It’s a new year and employees are contemplating new resolutions. They may consider health-related or financial goals, both of which are connected to their paycheck. Key decisions are often based on the anticipation of raises, bonuses, changes in health or life insurance, tax status and other variables that can change, voluntarily or involuntarily, on a paycheck. Avoid the mad rush to your payroll office and empower employees to answer their own hypothetical what-if and gross-up payroll calculations with this popular add-on for Microsoft Dynamics GP payroll.
Setting New Goals
Are employees thinking about buying a new home or saving more for retirement this year? Maybe it’s time for an annual review and employees are wondering how a raise will change their net pay or tax liabilities. If annual bonuses were issued, they could be wondering how much they should save and how much they can spend. No matter what employees are thinking about or planning for the year, much of the decision-making will boil down to money in one way or another.
Where Do Employees Go with Paycheck Questions?
They visit the accounting and payroll team!
Even with a powerful payroll solution, like Microsoft Dynamics GP Payroll, finding the answers to these questions can be time-consuming and risky. Your payroll team doesn’t earmark time to answer employee questions. They have a lot on their plate, especially this time of year.
When they do make time for employees, the payroll team will open the employee’s master record in Microsoft Dynamics GP Payroll, then make hypothetical changes to that record. After altering variables, such as increasing their pay rate or adding the figure for a proposed bonus, employees will be able to see how such changes will impact their bottom line. Then, your payroll person will have to return all those changes back to their original settings. As you can imagine, none of this is quick or easy. In addition, problems will certainly arise if the original settings in an employee’s master record were accidentally changed.
Make Goals That Stick with Paycheck What-If and Gross-Up Payroll Calculator
There is an easier way to manage hypothetical pay or other calculations for both employees and the payroll team. The
The Paycheck “What If” and Gross-Up Calculator allows employees themselves to make changes with the variables that impact their pay.
- They can change their pay rate, taxes and deductions without ever touching their master record.
- Employees can estimate the gross-up amount of a bonus or gift so that the net check is a pre-determined amount.
- The solution does the calculations and employees get their answers quickly and easily.
Take a moment and watch the