ERP software, ERP stands for Employee Resource Planning, has been experiencing huge growth for the last few years and is expected to keep up that growth for the next couple of years. In 2012, $45.5 billion of ERP solutions were sold to companies of varying types. By 2016, cloud computing software related to ERP will be used 130% more, according to IDC.
HRMS solutions are, arguably, the most important and widely used types of ERP applications out there. HRMS, standing for Human Resources Management System, can help businesses improve employee self service, offer them an improved payroll system, and much more. Online accounting systems, specifically, are quickly becoming the most popular of this subset of ERP software. Here’s why.
All Around More Productive Accountants
According to Recruiter, the biggest benefit of online accounting systems is being able to focus on the big things and let the system do the rest. For example, older accounting systems require accountants constantly check their work, make basic calculations, and other menial tasks. These things aren’t difficult, but they’re time consuming. Since online accounting systems do a lot of these menial tasks themselves, your accountants are free to focus on other things, like in-depth financial advisement and investing strategies.
Save the Cost of Accountants’ Salaries
Online accounting systems are written to be so intuitive that anyone can use them. While it’s not recommendable to completely gut your accounting department, online accounting systems can make your HR team a lot more efficient, so much so that parts will become redundant. Online accounting systems give you the opportunity to trim the fat, saving yourself at least $53,000 per year, per accountant, according to Accounting Web.
Improved Data Security
One of the biggest drawbacks of using a traditional accounting system is data vulnerability. If your server crashes or you get a data-eating virus, then you can easily lose access to important payroll records. Online accounting systems mirror your data, saving it in multiple secure locations at the same time. In other words, no matter what, you will have access to your HR info.
As you can see, using online accounting systems may be just the thing you need to cut costs, improve data security, and make yours a more productive company. If you’re tired of losing data to power outages and hardware failure, what are you waiting for? Contact a provider of online accounting systems immediately.