Breaking the silos that your HR and finance departments each work in can be tricky. Getting the two teams to work together can be even trickier for that matter. But a number of HR and finance's responsibilities overlap, meaning that if these two sections don't collaborate, then they just slow down the pace of productivity.
The same can be said of duplicating tasks. A recent EY survey found chief financial officers feel they're over-reporting their companies' compliance and therefore put little faith in the value of reporting it to their boards. The report noted only 39 percent of CFOs said they thought providing statements were effective for their enterprises.
Carry that weight
However, there's no getting around delivering a record of compliance either to government regulators, investors or your board of directors.
So, how can an enterprise remain compliant with payroll and financial reporting but ease the burden of handling a large workload?
Human resources business process as a service, or HR BPaaS, can shoulder some of that burden for your business, enabling you to reduce costs but maintain the same levels of productivity. Partnering with a cloud-based HR provider to handle payroll compliance can free up both your HR and finance departments so they can focus their time, attention and skills on making strategic decisions for the health of your enterprise.
HR BPaaS helps your CFO and chief of human resources officer carry that weight.
Better decisions, faster
HR BPaaS solutions make themselves available through the cloud, meaning your IT team doesn't have to install any new software on your system. Since these services are based in the cloud, that also gives you an added edge as well as more cost savings. You can easily scale the type of HR services you require to fit your needs i.e. adding on recruitment, employee performance metrics and advisement.
Your company gets the expertise it needs without having to house or provide for a full-scale department of HR professionals.
Cloud-based BPaaS solutions you can tailor to fit your enterprise's needs and culture allows you to better compete in a 24/7 marketplace.
In fact, Financial Executives International noted the cloud is at the forefront of many CFOs' minds, since SaaS solutions give businesses more speed and agility to make decisive decisions.
HR BPaaS goes above and beyond the software, data and spreadsheets companies usually house on site on their servers and desktop computers. A CFO can now access all of the necessary files he or she needs from one source in order to write up compliance reports. An integrated and consolidated system in the cloud gives all the tools the HR and finance department needs in one intuitive, all-in-one system. With HR BPaaS, finance and HR get the real-time data they need from performance reports, dates for audit trails and any news of payroll tax changes they must prepare for. Options such as these allows a company to ready itself for any weather patterns the marketplace throws its way.
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