Payroll accounting and payroll processing are complicated. Even with close oversight and great accounting software, it can be tough to be efficient and accurate.
Payroll Tool #1: Employee Accounts and Splits
In today’s workplace,
When you factor in the tax and benefit expense allocation, the stress intensifies. How can you ensure that the employee expenses are properly assigned?
- Pay code
- GL Account
Additionally, you can distribute expenses between cost centers as needed. No matter how complicated your payroll accounting might be, Employee Accounts and Splits will help your payroll department work through tax and benefit expenses.
Concerned about period-end distributions? Employee Accounts and Splits will walk you through FUTA, SUTA, and Workers’ Comp expenses, ensuring that the
Payroll Tool #2: Mid Pay Period Rate Changes
The CEO’s impressed with the staff’s recent performance, so he decides to institute a 5% pay raise across the board— effective immediately. While the whole staff celebrates the good news, the payroll processing team groans internally.
Not only will Mid Pay Period Rate Changes work with Dynamics GP payroll to allow two different pay rates within the same pay period, it will also implement the new rate automatically going forward.
Any payroll transaction that’s listed as occurring after the new rate of pay is introduced will reflect that rate. Any transaction that predates the change—even if the transaction is entered after the new rate has gone into effect—will be charged at the old rate of pay. The payroll accounting and payroll processing team won’t have to remember to double check the rate before the payment is made—Mid Pay Period Rate Changes has it covered.
Payroll Tool #3: Overtime Hours Rules
Overtime is a hot-button issue. Sometimes it’s unavoidable, but it’s definitely a process that should be carefully regulated. Often, it’s left to the payroll department to police the number of overtime hours that are occurring—however, they don’t always have the time or the real-time information required to enforce the rules.
The next thing you know, the payroll’s been calculated and there has been abuse of overtime that
For instance, you can create rules based on a variety of factors, including:
- Pay Period
- Pay Code
Using a customized combination of these factors, you can set the rules that will be assigned to a single employee or many employees at once. Even better, should overtime be required, it’s automatically calculated during the payroll process. There’s no need to manually enter overtime pay, saving time and money.
Concerned about staying compliant with FLSA and state laws? You can set a rule that will ensure your team is always in compliance with the relevant requirements.
Overcome Complicated Payroll Processes with the Right Tools
Don’t let Dynamics GP payroll’s complicated processes sap your payroll department’s efficiency. Instead, streamline your payroll system with help from state-of-the-art tools such as Employee Accounts and Splits, Mid Pay Period Rate Changes, and Overtime Hours Rules.