Select Page
09
January, 2018

How an HCM Can Help CFOs Increase Efficiency

Great Information

Awesome content, even better software. Just think what our technology could do for you.

HOW AN HCM CAN HELP CFOS INCREASE EFFICIENCY

CFOs have a lot on their plates. Managing a company’s entire financial strategy, understanding accounting trends, and reporting data in an actionable format is par for the course. We understand the importance of efficiency in a role that relies heavily on numbers, statistics, and hard data to make the best and most financially strategic decisions for a company.

In our two-part blog series on increasing efficiency for CFOs, we will look at how human capital management (HCM) technology can help CFOs streamline their processes, particularly with reporting. In part one, we will identify the efficiency challenges CFOs face when their data is not easily accessible and how an HCM system can resolve these issues.

WHAT COMPANIES LACK WHEN AN HCM IS MISSING

In a recent article about why CFOs need more efficient reporting, the case is made that successful companies do not develop efficiency organically. It takes hard work, the right tools, and collaboration among like-minded people working toward a common goal. And tools like a unified HCM platform bolster these efforts to create a stronger and more strategic organization.

According to a recent PWC study, the average organization is using 3-4 separate systems to manage their HR and finance processes. When companies have their data spread across multiple platforms and those systems are neither integrated nor unified, pulling accurate data from one system to the next becomes increasingly difficult. In fact, research shows that while 85% of CFOs claim they have direct access to the data needed to generate reports, they have to go through several time-consuming steps first.
}
85% of CFOs claim they have direct access to the data needed to generate reports, but they have to go through several time-consuming steps first.

Why This is a Problem:

I
CFOs waste their time on administrative tasks - they need quick access to data to make informed decisions.
I
The chance of errors is greatly increased - syncing data from multiple systems is not foolproof.
I
Errors resulting from inaccurate data transfers could be detrimental and costly for a company - fines and penalties can result for noncompliance or miscalculations.
I
Employee turnover information is not easily accessible -  CFOs are misinformed about employee retention costs and trends.

Like what you’re reading? Check out our CFO White Paper to learn more.

Why Use a Human Capital Management System

HCM systems unify HR and finance data to streamline organizational processes. A great example is using analytics dashboards for instant access to key information. Rather than financial teams and CFOs spending only 17% of their time on strategy when using inferior reporting tools, they can devote more attention to producing beneficial tactics with an HCM that offers dashboard metrics at their fingertips.

r
Financial teams and CFOs spend only 17% of their time on strategy when using inferior reporting tools.
As a direct result of implementing an HCM system, companies will also increase engagement among employees, and thereby, profitability. Research shows that only about 32% of employees in the U.S. are engaged in their work. But when accurate data is used to build more effective strategies, companies will see lower turnover rates among those employees who enjoy what they’re doing. This promotes a positive work environment and decreases the turnover costs.

The Benefits of an HCM:

I
Quick-access dashboard analytics increase efficiency for CFOs and financial teams so they can spend more time implementing strategies.
I
Data accessed from a single platform is more accurate - discrepancies between multiple HR and finance systems are eliminated.
I
Communication is improved because company-wide visibility is increased.
I
Profit leaks are more quickly identified, corrected, and avoided and the return on investment (ROI) is maximized.

Still Not Convinced?

Hopefully after reading this piece, the benefits of an HCM are clear. But if the information provided still hasn’t convinced you an HCM is a more efficient solution to your HR and financial needs, we’re sure our guide to help CFOs put an end to profit leaks will do the trick.

Stayed tuned for our Part two of this series, How CFOs Can Achieve More Efficient Reporting, in which we will outline the steps you should take to achieve the streamlined reporting you crave.

How aps can help

APS has a mission: to make payroll and HR easier. We provide our clients and partners with intuitive technology delivered with personalized service and support. Our unified solution is designed to simplify workforce management tasks. Process payroll in hours, not days. Automate HR workflows to be more strategic. Elevate the employee lifecycle with a single-system platform. We are APS, your workforce partner.

Businesses choose APS as their workforce partner because of our focus on the customer experience. As a result, we continually maintain 98% customer retention and satisfaction rates.

For more information on how we can help make payroll and HR easier for your business, please visit www.apspayroll.com or call 855-495-7921

icon-1-1

Training

Receive lifetime training from our team of experts to help you master the APS system at no additional cost to you.
icon-2-1

Support

Your dedicated support team is just a phone call, email, or support request away to answer any questions you may have.
Employee Communication

Success

Work with APS experts who understand your business, your challenges, and your goals for a quicker return on your investment.

Recent Posts

Check out more great articles from the APS Blog covering HR, payroll, and everything in between.

November 2019 Compliance Updates

November 2019 Compliance Updates

We’re looking at November 2019 compliance updates, including potential new overtime calculation factors, withholding methods and tables, and inflation-adjusted payroll amounts.

November 2019 C-Suite Chats with Christian Valiulis

November 2019 C-Suite Chats with Christian Valiulis

In November, our CRO & Forbes Business Development Council member, Christian Valiulis, answered questions about business topics like rebranding, long-term growth strategies, and incorporating philanthropy into brands. Here are his thoughts.

Pin It on Pinterest

Share This