An all-in-one Human Resource Information System (HRIS) allows people to complete all types of HR processes within one single comprehensive platform.
With an HRIS, there's no need to switch between different software which might come with their own user challenges or technical limitations; people can simply complete their accounting, management, and payroll tasks all in one place.
Centralized Solution: Task management and administration can be difficult enough to stay on top of, without the added complexity of having to learn and navigate different systems. An HRIS offers one centralized point for everything - reducing the effort required to integrate systems or work across multiple platforms.
End-To-End: From start to finish, being able to complete every critical HR task from one solution can ensure that nothing slips through the cracks. Additionally, because it’s end-to-end, reporting is much more streamlined and comprehensive, allowing for sophisticated analytics.
Improved Compliance: By working across one solution, compliance and administrative checks are built-in. The system will easily be able to identify if anything critical is missing - which isn’t feasible with a single point-solution system.
Potentially Higher Up-Front Cost: HRIS systems can be more expensive up-front, which can be challenging for a small business. However, it’s usually cheaper over time because you save money on troubleshooting, technical issues, and systems integration costs.
Want to compare payroll solutions? Read our Gusto vs Rippling guide to learn more.
What is a payroll software/point solution and what are the pros and cons?
Flexibility: A payroll software can be more flexible; since it only manages one key area, it can be easier to turn it on and off.
Lower-Cost: Single point-solution software is often a lower up-front cost compared to all-in-one HRIS solutions. If a company only needs one single software, this can result in overall cost-saving.
Complex Use: While one single system may not be complicated, they all function differently, and if a company needs to use multiple single-point solutions, it adds complexity to the task.
Lack of System Integration: If you use a separate payroll solution and administrative solution, you’ll have to either manually integrate your data or pay for integration - which can result in additional hidden costs, especially if it requires repair or ongoing maintenance.
Disjointed Reporting: The lack of integration means that HR teams need to run separate reports for every single point solution, and then conduct their own data management and analysis to combine them and get a full view of the organization.
Why HR technology/HRIS solutions are becoming the number one solution for HR processes
Ultimately, HRIS solutions are becoming the number one solution for companies across the globe because they save people the time of having to manage multiple solutions, offer a great deal of flexibility, and have a lower lifetime cost.
GoCo is a great solution for running payroll AND is an all-in-one solution.
Embedded Payroll OR Bring Your Own — GoCo’s payroll software allows you to use built-in embedded payroll OR bring your own cloud-based payroll. GoCo can sync data directly into your cloud-based payroll platform.
A Consolidated hub for ALL of your HR functions - Not only does GoCo help with Payroll, but HR professionals can simplify their HR by bringing employee records, onboarding, time off, documents, and everything into one place — so HR can focus on high-value tasks.