Lean business processes are becoming the key to being competitive. However, in many cases, they are also a survival tool. Having transparent, agile financial management processes in place, is the only way to make sure that you are facing profitable growth not a slow economic death.
And what is the point of investing massive resources in your marketing, sales or production teams, if your day-to-day admin systems are holding you back?
One of the ways that growing numbers of organisations are nowadays choosing to manage financial consolidation and control, is to integrate their expense management and HR software. Let’s look more closely at why this makes commercial sense.
1) Autonomy and control
The stand-out advantage of ensuring your HR software and company expenses are integrated, is the level of control this provides. Particularly, if you employ a substantial workforce or operate across multiple or remote sites. Streamlining your system ensures that all employees, departments and projects are being orchestrated by an identical expense application. Not only is it quicker to get new project teams or remote staff plugged in to your expenses systems and controls, but it also gives your staff and line managers the tools needed to take more responsibility for their own expense claims. This level of automation can free your HR personnel up to focus on more pressing staffing and up-skilling tasks.
2) Flexibility around staff changes
Synchronising users in your expense management with your HR system can save time when you recruit new personnel or change someone’s role. Instead of having to take time out to set them up separately within your expenses’ controls and accounting software, the workflow is synchronised. The same smooth, instant change-over can occur when a promotion or appointment changes your expenses approval hierarchy. The instance a person’s job role changes, they can have access to real-time data on expenses, analytics and other information. This can help them to get up to speed on costs related to their projects, teams or their other new area of responsibility.
3) The bigger picture
Having your HR and expense management systems working together can also help to improve resource management in general. It makes it easier to spot trends and issues and act more swiftly as required. The information you extract from this degree of integration can inform and support your business growth strategies too. Data could shed light on how to best deploy your staff, where the likely expense drains occur and whether job roles and responsibilities can be amended to good effect.