Finance management has been a big part of every business and the forms of such management systems are changing over time. Earlier it was a paper-based system that involved dozens of people being in sync to produce a correct set of statements, expenditures, and sales. But today, ERPs do their work to manage all the finances that a business may be involved with. And NetSuite is a cloud-based ERP that was developed by Oracle and serves almost 45,000 businesses today. It has won several awards because of its dynamic interface and easy-to-use system.
Before moving further, let’s have an overview of SuitePeople:
An Overview of SuitePeople
SuitePeople is an all-in-one Human Capital Management (HCM) solution. SuitePeople eliminates manual and repetitive processes by centralizing employee data. This enables Human Resources (HR) and Paperless Payroll Software professionals to manage employees more effectively within NetSuite.
SuitePeople is made up of two major modules:
- SuitePeople HR, which provides self-service functionality to employees and managers to complete most daily tasks. SuitePeople HR uses NetSuite to provide customizable workflows that are tailored to the way you do business.
- SuitePeople U.S. Payroll is a full-service payroll solution that integrates seamlessly with the SuitePeople HR and Accounting modules.
Let’s explore the top 10 reasons why a NetSuite solution provider prefers it:
10 Top Benefits of NetSuite’s SuitePeople Payroll System
The following are some of the best advantages of NetSuite’s SuitePeople Payroll system:
1. One-stop solution for all your Payroll needs
NetSuite’s SuitePeople Payroll system is one of the most sophisticated payroll systems that are available in the market and offers a one-stop solution to all the ERP needs of your entire organization. Since this system is a centralized payment system based in clouds, it saves a lot of time as well as assets in handling all the financial management.
Having one integrated payroll system also ensures that there is transparency between the departments regarding the payroll of each employee. This is also why a NetSuite solution provider looks forward to putting it to use.
2. Lower barriers to entering NetSuite’s SuitePeople Payroll system
Since NetSuite’s SuitePeople Payroll system is a sub-section of NetSuite which works on cloud-based servers, the entry cost to afford this Oracle ERP is meager as compared to its other alternatives. This ensures that all small and big enterprises can use this Payroll system from Oracle.
Moreover, they can do so without spending a huge sum of money on either infrastructure or IT staff. For large organizations, it offers a faster deployment and easier maintenance.
3. Multilingual and Multicurrency support
Another benefit of using the NetSuite payroll system, as per an expert NetSuite solution provider, is that this ERP supports multiple languages from across the world and ensures that employees from different regions can understand and use it easily. Also, this payroll supports currencies from different countries.
This means that if your enterprise is big, then you can pay the onsite as well as offsite employees seamlessly. This ultimately helps in managing the funds for all the subsidiaries one business has all over the world.
4. Scalability
Businesses need to be constantly growing to be more efficient and productive and NetSuite’s SuitePeople Payroll system helps as a constant partner in that growth. When your business grows, this payroll system adds new users and employees.
They do so effortlessly unlike any other system where there are updates required regarding infrastructure and financial management manually. And since it is part of a cloud-based ERP system, the software can grow to a global level too.
5. HR Management features
Another feature of NetSuite’s SuitePeople Payroll system that helps in any business is its HR Management tools. This payroll system helps in making the whole HR network more engaging. They do so by giving them secured access to the payroll information whenever there is a need.
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NetSuite’s SuitePeople Payroll also helps HR to implement quarterly as well as yearly planning for effective financial management. This is why it’s highly suggested to hire NetSuite developer who knows it all.
6. Automatic Processing feature
It is an automated system that is deeply integrated into the overall NetSuite ERP. This helps the SuitePeople payroll system to access functions like automatic calculations and the design of the payroll workflows.
It also handles the processing of suspension, searching and filtering, and deep editing of the payroll all by itself.
7. Submission of taxes and forms
NetSuite’s SuitePeople Payroll system has many features that can help your business handle the tax processes very conveniently. Some of these functions include taxes from different jurisdictions, support for employees from multiple states, and the handling of all the tax filings according to the payrolls.
These all are built-in and help in tax filing as well as deposits for your business.
8. Fully customized Payroll system
We have to admit that different businesses have different sizes and needs. This is in terms of financial or payroll management. And NetSuite’s SuitePeople Payroll system offers a variety of customizable options.
These further help in managing the payroll tools according to your specific business. This way all the financial management needs of your company are specifically addressed with your special features.
9. Reliable and secured
Another key aspect of any payroll system is the reliability and security of any business network. And for this NetSuite has one of the most secured cloud servers that hold all the financial data of your business.
Oracle spends a lot on upgrading this security for its Cloud ERP and since the servers are active all the time, the payroll systems are very reliable even in emergencies. This way a lot of your spending is saved which may have been consumed in updating the IT infrastructure of the payroll system.
10. Anytime help from Oracle’s support team
NetSuite’s SuitePeople Payroll system has a support team readily available with APA-certified professionals who helps in reducing the risks associated with businesses. This service team also helps in tax service as well as lets you access the Oracle NetSuite SuiteAnswers to self-help regarding any financial complications.
Conclusion
NetSuite is undoubtedly one of the most pioneering technologies that solve many financial management problems for companies and businesses. The article discussed some of the best advantages of NetSuite and how its SuitePeople payroll system benefits the employee and the business. Its’s SuitePeople payroll system is such an indigenous step in payment management.
The article discussed some of the best advantages of NetSuite and how its SuitePeople payroll system benefits the employees as well as the business. And since it is a cloud-based ERP, there are very less chances that it is affected due to any physical changes in the organization.
