Businesses with the right technology in place are able to process payroll on their own, with few problems or exceptions. However, it isn’t always that easy or straightforward. In some cases, payroll can be one of the largest expenses for a business. Complex payroll posting situations like pay rate changes and other exceptions are difficult to manage, even with strong business solutions. Here are two solutions that will keep payroll costs down and productivity up.
If It Takes Time, It Takes Money
It’s a commonly used adage in the business world – ‘time is money’. If it takes time to complete a job, there is a cost to equate to it. Most business leaders don’t usually apply this school of thought to payroll processing. Even though it takes time, payroll isn’t a billable expense, it’s a standard part of doing business. Payroll is and always will be something a business must complete whether it’s weekly, bi-weekly, or monthly.
Even so, payroll takes time, sometimes more time than necessary. Mistakes can and do happen. Your payroll team will spend time correcting those mistakes, which distracts them from other important tasks. In addition, payroll isn’t always straightforward. New employees come in, other employees leave and there are raises or other pay
rate changes to be handed out on occasion. Rarely do any of these events take place on the day of a payroll run. As such, your payroll team has to perform some special calculations to ensure employees are being paid for the right time, at the right rate. These and other complicated payroll processes cost both time and money.
Save Time and Money with Payroll Add-ons for Dynamics GP
You aren’t stuck with inefficient payroll systems or manual processes. Modern technology offers the chance to turn the tables and save time and money. These two powerful payroll add-on solutions for Dynamics GP can ease two common payroll complications:
- Split employee costs and expenses: In order to optimize employee labor, employers will share employees between departments or projects. This is great for taking advantage of your skilled employees, but it creates complications in payroll. Splitting time and expenses across multiple cost centers takes time and attention to detail. Deploy Employee Accounts and Splits to streamline this process. You create a setup record that allocates employee time, tax and benefit expenses and let the system do the work. Employee Accounts and Splits will automatically allocate costs by percentage based on department, position, pay code or general ledger account.
- Making rate changes: Pay rate changes can happen at any time and for almost any reason. Employees get raises, for example, and the dates they become effective are often specific. Unf