Why Payroll & Reward is Better on Single Software - XCD

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No business can function, let alone thrive, without effective and efficient payroll and reward. Every business’ needs for payroll are different and it’s the job of payroll software to make payroll and finance processes as simple as possible. But you know this already, which is why you’re wondering how to improve these pivotal systems. Single software for both HR and payroll removes information bottlenecks and the need for data transfers from your business processes, eliminating hours of administrative headaches from your HR and accounting departments every month.

Seamless pay is crucial to ensuring employee engagement, satisfaction and your employee’s confidence in your organisation. Typically, payroll softwares will be disparate systems from your organisation’s HR systems and rely on integrations to transfer information between the two. Sometimes, payroll professionals waste hours a month manually entering data from one system to another. When we factor in each individual’s employee’s pension contributions, student loan payments, salary sacrifices and differing payroll periods, it’s easy to see how payroll becomes overly complicated quickly. Cloud-based single software which updates in real-time eliminates many of the admin-heavy tasks which weigh on payroll’s workload and provide your teams with more time to focus on more strategic work. 

What is single HR and payroll software?

Single HR and payroll software is exactly what it sounds like: an all-in-one hub for all of the payroll and HR processes in your organisation. Built on a cloud-based platform of automated workflows and sophisticated AI-powered technology, single software is so much more than just a payroll system with integrated HR. 

Single software centralises all of your organisation’s employee data and encourages self-service throughout the platform to ensure all key information is up-to-date and accessible on demand. Rather than manually switching between different systems or integrating your HR software, single software creates one singular source of truth in your business, no clunky integrations and no risky data transfers required. Single software even provides your payroll team with a suite of tools and technology to streamline their processes, reporting and communications. But we’re getting ahead of ourselves. 

What is the difference between payroll software and single software?

As you will know, a payroll system is a functional piece of technology that enables payroll and accounting professionals to manage and process pay in your organisation. An effective payroll system will function using automated calculations and ensure HMRC compliance throughout the platform, it may even offer flexible payroll periods, RTI submissions and automatically send payslips to employees. Most payroll systems will only host payroll functionalities and rely on integrated HR systems to populate employee data. 

That’s where a single solution stands apart. Single software like XCD seamlessly connects HR and payroll in your organisation, as all of the tools you need are hosted on one platform. Rather than having to refer to separate data sets for different HR processes, such as adjusting salary following a performance-related pay increase, a single solution can automatically pull the employee records from the HR functionalities in the system and adjust their salary accordingly. For HR professionals and your payroll teams, it means less paperwork and more time for strategic work. For employers, single software minimises software costs and provides the opportunity to decrease bottom line costs. Sounds great, right?

You may also be interested in: What is the difference between integrated HR and payroll and a single solution?

How can single HR and payroll software improve payroll and reward?

There are many reasons why single software benefits payroll and reward in an organisation. From streamlining and automating payroll processes to removing bottlenecks from employees receiving their reward and even bolstering your reporting capabilities with AI-powered predictive analytics, XCD HR and payroll software promotes efficiency and accuracy at each stage of payroll. Let’s get into it:

Employee self-service ensures accuracy and compliance

It’s no secret that enabling employees to be in control of their own personal data is efficient for HR teams. No more chasing incomplete forms, no more unnecessary paperwork – but those aren’t the only benefits of employee self-service on single HR and payroll software. 

As employees adopt a self-service approach to the XCD platform, they become familiar with their HR software and understand where to find key pieces of information like payslips. All employees have access to self-service modules through the platform’s company dashboard, minimising the need for them to use up all of HR and payroll’s time with simple queries. All employees can access payslips, edit their own records, request leave and more from their own personal log in or their mobile app, enabling your HR and payroll teams work more efficiently with less interruptions.

For payroll, self-service also ensures that any inaccuracies on an employee’s record can be rectified before it is reflected in their pay and negatively impacts their employee experience. Whether it’s updating bank details or address, self-service payroll systems reduce the likelihood of potentially costly blunders for your organisation. Another huge benefit of putting your employees in the driving seat with their data is that it ensures that your organisation is 100% GDPR compliant at all times. 

