Romania, Saudi Arabia, and Turkey. And ‘from a product, service, distribution, and underlying risk perspective, we—as a society and as an industry—are moving at an unprecedented speed’, says Dr. Andrew Johnston, Global Head of Willis Re InsurTech.
Just ask CB Insights. InsurTech value propositions have resonated with the world.