In the demanding business environments of the digital age, today's Chief Financial Officers are the go-to guys of the C-level executive suite whenever the company is facing its toughest business challenges. The days when a CFO could operate with a laser-like focus on financial projections, operating budgets, and equity and debt negotiations are long past.
Along with responsibilities for P&L, liquidity, and cash flow, the role of today's CFO has evolved to include responsibility for strategic planning and business transformation. In high-performing companies, the CFO is frequently called upon as the #2 executive to prioritize and evaluate company investments.
In this informative article at CFO.com, "5 Ways CFOs Can Enable High Performance," the CFO is defined as "the architect of business value" and one of the top 5 ways CFOs can boost performance is by "embracing digital".
CFO's shoulder the responsibility for ROI whenever they invest in digital technology in the form of cloud computing, big data and analytics, and SaaS. They need to achieve maximum value for their purchases and avoid the pitfalls of complicated and disjointed software applications.
Companies look to the CFO to acquire the best value-added services and that's where Platinum Group's iSolved Payroll solution comes in.
1. Interconnected Payroll and HR
A disjointed workflow between Payroll and HR is a common pain point for many SMEs, especially those undergoing robust growth. Many startup enterprises may lack a clear definition of which department is responsible for tracking which important employee data. Synchronizing employee information between departments can be a problem when separated software systems are more of a disruption than a solution. With iSolved HR and payroll are interconnected into a single sign-on user-friendly cloud-based system for easy access anywhere, anytime.
Tax calculations, e-filings, and payments are all automated. New employees and locations can be easily added to the system. The versatility of the Cloud provides scalability to keep up with your company's rapid growth without the need to invest in more expensive onsite computing hardware and the additional IT human resources required to maintain it all.
Finally, the General Ledger feature allows you to integrate the iSolved Platform for convenient direct uploads using QuickBooks or your existing CSV, Excel or ASCII accounting system import capabilities.
2. Simplified tax management
Keeping up with changing tax codes, regulations, and rate changes is an ongoing process. Yet, failure to make payments on time to the proper places can incur significant penalties.
Platinum Group along with the iSolved tax engine handle payments and continually monitor new updates to ensure compliance with tax filing requirements. Employers have immediate access to all tax filings within iSolved. Online W2s and 1099s are available for employees and recipients for easy access and employers can create the forms online as well.
3. Gather and Analyze Critical Employee Data
The CFO is frequently called upon to find and retain good talent as a critical part of his role in strategic business planning. In the Cerius Executives article, "The Five Business Challenges That Give a CFO Heartburn," this challenging CFO chore came in at #1.
In an age where millennial college graduates are likely to hold a dozen or more jobs before they turn 30, retention of quality in-house talent and grooming for advancement has to be a high priority for high-performance CFOs.
iSolved Report Writer gives decision-makers the critical employee data they need to ensure the best talent is optimized to enhance company performance. Conversely, the data gathered can be used to spot disruptive trends and patterns so corrective action can be taken.
With over 300 templates and the ability to build custom reports, managers are able to provide the CFO with reports defined by parameters including:
- single or multiple locations
- job role
- job performance
- salary range
- workforce trends
With iSolved Premier Reporting executives gain a deeper insight into market changes, and data analytics can let you get a more precise view of how your company is faring against the competition.
4. Acquiring New Talent With iSolved Hire
When critical positions are open in your company finding the right talent to maintain productivity, growth, and profitability is imperative. Today's top candidates expect a visible digital presence from the top companies they'd consider for making a career move. iSolved Onboarding and New Hire solutions enhance your company brand as a confident leading-edge company.
The mobile-friendly platform augments social recruiting which is the dominant approach for recruiting talent in the 21st Century. iSolved gives managers the digital power to post job requirements to multiple job boards from a single access point and candidates can upload resume's, schedule interviews, or sign up for job fairs with the mobile-friendly platform.
Once you've attracted the best talent, the iSolved suite of tools allows you to track progress from recruiting to onboarding, and completion of the required pre-employment processes. Employees can engage in the new hire process and begin their journey with your company from the comfort of home with the convenience of their smartphone.
5. Benefits Administration Made Easy
Many CFOs will say we've saved the best for last by listing Benefits Administration at #5. Employees, carriers, and benefits administrators will all benefit from the transition away from cumbersome paperwork complexity to the intuitive iSolved Benefits Administration technology.
From open enrollment to COBRA/HIPPA administration, the online enrollment experience is sure to increase employee satisfaction while streamlining the processes for administrators and reducing costs incurred by old-fashioned paperwork.
The iSolved single database HCM platform automates a host of time-consuming administrative tasks including:
- Automated deductions for payroll
- Support for a variety of comp plans
- COBRA/HIPPA compliance
- Integration with Time and Payroll
- 401K deductions and record keeping
- Employee generated benefit statements
- ACA compliance
Platinum Group For the High-Performance 21st Century CFO
Today's top performing CFOs know that in the demanding and competitive business environments of Industrial 4.0 it's now a matter of going digital or going home. A company encumbered by antiquated payroll, HR, and inadequate accounting systems is a company at risk.
At Platinum Group we've been helping companies succeed in the age of digital transformation since the year 2000. We've got 18 years of experience at solving the toughest business challenges today's enterprises face in the areas of HCM (human capital management), bookkeeping, tax, payroll, and accounting.
If you're the CFO or the decision-maker charged with turning your company around with the best value-added services, you can rely on Platinum Group to deliver the solutions that grow your business, so please don't hesitate to contact us for a free consultation or visit our website for more information.