Whenever we think of Spreadsheets Microsoft Excel is sure to come to mind. It’s been around 35 or so years since Microsoft dispatched its Excel bookkeeping page programming, and for some organizations, it’s anything but a significant piece of the finance-related work today. Nonetheless, depending on Spreadsheets to finish significant Finance-related business exercises is fairly ignorant. 

 

Why are they a problem?

Utilizing spreadsheets to run and oversee key financial undertakings, for example, finance or expense management can be dangerous. This is on the grounds that spreadsheets were not intended to deal with the volume and intricacy of information that is produced in the present carefully associated world. Truth be told, utilizing spreadsheets can be counterproductive for an association, and even open it to security hazards. 

Microsoft Excel was made in 1987 as a manner for private ventures and people to physically gather and order information. It was intended to deal with little pockets of information in this present reality where the internet was still a generally secret academic exploration project. 

An Excel spreadsheet keeps information put away locally on a PC/Laptop. Without coordination, there is no simple method to share or team up on that information – in the event that you need to share information, you need to make a duplicate of your Excel record. 

Making a duplicate wasn’t such a large amount of an issue for little organizations in the pre-internet period. In the years that followed, however, this has become a significant administration shortcoming that makes chances for organizations and foundations all through the globe.

 

• Manual Entries

Spreadsheets are intended for the information to be physically inputted into every cell. It’s a cycle that takes up such an extensive amount of a finance group’s time and assets and means human blunders are inescapable. As we will investigate later, even the most minor of information section missteps can have serious financial ramifications.

• Duplicate Copies

At whatever point a duplicate of a spreadsheet is made, it’s anything but a financial administration hazard. With different copies existing across an organization, it’s a steady battle to recognize the most precise and state-of-the-art dataset. At whatever point refreshes are made, it’s anything but a surge of legacy docs that remain prowling in the framework.

• Temporary solutions

As an organization grows, a finance administrator may hope to adjust Excel spreadsheets to deal with any expanded intricacy. This should be possible utilizing outside formats or the inner advancement of custom formulae. While these can work, they are additionally laden with risks. 

It makes ‘band-aid’ solutions that cover issues however it neglects to resolve the hidden issues brought about by obsolete software.

 

How many businesses still use them?

While increasingly more finance groups are moving to digital and cloud-based other options, the Excel spreadsheet stays a staple inside most organizations. As per an HR Industry Benchmark Report, which depends on a study of 1800 HR experts in Australia and New Zealand, half of the associations said they use spreadsheets to oversee worker information, and a quarter of them oversee finance measures only on spreadsheets. Taking into account what we definitely know – that spreadsheets can’t deal with masses of complex information and are inclined to security penetrates and human blunder – this is stressing.

 

What is the alternative?

An entire age of programming and administration has arisen to eliminate any dependence on Excel spreadsheets. These enjoy the benefit of being intended to bridle the entirety of the advantages given by cloud-based information management and automation

Rather than information being bolted inside each privately put-away record, the information is overseen online through a cloud administration. This implies that a similar spreadsheet can be gotten to, shared, and refreshed by quite a few finance experts from any place they have an online association. 

This has demonstrated to be especially helpful during the pandemic. Cloud-based programming implied that the progress to far-off working activities was pretty much as consistent as could be expected. Instances of present-day cloud-based spreadsheets incorporate Google Sheets and Apple Numbers. Microsoft has likewise made a carefully associated form of Excel as a piece of their Office 365 suite. 

Cloud-based administrations have changed the manner in which finance cycles, for example, worker costs can be overseen.

 

Smarter Way to manage financial spreadsheets
While there will consistently be a job for manual spreadsheets as an essential tool for overseeing business finances, this technique is not, at this point capable. The world these spreadsheets were intended to serve has changed and no measure of fiddling can cover the intrinsic deficits of manual spreadsheets. 

A compelling tech stack kills the requirement for Excel spreadsheets, establishing an information climate where programming, administrations, and cycles can communicate easily and make more grounded, more agile, and future-sealed methods of working. 

PeopleSonic Payroll and Finance system can automate how you manage business expenses. Submitting, approving, and reporting expenses is simplified through our intuitive digital platform. Multi-level workflows can be configured to meet your needs, providing automatic compliance and custom reporting to ensure control and visibility.

 

Expense management is the interaction used to control employee-initiated expenses – from buy and reimbursement to taxes. This incorporates the two workers making buys and executives regulating organization spend. It involves the exact following, claims submission, Rule Compliance, endorsement, and repayment of operational expense. ‘Costs of doing business’ allude to any employee-initiated spend for business-related buys, including travel, amusement, and regular petty cash. 

