TriNet’s new HR offering product targets accounting firms
Human resources software and services provider TriNet has debuted a new product targeted at professional services firms, TriNet Professional Services. The product is designed to address the specific needs of organizations like accounting firms.
“Fundamentally, all businesses have a similar set of HR needs, and that core value spot of transactions, HR expertise, and access to benefits is shared by all clients,” Jimmy Franzone, senior vice president of strategy at TriNet told Accounting Today. “The difference with professional services firms is how those are consumed. Often in professional services ... you have a number of professionals who are generally driving revenue based on services they’re providing for a series of clients or projects. What we focus on for them is having the ability to track time, projects and billing that occurs for those projects, and provide the services that the user would need, like mobile-enabled software to track time. If they’re on the road they can very quickly do any kind of HR task they have — submit vacation or PTO requests, approval for reports, etc.”
One of the key features in the HR platform targeted at professionals services firms is its many integrations with third-party software, Franzone said. Making sure all data from payroll and benefits fit into their financial system of choice is important to the accounting profession, Franzone said, which is why TriNet has prepackaged integrations with QuickBooks and Netsuite. TriNet is also building out its API structure so firms can build the integrations they want.
TriNet Professional Services consists of a bundled solution that includes comprehensive benefits, payroll administration, and other key HR features, such as performance management, applicant tracking, time and attendance, and expense management. The new solution is delivered by a team of TriNet-certified HR experts that specialize in working with professional services firms.
“One of the ways we differentiate is we are looking at the market from a verticalized perspective, taking this core HR solution platform and tailoring it so it becomes more relevant to specific verticals,” Franzone explained. “Instead of just going to market with a one-size-fits-all, we’re saying that the way a consultant or accounting firm is going to approach the HR need is very different from how we develop an HR solution for a restaurant or hedge fund.”
Through TriNet’s mobile app, employers have universal access to HR essentials. The app simplifies data drawn from expense management and payroll, and then delivers it through a single system to help companies better forecast headcount, expenses and revenue.
Key product features include:
- Comprehensive employee benefit plans. TriNet Professional Services provides firms with access to a wide variety of large-group employee benefit plans. This feature is aimed at making firms more competitive for top talent.
- Support for partnerships and other entities. TriNet Professional Services supports compensation for salaried employees, as well as participating partners and members.
- HR expertise. TriNet Professional Services includes direct access to a TriNet-certified HR team, who provide guidance on complex challenges, including terminations, harassment and performance management.
- Unified technology. TriNet empowers professional services firms with a web-based platform that allows employees to manage their HR across one product. The integrated platform offers single-system access to rich data that firms can leverage for forecasting headcount, expenses and other planning needs.
- Expert compliance and risk-mitigation capabilities. Comprehensive HR compliance and proactive employment-related risk mitigation capabilities include multi-state compliance, fulfillment of certain mandatory paperwork and filings, employment practices liability insurance and active claims management.