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New Year, New Payroll: A Checklist for Improving Payroll Processes and Making Life Easier in 2021

Returning to work in January always brings with it a new set of resolutions. ……and I’m hoping my resolutions last beyond January!

 

You may be looking to progress your career, get more recognition from business leaders, make your payroll runs a lot easier…or simply be able to get holidays without worrying about payroll.

 

If this is you, and whether you are looking to improve or switch your global payroll solution, consider the following:

 

  • Integration between your HCM and Global Payroll to remove manual data transfers and duplicated effort

 

What if, instead of manually moving employee data from one system to another you had an integrated payroll? Imagine the time saved, plus the greater accuracy this affords. Then think too about how this joining of systems creates a single source of truth. Now the possibilities of that are indeed endless.

 

  • Integration of your Global Payroll and FMS for automated GL entries and reconciliation

 

Full integration between your Global Payroll and FMS can remove manual GL entries, reconciliations. In addition, it allows greater self-service for finance teams, to automatically see the breakdown of GL codes….without having to request reports from you.  Now whether you are a payroll manager or CFO, you can access the data that offers not only a better understanding of your global payroll costs.

 

  • The many benefits of consolidating your payroll vendors

 

We know that many of you are working with as many as 7 disparate payroll vendors. This means 7 different company processes, 7 different workflows, 7 different companies to manage. One of the most obvious benefits of consolidating your payroll is that you instantly reduce your points of contact. A single provider also translates to a standardization of processes and having one all-powerful central dashboard at your fingertips.

 

  • Elevating your strategic importance by leveraging real-time analytics

 

Having a global payroll solution offers organizations the ability to get data when they want it. Now when the CFO wants to use payroll data for costing or forecast modeling, the data is accurate and in real-time. Having this level of insight enables business leaders to deliver more effective and responsive strategies and elevates payroll within the organization.

 

  • Leveraging self-service capabilities

 

Employee personal data can change frequently and ensuring that payroll always had the most current is time-consuming. Having the ability to allow employees to update their information themselves is hugely helpful. However, self-reporting capabilities now extend to allow Finance, HR, and even auditors to have access to centralized reports, which reduces the number of queries and manual report generation.

 

  • Checking your KPIs

 

Evaluating our services and performances is critical, but often, it is an area overlooked. Now is the perfect time to redress this. Start by reviewing your payroll vendor’s SLAs to see if they are being fulfilled. Are your initial gross to net drafts accurate, or do you waste time correcting and reviewing your payroll vendor’s work? I highly recommend reading Are You tracking Global Payroll Metrics? to make sure that you are using all the best KPIs to monitor your performance.

 

Change is inevitable. The real trick is to be the one directing that change. There is always room for improvement, and there is no better time than today to get behind the reins and see what you can do to make your life and job easier.

 

 

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