Payroll, it’s the bane of everyone’s life. Employees are not happy if their pay is wrong, or worse, if they don’t get paid. Consequently, you have to process pays correctly on time, every time. Employees can have varying tax codes and rates of pay, so every payment must be treated as unique. The payroll is one of your company’s largest expenses, it has to be right, payroll mistakes can make for unhappy employees.
Integration between your payroll solution and your ERP or accounting system can make life a little easier. Integration ensures automatic creation of general ledger posts and bank reconciliation data, as well as accurate financial reporting.
Instead of data being duplicated, when different areas of your systems share data you can be confident that all systems are using the most recent and accurate employee information. It’s important that your payroll information flows smoothly back and forth across all areas of your system, from General Ledger, Payroll, Accounts Payable, HR, and other sub-systems. This minimizes the amount of manual data entry, the importing and exporting of files, and the risk of files not being in sync.
Having payroll integrated with your ERP or accounting system improves productivity by reducing data capture errors while maintaining an auditable trail into the general ledger. It doesn’t remove the pain of payroll but it does ease it.