Managing a company’s HR system is perhaps one of the most complex & crucial tasks for a business. If HR messes up with the paperwork, it can make your company’s HR function way too challenging.
Also, it can make your staff/employees very unproductive and unhappy.
Moreover, your company can witness a screeching halt in case the HR system is out of order. From a staff point of view, payroll is an important activity that you should complete every week. This is the major reason why staff comes to work daily.
If you get any payroll incorrect, the impact can be really very detrimental to the productivity of the company & the employee’s longevity.
Fortunately, there are extremely advanced payroll software features in software such as dynamics payroll that can assist you to remain on the right track.
Here, we have assembled some top 5 advantages of this system for the reader’s perusal.
1) Advanced labor reporting is nothing but a powerful combination of enterprise resource planning & payroll systems. The section of the module extends reporting mechanisms in dynamics to include the financial info & payroll.
This assists the payroll managers in departments like profitability margin and cash flow. Usage of this feature allows the business to compare the cost of labor against the production of employees and with this, a budget can be created with long-term projections.
This is especially crucial for billing the staff hours. Being able to completely compare the variances in employee productivity is incredibly valuable. This can assist you to view who your big producers are and even assist businesses with more accurately price the services.
Read Also | How to Position your Team Related to Payroll with Dynamics 365 Business Central Payroll?
This specific section for the advanced payroll is advantageous for inter-departmental reporting. Every department manager has the accessibility to create a dashboard for measuring staff’s work, which they supervise.
2) Secondly, employee/staff payroll splits are an excellent feature that allows businesses to divide staff or employee time by the cost center/departments at a specific percentage.
For instance, if a staff spends about fifty percent of their time in a single department & fifty percent in another, this cost can be attributed to the individual’s cost centers.
It is a completely valuable feature for the nonprofits who require a spell out a time in reference to granting reporting – companies can pull out payroll of 2 separate cost centers & after this run the reporting that actually proves to the grantor as how the business spent the money. This function works just well for salary/hourly staff & beyond splitting how they are paid.
3) Thirdly, the labor accrual manager feature is easy to set up but a complicated one. It allows managers to divide the payroll between various time periods through payroll accruals accounting, which is not covered in prior pay periods.
The function allows businesses to assign payroll costs to the actual time period they fell in, whether this is years, months, weeks, or days. It even covers taxes, benefits, gross wagers & all payroll categories.
Read Also | DynaPay Payroll: How is it one of the best Cloud Based HR Software?
4) Fourthly, check for the pay policy manager column of advanced payroll. It is ideal if the business assigns pay rates across distinct functions, shifts, or departments.
When you place in the transaction details of pay rate, it gets adjusted by the staff/employee, company, pay code, shift, department, or position. It is completely useful for the businesses that bill by the kind of service or the activity performed.
For instance, hospitals, healthcare & clinics bill companies or insurance by various functions. Each procedure gets reimbursed by insurance carriers at distinct rates of the pay & by type of provider, which is extremely complex with a zero system such as advanced payroll.
The module even permits you to differ the pay in numerous ways. The next good instance of how to utilize advance payroll is with the workers in the gas and oil industry.
Do you know that the offshore oil drillers get one rate of pay when they are in a helicopter and getting transported to an offshore oil platform? Then as they step onto the oil rig board, their pay rate improves. This specific module captures numerous details and more.
Companies have the liberty to set it and even capture time & half or any variances & it will automatically calculate taxes & benefits to fit the pay rate that the staff is working on. Or if the bonus should get calculated if the milestone is attained, it can be added.
5) the Fifth advantage of advance payroll is the payroll hours to the general ledger. This specific function goes a long way at assisting your business understand how every department can affect whole profit margins.
This allows you to set up distinct accounts for every department & track the number of hours used by the employees. To easily access such reports, you require going to the payroll posting account section, where payroll hours windows are embedded.
Here in this section, you can make reports to display by department numbers that cover every staff’s cost & profitability.
DynaPay for Microsoft Dynamics 365 Business Central Cloud-Based Payroll System, Integrated Payroll, Human Resources and Employee Self Service Software for Microsoft Dynamics 365 Business Central
Dynamics Business Solutions (DBS) is a certified Microsoft Dynamics partner in UAE, we take pride in our ability to develop and deploy the right business solution that matches global client’s requirements.
To know more, speak to our expert at Dubai: +971 4 447 5525 Abu Dhabi: +971 2 222 2100 or inbox us your query at firstname.lastname@example.org OR visit www.dynamics.ae
One thought on “Top 5 Reasons to opt for Dynamics Payroll”