Payroll Consolidation for Growing Midmarket Companies: Why It Pays Not to Wait
Now that we find ourselves post-Brexit and emerging from the pandemic, growing midmarket businesses may want to hold back on investments until the economy is more certain. But with interest rates so low, it doesn’t currently pay to have cash sitting in the bank. Savvy Finance Directors of midsize companies which have grown through acquisition can benefit from consolidating their payroll to create a stronger foundation for sustainable growth.
The case for consolidating payroll sooner
When buying companies, you know you’ll need to consolidate all the different payroll and HR systems. But as you grow, so do your compliance and board reporting responsibilities. What could take your team weeks to deduce from dispersed payroll and people data could take mere minutes or a few hours in a consolidated HR and payroll system.
Some FDs may be tempted to stick plasters on the hotchpotch of systems they’ve inherited and put off payroll to consolidate later when their organization and budgets are much bigger. As many of Rizing’s customers are already aware, it can be cheaper to centralise all your payroll and HR data as soon as possible and be in better shape to incorporate future acquisitions more smoothly and swiftly. You’re also far more attractive to investors and buyers if you have an accurate, near real-time ‘one source of truth’ payroll and people information.
People analytics to back up investment requests
If you’re backed by private equity, as you become bigger your PE bank is likely to require more substantiation for any investments. Without consolidated payroll and people data it can be challenging or impossible to get the accurate analysis to back up your request.
If you do eventually manage to cobble something together, you can’t be sure that the numbers are accurate or up-to-date. Your HR and Finance teams would have to do a lot of shovelling data around and manual rekeying to get what you need from disparate systems.
Synchrony People & Payroll
At Rizing HCM, we help midsize businesses across all industries to strategise, implement and manage their HR digital transformation with SAP® SuccessFactors Cloud HR technology. We have used the SAP technology to create Synchrony People & Payroll which makes the advanced functionality and robustness of SAP more suitable to the smaller budgets and shorter timeframes of the midmarket.
Synchrony People & Payroll is a hire-to-retire Cloud HR and global payroll system which is fully localised for UK and Irish regulations. This SAP Qualified Partner Packaged Solution is a fixed scope, fixed price system which makes it more affordable than you’d think.
The system is suitable for startups to larger multinational players and every size between. It grows with you: get the full Synchrony People & Payroll suite or start small with the Synchrony Core HR and Payroll modules and expand into the full suite as you grow.
Synchrony People & Payroll will enable you to:
- Consolidate your payroll and people data
- Automate core HR processes for time and cost efficiencies
- Maintain compliance across multiple countries
- Get real-time insight into your workforce for reporting and planning
Synchrony Payroll integrates with your employee data from the Synchrony Core HR module which avoids the need for dual data entry. The payroll process includes automated payments, financial postings, third-party remittances, garnishments, year-end processes and legal reporting.
Your HR and payroll processes will be transformed via our cost-effective subscriptions and accelerated time to go-live using our pre-packaged accelerators and built-in best practices for the payroll and wider HR functions. We have done the heavy lifting in advance by developing a fully integrated system which provides for 70% to 80% of common requirements out of the box. Which means more of the implementation effort and investment can go on accurate and complete migration of your unique business requirements.
Want to know more? Download this ebook for an overview of Synchrony People & Payroll