Today, HRO providers of all kinds rely on software to connect with clients and help deliver services. Some of the earliest adopters were Payroll Service Bureaus who needed the platforms to service clients at scale.
Now, the platforms these first users deployed are showing their age. The UIs aren’t intuitive. Their data security might not be up to the current threat environment. And, worst of all, many are only good for one thing. This can inhibit growth in every way.
If you’re considering upgrading the payroll or HR platform you use to deliver services to clients, consider a full-featured HCM system. HCM (Human Capital Management) incorporates all the functions an HRO might ever need, including payroll. And when a PSB adopts such a platform, they open myriad opportunities for more business with higher margins than ever before.
Wow New Business
The owner of any HRO will tell you: The hardest part of the job is bringing in new business. And, while no software can do that for you, a modern HCM can sure help. The sleek new UIs support a solid sales pitch with compelling visuals. Prospects can instantly see the difference between their old software and the newest model.
This also helps prospects visualize how much easier it will be for their staff to use, the efficiencies they’ll realize, and the increased confidence that the job is being done right. This is especially important for PSBs, where zero defects are critical. PSBs also benefit from having a range of related services or products integrated into the system.
The advantage of including time-tracking and paid absence administration on the same platform with payroll is obvious. But the promise of activating a range of HCM functionality like onboarding, benefits management, and regulatory compliance gives prospects a glimpse of more efficient, more cost-effective operations in the future. In a relationship-driven business like HRO, planning a future with a prospect can be the most effective pitch of all.
Higher Margins Automatically
The greatest bottom-line contribution of any software is the efficiency it can bring to your operations. This is especially true for HRO platforms where so many of the tasks it addresses are routine and repetitive. The newest HCM systems automate those tasks to handle them painlessly and flawlessly.
Pay calculations based on time capture, tax withholding, deductions for benefits, even data capture for reports for executive management; all these can be pre-programmed and run like clockwork with drill-down quality-control capabilities before the pay goes out. And the more efficient those operations, the higher the margins.
These automations also drive down error rates. In the unlikely event a mistake crops up, once it is corrected there is virtually no chance of it recurring. In effect, you are perfecting your business.
Growth in Every Direction
Best of all – and given the robust capabilities of a full-featured HCM platform – you have a multitude of additional services to offer each client. This enables you to share in their growth and contribute to it. Regardless of your starting point – whether providing payroll services or some other HRO function – you can be their one-stop shop for all their HR administration needs.
PrismHR’s HCM has been architected with this business model in mind. Because it is cloud-based, no infrastructure build-out is required on yours or your client’s premises. And your technical support is backstopped by PrismHR’s award-winning support team.
So don’t just update your software when you can upgrade it… and upgrade your Payroll Service Bureau or other HRO business at the same time. To learn more about PrismHR’s HCM and what it can do for your business, visit us at prismhr.com/software/hcm.