Be that as it may, the way toward guaranteeing expenses is a well-established worker and account fuss; these cycles are frequently paper-based, wasteful, and risk receipt misfortune or harm. If not altogether paper-based, expenses measures are overseen through the administrator-heavy, blunder-inclined finance sheets. It’s not really astonishing that today numerous businesses are going to expense management programming to save time, smooth out organization, and improve consistency.

So here are 5 key reasons why you should invest in an expense management software

• No paper-based work (Going Digital!):
  Despite the undeniably digital world wherein we now live, expense management remains one space of business administration in which manual paper and accounting page-based cycles are utilized. At times, employees are needed to print, physically round out, and demand approval of an expense structure with appended receipts, to then output and print out a marked form for accommodation to the finances group. If not done through paper-based frameworks, employee expenses are overseen through burdensome, blunder-inclined spreadsheets. 

Not exclusively are these cycles relentless and blunder inclined, they can likewise create setbacks for the expense guaranteeing measure. What occurs in a distant arrangement when an employee might not approach a printer or the vital spreadsheets? What happens when the supervisor directing the expense cycle isn’t accessible to sign expenses reports? There’s additionally the danger that the actual receipt will disappear if not safely connected to a case. In an undeniably far-off and mixed world, burdensome expenses cycles, for example, this is significantly more hazardous.

• Transparent Finances and Better Cash Flow Management:
  At the upper level, an exact and definite degree of monetary awareness is expected to maintain a business viably. This incorporates knowing employee-started expenses and how much these record for an association’s generally cordial expenses. 

With regards to dispensing financial plans, realizing how much employees are spending on things like travel, customer diversion, and cell phone use will empower account leaders to decide high-spend regions in which they could be more expense proficient, and which spaces of spend are conveying a profit from speculation (ROI).

• Boosting Employee Experience + Morale:
  The employee experience (EX) is progressively acquiring acknowledgment as a factor firmly connected with business achievement. Moderate, tedious innovation measures are known to contribute towards a helpless EX, and postponements in recovering expenses adversely affect employee assurance. 

Having the option to hold up an expense guarantee surprisingly fast radically improves the EX, however, it additionally upholds improved visibility of income through speeded-up measures – permitting associations to accommodate these costs all the more rapidly. This prevalent client experience has benefits for those supporting the expense claims, as well. Utilizing the devoted PeopleSonic Finance services, administrators can survey, support, reject, and track expense reports by means of desktop or mobile.

• Taxation and Compliance:
  Employee expenses may have tax implications, either for the business as well as the employee, so basically these are precisely recorded. 

For instance, most employee expenses are charge deductible, while some bring about Fringe Benefits Tax (FBT), so it’s useful for a business to track and guarantee these since it implies they can recover the greatest expenses. Using expense management programming will smooth out the assessment allowance measure, robotizing the fitting duty computations so that finance managers don’t need to. 

With regards to consistency, the test is the manner by which to guarantee that precise records of expense costs are put away, oversaw, and kept up. Having precise records of this nature will help with the right answering to the legal specialists and alleviate the danger of an audit. 

PeopleSonic offers devices that are especially useful with regards to managing your Payroll and Taxation. The software includes an integrated reporting tool that allows data to be easily accessed. Data that would require hours or days to assemble utilizing traditional methods can be made in minutes through cloud-based programming.

• Better Detailed Reports:
  Finance Teams, especially CFOs, require precise monetary reporting. 

On point business reporting assists certain organizations with staying consistent, however, it additionally gives a reasonable comprehension of how a business is getting along while revealing information can advise significant business choices. For instance, does the business have sufficient cash to grow? What are its future chances for development? 

Financial reports help with covering the current bills as well as assisting organizations with looking forward to deciding expense-related patterns and examples in their organization. Having full visibility of employee-started expenses likewise assists with lessening the danger of employee expense misuse, for example, claims duplication, over-guaranteeing, or making claims for individual expenses.

Boosting employee engagement in a hybrid workforce with the help of advanced digital tools such as the complete HR management of PeopleSonic is the modern way to go! Such software allows you to work with your employees and focus more on their engagement and productivity whereas the automated functionality does the rest for you. Keeping employees engaged with an online learning curve will not only help the development of related skills but ease their workload, which are all signs of a healthy workspace and engaged employee!

