5 reasons how a unified HRM, Payroll, Compliance and Accounting System powered by Accountants and Payroll experts can turn around SME businesses.
Small and Medium Enterprises (SMEs) are the backbone of the Indian economy. With the right strategies and technologies in place, these businesses can turn into a major source of wealth and benefit society at large. One of the best strategies to help SMEs succeed is to provide them with an effective HRM, Payroll, Compliance and Accounting System.
For SMEs, a unified system of Finance and HRM can be a powerful game-changer. Here are five reasons why:
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Increased Efficiency - A unified Finance and HRM system helps SMEs streamline their processes and data, leading to increased efficiency. Take for instance Entries AI. Entries AI digitizes and unifies SME Accounting, HRM and Payroll and Compliance on a new-age application. It also brings professional Accountants and Payroll experts to manage these services. Together, with a single platform managing everything through world-class professionals, businesses have it all under one roof to run their business. They also have access to real-time and up-to-date data, without having to manually update each system separately.
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Reduced Operational Costs - A bundled solution such as Entries AI that combines AI-powered Accounting, HRM, Payroll and Compliance all in one application along with experts reduces operational costs for SMEs. SMEs save money by cutting down on both staff and administrative expenses. This also reduces the need to hire additional staff, leading to significant cost savings.
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Easier Access to Data - A unified system like Entries AI brings employees, vendors, banks and accountants on one platform. It gives visibility into organisation-wide finance and business transactions. This makes it easy to access organisational and financial data from all parts of the organisation, allowing faster and more accurate decision-making. Businesses can quickly identify trends and areas of improvement, and make changes more quickly.
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Improved Compliance - With Entries AI's unified finance and HRM and Payroll system and professional services in place, SMEs can ensure their compliance efforts are up-to-date and accurate. This helps businesses remain compliant and avoid hefty fines, as well as other legal ramifications
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Increased Scalability - SMEs who choose to combine Finance and HRM have the ability to scale up as their business grows. This means businesses can access the resources they need when they need them, providing them with the flexibility to grow and succeed.
In conclusion, investing in a unified Finance, HRM and Payroll system can be a powerful tool for SMEs. Such a system helps businesses increase efficiency, reduce operational costs, gain easier access to data, improve compliance and have increased scalability. There are no affordable unified SaaS Accounting, HRM and Payroll systems for SMEs.
One that is uniquely priced for such businesses except Entries AI which offers professional services for 10K per month with the application entirely free of cost. Finance and Payroll services together with a powerful unified business application are the gamechanger that SMEs have been waiting for.