How can Expert Payroll Services streamline your payroll Journal and interface with your Finance system?
Payroll journal forms a core part of the payroll function which often gets overlooked. The finance team are generally keen to analyse payroll costs as this makes up one of the main business overheads and impacts towards budget decisions. Therefore, it is very important for any company to have the payroll journal accurately costed to each cost centre, project, resource etc. At Expert Payroll Services this form a major part of our initial implementation where we will work with you to understand your current Financial structure. We then build this into our payroll and provide you with two levels of reports along with a journal export file (in CSV or txt format) which mirrors your finance system specification so it can be uploaded on to your finance system.
How is cost analysed in Payroll?
This is a very broad question and every client has their own analysis levels and codes. I will use an example to explain this. Say your company wants to split the cost by department and the projects you run. Your GL structure in payroll will look as follows:
Nominal Account code
Cost centre code
It’s all good if an employee is working on one project and in the same cost centre but what if this employee does do some work for finance department when he/she is working in HR? Well the cost then needs to be split across the department along with the employer costs (e.g. ER NI and ER pension etc.) this will give your finance team the correct picture of the costs. There might be some employees whose costs needs to be recharged to an external entity, this is again booked to a separate cost code.
Expert Payroll Services can help you achieve the actual cost breakdown through our highly configurable general ledger screens. Employees salary can be spilled by %s or each element can be booked to separate cost codes. For example, we can have overtime booked to a specific project, cost centre and all other costs to employee’s home codes.
We can have up to 10 levels of analysis (IE cost code, project, resource, location code, etc.) with 50 cost splits options for each employee.
This information is then exported each period on to a CSV file which can then be uploaded on to your finance system. As part of our implementation process, we will write this export in the required format.
We get great feedback from our clients on this aspect, saving them a great deal of time by avoiding manually compiling a journal from various payroll reports.
To find out more about payroll journal or our outsourced payroll services why not give us a quick call on 020 3802 1534 or email firstname.lastname@example.org, you are also welcome to visit our website: https://www.expertpayrollservices.co.uk/payroll-outsourcing/