 

There comes a point in an organization’s growth where management of employees and related processes are not feasible unless you opt for HR Software. Small to medium businesses often face this issue, thorough expansion into an HR team may seem out of pocket and excessive yet the entire system needs to flourish regardless. By far most HR arrangements empower associations to do similar tasks in regards to the complete management of their staff and HR information, yet with a fluctuating level of refinement.

New Zealand took the initiative of optimizing the smart lockdown to minimize risk to its economy, as a result, many small or medium businesses despite taking an initial blow are still up and running. The same cannot be said for around the globe. The pandemic has brought down several components, so organizations are growing to the point where they require assistance in the management department and PeopleSonic has been the go-to option.

Whether your business is looking to jump towards HR Software for the first time or whether you’re looking for an upgrade to something more refined and capable, here is why companies opting for HR Software called Peoplesonic in New Zealand.

• What is an HR Software

HR software is the complete digital solution for overseeing and enhancing the day-by-day HR errands and in general HR objectives of an association. HR software makes it workable for HR staff and leaders to more readily assign their time and assets to more beneficial, productive, and profitable endeavors.

 

The rise of similar software is nothing new, with the emergence of computer technology in the ’80s, but now with cloud-based services the game has completely been changed. Presently, most new software is cloud-based, membership-based, effectively coordinated with other information the executive’s programs, and easily adjustable to an association’s requirements, objectives, and financial plan. To put it simply, there is currently an HR software answer for each size and kind of association.

With a super-fast setup, a whole host of powerful tools, and an intuitive platform you already know how to use, PeopleSonic makes things happen.

• Benefits

With a business already bustling in operations, how does HR software seamlessly fit in and what does it offer? The systems are usually very moldable, meaning you can customize each requirement and align it with your organization’s demand. Aside from the specifics, HR Software is great for decluttering your tasks and operations by efficiently projecting them onto a single platform. Here are a few key benefits your organization is missing out on:

 

1. The efficiency of the HR Team: Perhaps the quickest advantage of utilizing HR software is an improvement in the effectiveness of your HR team. Tedious, administrator-heavy tasks, for example, pursuing managers to finish probation, yearly audits, or simply put pesky tasks can be automated, and others like approving holidays or allowing leaves can be designated to leaders and workers through SSF or Self Service Functionality.

2. Employee Experience: Rapid growth in consumer technology means workers expect significantly more from the advanced digital gadgets and services/solutions their bosses give. In case you’re accustomed to utilizing your phone for everything from booking a Uber to ordering food or even buying a new outfit, you’d hope to have the same options for booking a vacation or glance at your benefits – and unquestionably not need to send a form or email to HR, for instance. Easy to use, very much planned HR software can assist with changing your employees’ impression of your HR office, from viewing it as an obsolete or ‘old-fashioned capacity to consider it to be one that is groundbreaking and a deliberately important empowering agent of good work.

3. Light on the pocket: Executing HR software will obviously include one-off expenses and if utilizing a cloud-based system, yearly membership costs. However, in the medium and long haul, your association should track down that the efficiencies the software brings and the time it recovers will either permit you to decrease staffing costs or permit you to redeploy your HR team on more essential activities. Better information precision should mean you experience fewer costly mistakes, as well.

4. Guidance on managerial decisions: Perhaps the most well-known disappointments related to keeping individuals’ information in dissimilar sources, or in unsophisticated HR systems, is a failure to quickly, automatically, and precisely report on key metrics. Great HR software should make it simple for you to discover, examine and report on individuals’ information that matters most to each capacity in your association – empowering you, supervisors, and senior partners to make more astute, all the more ideal choices. Having the option to give proof rapidly and simply to your thoughts and activities will likewise assist with solidifying the believability of HR with the more extensive organization.

5. Great improvement on regulatory compliance: Since you’ll store all of your employee information and related data in one place and have the option to send timely updates when an action needs to be made, your consistency with administrative requirements will be significantly better. Compliance regions where HR arrangements can assume a critical part incorporate GDPR consistency, option-to-work checks, and wellbeing and safety training. You’ll likewise find that HR programming will help you report on gender pay gaps and related issues, as well.

