Accounting & financial systems

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HR and finance departments have traditionally been siloed, but organizations are finding that to be difficult to match the growing competitive edge, they have to break down the age-old barriers between the two departments. Human resources and finance departments should be working hand in hand, organizations often find it difficult to integrate data from multiple sources and give users access to appropriate data. Organizations of all sizes are discovering that to be competitive, they have to break down the long-standing barriers between the finance and HR departments.
In order to achieve this target Beehive has successfully helped in automating and integrating HR and financial systems. The benefits of integrations are multiple: lower costs, streamlined operations, increased productivity and major improvements in managing the talent within the organization.

Beehive’s compensation management application assists in managing all kinds of employee compensation plans like lump sum, bonuses, incentives, salary market adjustments, etc. The data related to salary is always up to date with the market valuation within government compliance at all times. The flexible payments made to role based matches are greatly differed depending on the workflows designed as per the company policies.
Our application assists in incentive management. It helps simplify the functionality around offering meaningful incentive plans for the circulation of bonuses and other monetary rewards. There are different calculations for different job roles, different grades, different designations etc. Our system provides the supervisors with suitable tools to always abide by the organisational compliance while awarding the bonus pay.

Beehive’s application helps instil the employee’s trust in the organisation by maintaining transparency in the processes of payment and the calculations related to the payments. This faith in the organisation shall help in the retention of the employee with the organisation for a longer period. Our solution is absolutely configurable giving the superiors room to define the workflows to even resolve the highest complexities with ease.

Beehive’s MIS and analytics help in standard report generation for all the payments made, adjustment guidelines, compensation task status etc. These reports help give the supervisors a better idea of the working of the organisation and also where and who was rewarded with what amount. The details of all of this is maintained within the system and only the concerned stakeholders can access this data, highest level of security is maintained when it comes to data secrecy with special usernames and encrypted passwords.

Major Benefits of this Integration are as below:

  • Leave integration: Leave calculations are very crucial for accurate payroll processing. When employees exceed the limits of work permitted as per the policies applicable, the deductions that accrue based on loss of pay rules have to be accurately calculated. In cases of contract workers, often worked days is equal to earned days, and accuracy in calculations is vital. When volumes are high, manually deducting loss of pay for all employees in the payroll can be cumbersome, error prone, and also liable for misuse.
  • Employee Self Service: Employee Self Service capability is known to save time and employees viewing and printing their pay-slips is a very powerful feature for employees. This can be achieved only if the payroll is integrated to the HRMS and the Employee Self Service Portal.
  • Employee Life Cycle in HRMS: Payroll usually comes to know of changes that occur in the employee’s life cycle of movements very late. New joiners, transfers, promotions, increments, retirements, notice for separation and actual separation are all aspects that impact payroll. Payroll processing and finalization have further implications in taxation and benefits related payments and hence mistakes in communication can lead to complications in downstream areas, and results in arrears processing
  • Traceability from Attendance to Pay: Automation leads to traceability, and also avoidance of possibilities of manipulation, and better compliance to audit and other statutory regulations. Without the integration of the attendance, leave and payroll this is not possible.
  • Tax Planning by Employees: If employees can enter their tax declaration, and output of payroll in terms of taxable pay and tax already deducted are known, intelligent workings can be given to employees on their projected tax levels.
  • Sheer reduction in effort and other benefits: Reduction in efforts enables HR and Accounts staff to focus on more critical accounts and finance related activity or scale up operations without equivalent increases in number of people involved.