As CFO, you trust that the payroll team can process payroll as accurately and efficiently as possible. With the right software in place, this isn’t normally a problem. However, payroll is rarely as straightforward as it should be. Payroll becomes increasingly complex with growth, multiple locations, and employees sharing time across multiple cost centers. As a result, the payroll team spends more time handling information, validating entries, and making corrections because inevitably, mistakes will be made. Here’s what you need to save time and frustration with complex payroll posting.
Payroll Processing Isn’t Perfect, Yet
Like many CFOs, you have a lot on your plate and rely on a team of people to manage financial data from across your enterprise. Payroll is only one part of your financial responsibilities, and although it should be a simple, consistent process, it is often quite the opposite. While there are many constants in payroll processing, there are also many variables. Changing situations and financial figures can create problems, which then need to be corrected. It’s not a perfect process, but here are three tools that will streamline complex payroll posting procedures in Microsoft Dynamics GP Payroll:
- Employee Accounts and Splits: Sharing employees across multiple departments or projects is a common practice. Optimizing talent and labor is good for your bottom line, but difficult to account for when it comes time to run payroll. Employee Accounts and Splits automates cost allocations by percentage, based on department position, pay code or general ledger account. Tax and benefit expenses are also allocated accordingly. Once a setup record is established, the setup code can be applied to a single employee or group of employees.
- Negative Payroll Transactions: Mistakes happen and correcting payroll mistakes can be a particularly complicated, time-consuming process. With Microsoft Dynamics GP Payroll, for example, it can take as many as 17 steps to reverse incorrectly paid earnings on a payroll run. Negative Payroll Transactions turns those 17 steps into one single step! Simply make one adjustment and the negative transaction is carried through the entire payroll process, including all core payroll reports.
- Negative Deductions: Many businesses offer health and life insurance to employees, which requires withholding deductions in accordance with these policies. As with payroll, mistakes can happen. Refund over-withheld deductions accurately and efficiently with Negative Deductions Enhancement. Simply enter the deductions and let this add-on solution automate the rest of the process. Deductions appear on a check with wages or a check with no wages and a Negative Deduction Transaction Report highlights the converted and non-converted deductions.
Strengthen Payroll Processing with the Right Add-On Solutions
Businesses often rely on modern business technology to manage core business operations. It’s important to your bottom line to have the right business systems in place. Don’t overlook or underestimate the need for proper technology in the payroll department. Simple add-on solutions can streamline complex payroll posting saving valuable time in the long run. Contact Integrity Data for guidance with choosing the right add-on solutions to strengthen your Dynamics GP payroll processing operations.