Improving productivity is a common goal for many business leaders; however, it’s often focused on manufacturing operations, distribution activities and customer-facing processes. The payroll department shouldn’t be overlooked. Processing payroll can be a time-consuming, challenging task, especially during periods of growth. Making simple changes in technology can save valuable time, improve the accuracy of payroll processes and boost productivity in this critical department.
Processing payroll isn’t as automated as you might think. There can be many points in the process that require paper-based reporting, manual calculations and redundant data entry. Each time data is transcribed from paper or from business system to business system there is a big risk for mistakes. Data can also be lost or delayed. There can be other complicated payroll processes that require additional attention, such as managing insurance and benefit programs. Here are three common payroll complications that can be streamlined with modern technology and contribute to corporate productivity goals.
Streamline Complicated Payroll Processes and Improve Productivity
Pay rate changes: Employee pay rate can change at any time during a payroll period. Mid Pay Period Rate Changes, an add-on payroll solution, captures the pay rate change and stores it for the next payroll processing. Employees can verify the changes on an earnings statement that shows the old pay rate and corresponding hours, as well as the new pay rate and corresponding hours.
Payroll mistakes: Paycheck mistakes happen. Instead of taking up to 17 steps to reverse incorrectly paid earnings on a payroll run, deploy Negative Payroll Transactions. In just one step, you can make the adjustment which is carried through the payroll process, associated posting journals and general ledger.
Over-withholdings: Managing deductions for health insurance or life insurance by hand is difficult, and correcting over withholdings can be even worse. Easily correct over withheld deductions with Negative Deductions Enhancement. Simply enter the deductions and let the solution handle the rest of the process. Deductions will appear on a check with wages or a check with no wages, resulting in a net positive check. Transaction reports detail the converted and non-converted deductions.
Manual tasks in the payroll department, just like any other part of your business, can impact productivity. Replace paper-based and manual processes in the payroll department with time-saving technology. Contact Integrity Data for more information about payroll enhancements that will streamline payroll processes and improve productivity.
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