Why Payroll Software Should Integrate With Accounting Packages
April 9, 2020
As a business owner or manager, it can be tiresome to have to enter employee salary details into the payroll software, and then manually enter it into the accounting system, too. Without integration between the different software, this will always be a thankless and time-consuming task. In duplicating data from the payroll software to your general ledger, aside from it being a lengthy task, there is also ample room for error, and as all good business owners and managers should know, errors can cost a company more than just money.
However, all this hassle disappears when you switch to an integrated system, and here’s how:
The benefits of integrated systems:
The overall efficiency of any business can be significantly improved when relevant data and information is provided only once. Having integrated payroll and accounting software that ‘talk’ to each other, means that many time consuming and tedious tasks can be made much quicker, simpler and the risk of error is dramatically reduced.
What can you do with an integrated system?
Wage journals can easily and swiftly be created from finalized pay periods, and then sent instantly to the necessary accounting packages. With integration, whoever is using the system can directly send the payroll journal to the accounting package, eliminating manual workload and the risk of mistakes arising from the duplicate entry of data, that could prove costly.
Payroll journal files can be customized to the accounting software provider, with the use of compatible files and built-in nominal ledger mapping. Mapping, in basic terms, communicates to the payroll where items get posted to in the accounting system, and can significantly reduce the time usually spent to perform these associated tasks.
With certain software, users can choose if they want to include individual journal records for every employee, or whether they want to merge the records into totals for each unique payment date.
There are many ways in which software can help businesses become more efficient and even save them money; to get all the latest updates and news about which packages would best suit your business, talk to your payroll provider today. If you don’t have a payroll provider and are managing pay in-house, then you might want to consider outsourcing to make you more cost-effective and efficient in many areas.
While many offices remain closed during the pandemic, representatives can be contacted via telephone or email, so to make sure your business can get up and running with the latest software as soon as restrictions are lifted, talk to your local, trusted payroll professionals today.