Human Resource Management Systems (HRMS) and accounting software have become essential in the ever-evolving world of business technology. A recent HR systems survey revealed that, on average, a company’s spending per employee on HR tech has tripled, with the percentage of companies using at least one HR application rising from 50% to 75%. Also, with remote work becoming more common after the COVID-19 pandemic, the demands for HR and accounting software skyrocketed as these robust systems are pivotal in ensuring seamless operations and effective management.
Reasons Businesses Are Adopting HR And Accounting Software
There are several factors that led to the rising demands for HR and Accounting software:
1. Automation of Routine Tasks
With the incorporation of HRMS, your HR department can effectively monitor employee attendance, input employee information, record and track employee leave requests, and efficiently manage various other aspects using the HRMS software. Meanwhile, accounting software streamlines bank reconciliation, invoice management, inventory tracking, real-time financial report generation, and other tasks for accounting professionals. The software can eliminate the need for manual data entry, saving valuable time while ensuring data accuracy.
2. Compliance with Laws and Regulations
With the ever-changing laws and regulations, businesses necessitate software to keep pace with these modifications and ensure compliance. HRMS and accounting software are continuously updated to incorporate the latest changes such as GST tax changes in regulatory requirements. This crucial feature ensures that businesses always adhere to the most recent rules. Moreover, these systems offer comprehensive audit trails, which simplifies the tracking of changes and ensures compliance with regulatory requirements.
3. Cost-efficient
Organisations are also able to save more money by implementing HR or accounting software. These solutions provide various features that simplify complex operational processes, offering advantages to businesses of all sizes. By automating HR admin with HRMS, HR managers are able to decrease the time spent on paperwork, while also reducing the risk of errors which may require correction later on. Through accounting software, accountants can easily monitor expenses and identify unnecessary costs. Additionally, accounting software simplifies tax filing by automating calculations and facilitating easier submissions with ready-to-use forms, thereby reducing errors and ensuring compliance with regulations.
4. Data Security and Protection
Ensuring data privacy, including employee records and financial transactions, requires careful monitoring by HR or finance teams. Businesses that manage HR and accounting tasks manually risk data breaches or loss, as sensitive information may be inadequately handled within the office environment. HRMS and accounting software are typically securely encrypted using advanced technology, ensuring that confidential data is protected against unauthorised access.
5. Accessible from Anywhere, Anytime
In the wake of the pandemic, there has been an increase in the need for remote work. Cloud-based HRMS can be utilised to ensure efficient HR operations and financial monitoring. These solutions are accessible from any location, allowing for a flexible and smooth workflow. If you have multiple job locations that necessitate monitoring, implementing an HRMS would simplify the process for your team, eliminating the need for physical presence at each location. Furthermore, cloud-based accounting allows you to access records and view reports on-the-go conveniently.
Conclusion
In conclusion, HRMS and accounting software have emerged as invaluable tools for streamlining HR and financial functions. These software platforms automate repetitive administrative tasks like payroll processing, leave management, bank reconciliation, and invoice processing. By adopting these solutions, HR and accounting professionals can allocate more time and expertise towards strategic tasks.
At Info-Tech, we offer a budget-friendly and extensive HRMS and accounting software package that efficiently manages all your HR and accounting concerns. Contact our sales team at +65 6297 3398 or email us at sales@info-tech.com.sg today!
