Accountants Need More Than a Calculator When it Comes to Payroll

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Financial reports are of critical importance to every successful business. A lot of data and consideration goes into strategic planning, budgeting, and preparing financial reports for business owners, shareholders, taxing agencies, and even department heads. That nature of this data requires tools better suited to the task than a calculator or simple spreadsheet. Today’s innovative business management technology can make it easier and more efficient to monitor the financial data that is important to achieving strategic goals.

Regardless of what most people think, the accounting department just doesn’t simply print payroll checks each week. Before those checks are even printed, there is a lot of time spent on fine-tuning salaries and other compensations such as health insurance premiums, tax withholdings, and retirement compensation. It can be challenging to manage nearly limitless options for one employee and even more complex when there are dozens, hundreds, or more employees. Add in multiple business locations or, even more complex, working with multiple currencies, and soon enough you may be wondering if you have enough people or computers to manage all of these payroll processes and business critical data.

Relying on basic accounting software and spreadsheets could create significant problems with forecasting employee, payroll, and compensation expenses for the next quarter or next year. Mistakes in the accounting department can result in some very unhappy employees and vendors, skewed budgets doomed for failure, and serious issues with regulatory agencies if tax reports and other financial reports are simply wrong. If there is any place to invest in the proper tools and technology for the job, it’s with the accounting department. Enterprise resource planning (ERP) solutions with the appropriate human resources and payroll functionalities is critical. A robust ERP solution can provide more powerful financial management than basic accounting programs. In addition to the ERP, your accounting team can take advantage of ERP add-on solutions to further control payroll activities, including the often chaotic end-of-year payroll processing, as well as manage the often complicated enhanced retirement plans.

Don’t trust sensitive financial data to simple software solutions. Use today’s more powerful business management technology to manage complicated payroll processing, employee compensations, and regulatory financial reporting with greater efficiency and accuracy. Contact Integrity Data for additional information on finding the right business technology to protect your finances, as well as getting the control and insight you need in order to achieve strategic goals.

By Integrity Data, Illinois Microsoft Dynamics GP ISV developing enhancements for Payroll and HR

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