You may also be interested in: Key benefits of a truly single HR and payroll solution

Save hours every month on payroll processing with automated workflows 

We have already touched on this point, but the automation capabilities of XCD’s HR and payroll platform make every step of the payroll process simpler. XCD is built on the Salesforce platform, meaning that it benefits from industry-leading technology, millions of dollars worth of investment into data security and, of course, limitless automation capabilities.

XCD can handle all of the core functionalities that you would typically find in a comprehensive payroll software. In terms of hands-on payroll tools, XCD payroll software automates all calculations, including pension and student loan contributions, to eliminate the risk of human error and manual data entry inaccuracies. Pensions no longer have to be a headache task as all pension contributions are supported by the platform, whether your employee simply opts for automatic enrolment or has a specific pension salary sacrifice plan or personal pension scheme. Data is automatically pulled from employee records, so your payroll team doesn’t have to worry about any information being missing or inaccurate. 

Even better, expenses management tasks which are usually admin-heavy and time consuming are minimised using XCD’s cloud software. XCD sends automated alerts to employees to submit their expense forms before payroll deadlines to ensure there are no delays. At the end of the pay run, employees can easily access their payslips either from their automated email receipts or within the software itself. As XCD HR software is completely hosted on the cloud, everyone has access to information that is updated in real-time, so no one is left out of the loop.

However, where single software comes into its own is through its network of seamless workflows between the HR and payroll functions. Employee records are updated in real-time throughout the employee lifecycle, so payroll is never the last one to know if an employee has received a promotion or been given a raise. As soon as HR updates the employee’s information, every element of the platform is updated, from performance to payroll.

Check out our case study: Edyn group saves 70 hours per month

Seamless intersections between HR and payroll processes

We (quite literally) talk all day about the benefits of hosting your payroll and HR software on the same cloud-based HMRC accredited platform. It makes complete sense really, having one system for both HR and payroll streamlines every intersection between these entwined departments. Let’s look at a few examples:

Where it all begins: recruitment and onboarding. As soon as your top candidate accepts a job offer and begins their onboarding, all of their information is automatically transferred into a new employee profile within the HR system. All relevant payment information is accessible for payroll instantly as single software creates one central hub for all employee information. This ensures that there is no delay in pay for a new employee and promotes a positive employee experience from day one. 

Another great example is the intersection between HR and payroll for employee performance management. Everyone knows that efficient pay motivates employees and improves their trust in your company. When an employee achieves a performance-related pay rise or one-off bonus, payroll are immediately notified within a single solution and can immediately action the change. 

Not only this, but a single software solution does not need to integrate separate HR systems. There is no need for risky data transfers of sensitive employee information which can be vulnerable to data leaks. Data security is ensured, and processes are simplified; there’s no downside!

We went into more depth on this topic in this blog: 5 HR and payroll processes made easier with single software

Real-time payroll reporting and AI powered forecasting

As most payroll softwares focus solely on payroll processing, they can fall short when it comes to reporting. As HR professionals and finance officers will understand, payroll reporting is crucial not only to remain compliant with RTI submissions and all necessary reports, but to evaluate your organisation’s bottom line costs. 

XCD HR and payroll software makes it simple for HR and payroll departments to integrate reporting into their everyday processes as the platform has a bank of over 150 automated reporting templates at the ready. No longer will HR have to toil with basic reports from payroll platforms that don’t quite hit the mark, with XCD there are limitless reporting opportunities. If the 150 reporting templates don’t suit your needs, you can even create custom payroll reports. 

XCD’s comprehensive reporting suite is even strengthened through Salesforce’s innovative Einstein analytics which enables payroll professionals to accurately forecast and review spend with AI powered models. 

So, the question remains: why would anyone opt for separate HR software and payroll software?

With so many benefits for employees, HRs, payroll professionals and employers, XCD’s HMRC approved single software for HR and payroll is the clear choice for businesses looking to streamline their processes. 

Want a closer look at XCD’s end-to-end payroll solution? Book a demo today.