Why Financial Insights are Key in HR and Payroll

Written by Amy Starnes

In today’s fast-paced business landscape, collaboration between departments is more important than ever. While tools like Workday Financials aim to bridge the gap between HR and finance, the real magic happens when these teams work together. Even if you're rolling out Human Capital Management (HCM) systems without Workday Financials, getting finance experts involved from the start is crucial!

Breaking Down the Silos

Historically, HR and finance have operated in their own little worlds, which can lead to serious communication hiccups and misaligned goals. This disconnect often creates inefficiencies, especially when it comes to payroll and budgeting. Whether you're using Workday Financials or another platform, integrating financial insights into HR processes can help shatter these silos and create a more cohesive approach across your organization.

Why Involving Finance is a Smart Move

Bringing finance pros into the HCM conversation can unlock some fantastic benefits:

• Better Budgeting Accuracy: Their expertise helps you tackle potential budgeting pitfalls before they become a problem, ensuring that departmental goals sync with the organization’s financial strategies.
• Streamlined Data: When HR and finance share the same data sets, you cut down on duplicate efforts and reduce reporting errors.
• Cost Savings: Financial experts can identify inefficiencies and optimize resource allocation, helping you save money—even without Workday Financials.
• Easier Compliance: Insights from finance can navigate the regulatory maze, minimizing audit risks and ensuring you stay compliant.
• Reduced Rework: Many clients find themselves backtracking after implementing Financials, due to insufficient initial financial input during their HCM rollout. Involving finance from the beginning can help you dodge those costly rework situations and ensure a smoother transition.
• Improved Reporting and Visibility: With accurate financial data in Workday, users can access information whenever they need it. No more chasing down data requests or manually downloading info—stakeholders can get what they need directly from the system. This is a huge win for administrators and decision-makers, allowing executives to access the latest financial info at their fingertips.

Steps to Building a Successful HR and Finance Partnership

Ready to maximize this collaboration? Here’s how to kick things off:

1. Involve Finance Early: Bring financial stakeholders into the fold from the start to gather insights that will shape the project.
2. Set Goals Together: Collaborate to establish clear integration goals, ensuring everyone is on the same wavelength.
3. Keep the Conversation Flowing: Maintain open lines of communication between HR and finance teams to tackle challenges and adjust strategies as you go.
4. Review and Adjust: Regularly check in on your shared goals and tweak your approach as needed to keep the momentum alive.

The Bottom Line

In today’s data-driven world, your competitive edge isn’t just about the tech you use—it’s about how well HR and finance work together. Involving financial expertise in HCM implementations can enhance internal collaboration and drive better results, with or without Workday Financials in play.

In many companies, HR and finance still operate in silos with limited interaction. But that’s a misunderstanding—the two sides genuinely rely on each other. Even if you can’t roll out both functions simultaneously, having a finance professional involved in the HCM setup is still crucial.

Reach out to Syssero today and leverage our dedicated financial and HR experts who work seamlessly together to elevate your success. Our experienced consultants are well-versed in both areas, making us your ideal partner for maximizing Workday. Together, let’s break down barriers and achieve your business goals with a more holistic approach!

To learn more, and to contact us directly for Workday support, visit our website: www.syssero.com.