• What HR Softwares offer

HR Software helps an association’s HR office by automating manual assignments, keeping worker data coordinated, and making information-driven reports. This is completely done electronically, killing the requirement for paper reports. HR Systems can likewise serve workers and supervisors inside an association, helping with errands like time tracking, refreshing employee indexes, and performance management reports. Other key offerings for top HR Softwares such as PeopleSonic include:

1. Core HR
2. Payroll
3. Leave Management
4. Time and Attendance management

Growing and managing your business with the help of advanced digital tools such as the complete HR management of PeopleSonic is the modern way to go! Such software allows you to work with your employees and focus more on their engagement and productivity whereas the automated functionality does the rest for you. Keeping employees engaged with an online learning curve will not only help the development of related skills but ease their workload, which are all signs of a healthy workspace and engaged employee!

 

With a dire situation in the Covid-19 pandemic, even the top HR Leaders with strategic minds have their worlds rocked. As such, most professionals have resorted to reactionary thinking, which may help in the short term but detrimental in the long one. However, by observing key analytics and metrics of Covid-19, one can calculate and adjust to scenarios beforehand.

Data sets provide clarity and visibility in the pandemic fog, helping us visualize how our organizations are being impacted. A variety of options are available, one of which is to conduct a weekly survey asking employees about their wellbeing. This allows the Leaders to visualize on the worker’s level and help understand the dynamic with ease.

Further developed clients of HR measurements will be taking a gander at the essential ramifications for ability. For instance, in associations where no matter how you look at it staff compensation reductions have been suggested by the finance department, HR can use measurements to inspect various portions of the labor force, model the possible effect, and concoct conceivably more powerful arrangements. Certain fragments may warrant a higher cut while other, more weak portions might be given more modest compensation cuts. The shrewd utilization of HR information can point the route forward to more practical business activities as well as a re-visitation of success, setting aside cash however protecting the capacity to increase immediately when required. Read on to understand the types of data being requested by industry professionals:

Roles and Positions

An organizational design data is basic for both representative wellbeing and business continuity because it aids in monitoring where workers are and assist HR Leaders with a better understanding of the different variables in their company. As the world slowly progresses to get back to work, this will turn out to be considerably more important, as choices should be made about what jobs can be performed at home versus jobs that require the worker to join the office. For companies with local employees or remote workers worldwide, geographic data on workers is fundamental to monitor the situation with the pandemic in various areas and how government measures in that region control it. With remote workers being an integral part of businesses, managing their wellbeing and gathering data is considerably tougher, Peoplesonic helps bridge the gap by having the entire organization’s HR management under one umbrella making it easier to communicate and reach out to the stay at home employees. By analyzing data from across the different departments, HR Leaders can better understand which employee group possesses the skill level to operate in tandem with other departments without much training.

Budgeting

The usage of HR data and examination in circumstance, planning can play a vital part in budgeting decisions. Whether or not the workforce has expected to build on account of extended revenue for goods and services, or whether it has remained static or declined due to decreasing demand in the pandemic, HR Leaders need precise data about how much money is related to every decision being made, the automatic processing and payroll management with PeopleSonic makes this aspect less hectic. Employee’s pay, benefits, and cost data will play a vital role in those decisions and can easily be monitored with integrated HR software. Any company hoping to make employee reductions requires key data and analytics to rightfully judge which employees are essential going forward. Having data being delivered quickly and efficiently can help in this regard.

Staffing

Business change requires understanding where the organization remains as of now, what it may resemble during progress and what the ideal end state would achieve. HR investigation is a critical part of groundbreaking choices like cutting back the labor force or adding countless new specialists to deal with increased demand. As product and service delivery goes through colossal change – conceivably for an extended period of time – across multiple enterprises, HR Managers ought to inquire as to whether similar numbers of full-time employees are required. Could an expansion in the “gig economy” laborers, for example, workers for hire or specialists do the work without the need to build lasting staffing overheads?

Employee Wellbeing 

Following employee wellbeing and utilizing information to expect non-attendance spikes ought to be the base of any HR analytical work. Moreover, the HR information system (HRIS) ought to be the hub for information about employees, including emergency contact information and wellbeing-related information. Correspondence from HR about accessible help might be valuable for workers who are managing sickness or anguish issues in the wake of the pandemic, and the information gathered from staff studies and one-on-one connections from the manager can be used for personal or humane outreach.

Staff Retention

It might appear to be odd to focus on staff maintenance when reductions and job reconfigurations are normal survival strategies however knowing the workers at the most risk of compulsory turnover can be significant when making future arrangements. The correct information can assist you with figuring out which representatives are most in danger of leaving, and when this may happen. For instance, if past worker leave surveys have shown that an absence of professional development is a vital justification for why workers leave the organization. Maybe staff has not been taking yearly leave since the COVID-19 hit. On the off chance that yearly leave days are down, it could demonstrate workers are wavering nearer to burnout. A hop in representative turnover could be in transit.

