Labor costs can negatively impact profit margins, which is why many businesses keep an eye on full-time-equivalent (FTE) data. Gain control over current and projected FTE needs and use this information to create budgets that will achieve strategic financial goals.
Employees are a valuable part of your successful organization. You rely on certain talents to manufacture and sell products or perform other customer services. However, this value comes at a cost, which is why businesses want their employees to be as productive as possible. High labor productivity can protect thinning profit margins. As such, many businesses rely on enterprise resource planning (ERP) solutions to streamline common daily tasks. These powerful solutions also add consistency, reduce redundant data entry, and provide access to reliable real-time data. Improved productivity is not only good for the bottom line, it’s also good for customer service. When employees can respond faster to customer needs, your customers will be satisfied, which can lead to long-term loyalty.
Keeping tabs on labor productivity is necessary for maintaining a healthy, profitable business, as well as for managing budgets, preparing estimates for customer proposals, or strategizing future business plans. Monitor your FTE by integrating the FTE Manager add-on solution to your Microsoft Dynamics® GP. You can use the FTE Manager to gain insight and control over budgetary and employee position data and use this information to monitor actual versus projected budgets. Import budgetary data into the FTE Manager by fiscal year, department, employee position, or a combination of variables. You can then budget by your proposed FTE rules and report on actual versus budget data. Alerts can also be set within the FTE Manager to notify departmental managers or others when adding new employees or changing employee status may exceed budgetary restrictions. This allows the opportunity to make the changes necessary to protect budgets or alter strategic plans as needed.
Monitoring FTE can offer valuable insight into labor productivity which can impact proposed budgets, strategic plans, and your bottom line. Contact Integrity Data to learn more about the FTE Manager and the other powerful solutions that can streamline important payroll and human resources tasks.