HR (Accounting) System

HR (Accounting) system

A human resource management system is employed to store employee data, manage payroll, recruitment, administer benefits, employee attendance, performance, competency and training tracking. It makes every day human resource processes manageable and easy to access.

An accounting system keeps track of all financial transactions of an organization. These include expenses (purchases), income (sales), and liabilities. The system also prepares analytical report which are used in the business’ decision-making process.

  • Components of HR system
  • Components of an accounting system
  • Benefits of automating business processes

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The payroll module automates the process of paying employees factoring in the time worked, deductions and taxes. Once pay is calculated, employees are paid automatically. The HR management module encompasses other HR functions like recruitment, placement, evaluation, compensation and development. Talent management systems offer integrated hiring solutions such as analyzing personnel usage within the organisation, identifying potential applicants, recruitment across various platforms, analytics of the hiring process, and compliance to government regulations. Organisations can track employee training and development efforts through the training module. HR can track employees' skills, education and qualifications and identify courses where employees can improve their skills. An employee self-service module allows employees to access information such as view attendance and apply for leave, while supervisors can approve requests from subordinates, all without asking HR.
Accounting systems manage expenses i.e. how much money flows out of the company in exchange for goods and services. The system allows expenses to be entered quickly, categorised and balanced. The system also generates on-brand invoices, allows authorized users to customize them and keeps track of paid invoices. The accounting system monitors the company's liabilities like bank loans or accounts payable and updates balances when these payments are made.
Automation speeds up processes ensuring work is completed faster and with fewer mistakes. This results in cost reduction in the running of the business with this money allocated elsewhere. Collaboration between employees and departments is made easier as the system tracks projects, updates the team, and sends reminders. With many parts of the business being managed by the system, employees can focus on interesting, more rewarding tasks boosting their morale and productivity. System-generated insights help management to monitor business processes, and understand what each process entails. These insights can then refine processes, making them perform better, yield desirable results and grow the business.

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