Boosting employee engagement and tracking essential HR metrics with the help of advanced digital tools such as the complete HR management of PeopleSonic is the modern way to go! Such software allows you to work with your employees and focus more on their engagement and productivity whereas the automated functionality does the rest for you. Keeping employees engaged with an online learning curve will not only help the development of related skills but ease their workload, which are all signs of a healthy workspace and engaged employee!

2020 was a difficult year. With COVID-19 disrupting nearly all aspects of modern society, everyone was forced to rethink what ‘normal’ meant, from coffee shops to multinational corporations. Of those affected in various industries, smaller businesses had to bear the bigger brunt in the scramble to identify and implement safe, remote workflows. The lack of manpower and the financial cushion of being a large organization were the primary reasons for that.

Caught in in the lurch of that transition was a critical part of HR: payroll. Businesses, like the rest of us, were utterly unprepared for a global-scale disaster – as corporations and government bodies drafted updated rules and regulations concerning payroll practices in a pandemic-ridden world, most of the year was spent in a sort of firefighting mode. Rules would be implemented, issues arising in the aftermath would be amended and the cycle would repeat. New Zealand went into a strict, enforced lockdown early in the pandemic, a measure that wrecked economic stability in the short term but is being lauded by the rest of the world for its effectiveness. Government support, changes in business tax and wage subsidies meant that payroll managers needed to always be on top of the latest compliance requirements, because there is no margin for error when it comes to payroll.

Having to manage all that in addition to the standard corporate tax and income tax (withheld by employers in the form of Pay-As-You-Earn basis) added several layers of complexity to the jobs of payroll managers, who were also adjusting to working remotely with the extra responsibility. That is where technology has proven itself invaluable, by helping payroll operations run smoothly and accurately. Cloud-based solutions like PeopleSonic gained wider adoption as data and access portability were sought, alongside a robust and secure platform for managing critical payroll and HR data.

A year into the pandemic, however, most HR and payroll teams are still running in disaster mode, as the uncertainty associated with virus hotspots, variable restrictions and lockdowns keeps businesses operating erratically. That means that even with technology providing necessary support, there are still steps that HR professionals can take to tackle this uncertainty and still deliver quality work. Let’s examine what those steps could potentially be:

Embrace the automation provided by technology

While most companies, small or large, have sought HR platforms for their cloud services to meet work from home requirements, they are missing a critical advantage by not utilizing these platforms to their fullest.

PeopleSonic provides a payroll automation solution as part of its software suite, which not only helps reduce errors in bookkeeping and payroll processing, but it optimizes the process as well so that there are no delays – we all know how inefficient large spreadsheets become over time. Not only that, payroll automation helps reduce process costs as well, a saving critical for small businesses at this critical juncture in time. If you consider one upgrade to your HR and payroll processes, make it this.

Stay on top of changing regulations

The pandemic response in New Zealand involved various forms of stimuli and support for businesses of all sizes. The Employer Wage Subsidy Scheme, the Business Finance Guarantee Scheme and sector-specific support, for instance, are all new aspects of payroll that need to be accounted for with every salary processing event.

While the government-based programmes have been established by this point, it does not hurt to add ‘checking the Treasury website regularly’ to your work routine to stay on top of any new developments, or updates to existing subsidies.

Technology can aid here as well. The PeopleSonic suite, for instance, provides compliance information within the platform, so that HR personnel are aware of critical information in the employee’s country.

Stress on data security

Most businesses, even smaller ones, have traditionally had on-site IT to provide a secure digital environment for employees to work in and store data. However, with the move to home-based work, employees, especially in HR and admin, will be accessing highly sensitive data through unsecured home networks, which opens the possibility for security breaches – the ultimate betrayal of the client/customer’s trust.

Shifting to a cloud-based HR solution rather than the in-house solution that was used pre-pandemic is the fastest way to secure all your critical personnel and payroll data. PeopleSonic’s platform pairs that secure cloud environment with a system that can be accessed on computers, smartphones and any internet-enabled devices to combine convenience with the ultimate peace of mind.

 As 2021 gets underway and it becomes clearer that the term ‘business as usual’ is still not attainable, it is paramount that HR remain on top of the upheaval in daily work functions – more so now than ever before, employees need reassurance in the face of uncertainty with regular salaries. That requires payroll processing to happen like clockwork, which can only happen if HR personnel make embracing technology their 2021 resolution.