Payroll Accounting: Driving Success Through the Power of Your People
Running a successful business requires more than a vision and commitment — it needs people: specifically, people whose passions and dedication align with that vision and your company culture. For that reason, your payroll is a fundamental element of future success.
Having a payroll system that is reliable and accurate is vital to keeping your workforce empowered and financially secure. By leveraging intelligent payroll software, companies can enjoy an effective method for processing timely payments, streamlining payroll cost allocation, and confidently managing employee benefits.
Better Payroll Management Starts With Software
Today’s payroll teams face many challenges, from complex regulatory requirements to changing employee needs. Manual payroll methods can’t keep up with the demands of modern payroll accounting.
Sage Intacct offers robust payroll management software that streamlines the payroll process, reduces errors, and saves time. With automated tax calculations, customizable payroll schedules, and employee self-service portals, Sage Intacct empowers payroll teams to focus on their people, driving success for their organization.
The benefits of managing payroll with software that keeps you in control include:
- Reduced time spent on administrative tasks and enrollment
- Accurate insights for understanding employee costs and compensation
- Scalability with HR tools built to help you grow
- Automating your defined payroll cycle
- Better employee experiences
- Compliance support for federal, state, and local tax laws
3 Areas of Payroll You Should Be Maximizing
Managing payroll operations can be a time-consuming and costly task. However, when managed strategically and by understanding how your payroll affects the budget, you’ll streamline processes and maximize returns.
Below are three key areas of payroll that you can use to drive success and increase profits:
- Timekeeping Tech — Automating the payroll process by integrating with your Customer Relationship Management (CRM) and Enterprise Resource Planning (ERP) systems can help your company become more organized, cost-efficient, and productive. Timekeeping solutions such as employee self-service applications, mobile tracking applications, and digital calendars can help eliminate manual processes and improve payroll accuracy. They also make it easier to access reports on labor and salary expenses, giving you insight for data-driven decisions.
- Job Costing Solutions — Accurate job costing solutions can ensure that you stay on budget and remain profitable, so you know where and how to cut costs when needed. Real-time access to your labor, materials, and overhead data lets you make strategic budgeting decisions while uncovering inefficiencies.
- Payroll Controls — Effective and well-defined payroll controls protect against fraud and improper deductions. A streamlined payroll process helps identify incorrect classifications and timesheet discrepancies and prevents future lawsuits or liability from non-compliance. You can also automate payments for employee compensation and deductions through technology solutions like Sage Intacct, eliminating any additional manual labor.
Revolutionize Your Payroll Accounting With Trusted Solutions
By understanding your payroll and using the strategies and technologies that make sense for your business, you’ll cultivate a company driven to success through the power of your people.
From helping you understand payroll cycles, integrating timekeeping technology, setting up job costing processes, and creating effective payroll controls, our advisors have the knowledge and expertise to help you create and maintain successful payroll systems.
Contact Trusted CFO Solutions to learn more about implementing strategic payroll systems and improving your bottom line.