The end-of-year is often busy for companies that use a calendar year instead of a fiscal year for accounting purposes. In addition to the quarter-end, accounting departments will also be busy gathering data for year-end reporting, which is an essential part of the budgeting process for the next calendar year. Overtime may not be out of the question but you can manage overtime easier with the Overtime Hours Rules add-on to Microsoft Dynamics® GP Payroll. You can also get next year’s budget started strong with FTE Manager.
There always seems to be so much to do at the end of the year and there is no shortage of reporting obligations. The last quarter needs to be closed, there are year-end reports to complete, and W-2 statements AND 1095-C statements for ACA Compliance need to be completed for your employees early in the new year. Getting through these year-end activities can either be distracting or better position your business for the upcoming year, depending on your business solutions.
Overtime can be a necessary burden for many firms. Work needs to get done to meet customer expectations and, occasionally, overtime pay may be needed. Overtime Hours Rules is a simple module you can add to GP Payroll to automate overtime calculations. You can create unique overtime rules based on employee, position, department, or regional rules. You can also manage overtime by day, week, pay period, or a combination of all three variables. Spending less time on processing overtime can free up the time needed to tackle other important payroll and year-end tasks.
Overtime may also be an indicator of labor needs, another consideration as you prepare budgets for the upcoming year. FTE Manager offers insight into your ‘full-time equivalent’ or FTE needs. You can create and monitor FTE budgets by using employee position data, including vacancies, and monitor those budgets by fiscal period. Keeping track of actual and budgeted FTE data can provide the insight you need to budget labor needs in the future.
As you get busy with year-end reporting and start budgeting for the next fiscal year, don’t get distracted by manual calculations. Contact Integrity Data to learn how to streamline reporting and prepare for next year by deploying stronger business solutions.