Business Growth Brings Profits and Payroll Complications

Business Growth Brings Profits and Payroll Complications

Business Growth Brings Profits and Payroll Complications

As your business grows in profit, you are likely also growing in size. Soon enough, Microsoft Dynamics® GP Payroll out-of-the-box is no longer able to support this growth. You can’t manage timesheets using manual means and stay on top of paid time off (PTO), overtime, pay rate changes or quickly correct payroll mistakes when they happen. Each of these things takes more time out of your day and distracts the focus from continued growth. Nurture growth by putting the right technology in place.

Take a Proactive Approach to Business Growth and Business Technology

It doesn’t take long to notice your business has outgrown your management systems Manual processes simply can’t bridge the gaps for very long. These inefficient systems and manual corrections are not only frustrating to your employees, they waste valuable time just when your leaders need to focus on driving growth.

As you take a proactive approach to business growth, take a proactive approach with your management systems. Look for weaknesses, redundant data-entry and other time-wasting procedures. Then determine how you can improve these operations with stronger technology. Here are three common examples of payroll complications in Dynamics GP Payroll and how to correct them:

  1. Pay Rate Changes: As you experience growth, you may promote new workers or make other changes to pay rates. When this happens between payroll periods, your payroll team may manually calculate the hours and associated payment changes using the old pay rate and the new pay rate. This process wastes valuable time and can easily lead to mistakes. Mid Pay Period Rate Changes seamlessly integrates with Microsoft Dynamics GP, automatically calculates pay rate changes, and shows the calculations on earnings statements. Pay rate changes can be entered at any time, and Mid Pay Period Rate Changes automatically stores and uses that information for subsequent payroll processing.
  2. Overtime: Calculating overtime usage is time-consuming and difficult to track in real-time, which is risky. Uncontrolled overtime can become expensive and some states have implemented overtime rules, such as the California 7th day rule. Establish overtime rules based on employee, department, position or regulations and let Overtime Hours Rules automate hours during the payroll process. You can monitor overtime more closely and maintain compliance with state or other regulations.
  3. Correcting payroll mistakes: One of the most challenging processes in payroll is correcting mistakes after payroll has been run. Even with modern technology, it can take as many as 17 steps to make the correction. Deploy Negative Payroll Transactions and make a correction in just one step. Reversing incorrectly paid earnings on a previous payroll run, using Negative Payroll Transactions will automatically update general ledger entries, payroll reports and leave an audit trail.

Control Profits and Payroll with Technology

Business growth is great for profits, but often comes with growing pains. Payroll and other challenges can be controlled by adding simple solutions to your GP Payroll system. Contact Integrity Data for additional information and guidance with solving common payroll problems with modern payroll solutions.

2017-12-06T10:12:52+00:00 December 6th, 2017|General Payroll and HR, Microsoft Dynamics GP|0 Comments

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