Payroll Metrics

Payroll Metrics

Introduction

Our payroll metrics software concept provides customers the ability to have standard and custom-designed on-demand payroll metrics data and reports in an easy-to-use format. The software is designed as a stand-alone solution that works with any payroll software via data exports, including; SAP, Oracle, PeopleSoft, Lawson, ADP, and Workday.

Payroll core data such as gross and net wages, deductions, earnings, and taxes are imported and grouped on a per payroll basis, allowing the data to be easily placed into pre-defined metrics. The metric snapshots and reports can assist Payroll, HR, Finance, Budgeting and Operations in a wide-variety of ways, including:

  • Managing payroll cost
  • Monitoring and modeling labor budgets and labor optimization
  • Payroll G/L account reconciliations, SOX compliance and variance reporting
  • Automated Bureau of Labor Statistics (BLS),  New Hire and Workers’ Compensation reporting
  • Standardization of global payroll/shared services metrics and continuous improvement monitoring

Software Use Examples

Automated Gross-to-Net Reconciliation: Within minutes, source wage type errors and system update issues by clearly identifying variances in the data prior to payroll close. Drill-down capability takes staff directly to data detail for quick resolution.

Once finalized, report shows gross-to-net income balances posted to the general ledger to ensure SOX compliance. Can become part of the recommended SOX controls for payroll and allows auditors and accounting staff to verify payroll postings in a glance.

Metrics: Tabbed dashboard provides a data snapshot based on pre-defined algorithms. Customers can drill into data detail for analysis and continuous process improvement monitoring.

Pre-defined metric tabs include:

  1. Data Trending
    1. Gross Payroll
    2. Net Payroll
    3. Taxes
  2. Volume Tracking/Comparisons
    1. Retro calculations
    2. Direct deposit vs. check/paycard
    3. Garnishments
    4. Stock transactions
    5. Offcycles
    6. Terminations
    7. Voids/Replacements
    8. Leave of Absence
    9. Overpayments
  3. Overall Payroll Accuracy
    1. Uses weighted measurement based on categories above to compute overall payroll accuracy
  4. Reporting
    1. Create custom reports with option to deliver through customer email (monthly cost center payroll expense, etc)
    2. 941, 940, and W2 payroll data reports to reconcile to internal and external systems
    3. State government: Automated new hire and child support reporting
    4. Federal government: BLS reporting
    5. Other Industries: Data links to insurance companies for Workers’ Compensation reporting

Market Data

Because payroll is ever-changing due to business needs and governmental regulation changes, there will be a need to provide updates, on-going maintenance, and consulting services on a regular basis. This provides a sustainable revenue stream for every software package sold.

There are currently no competitors with stand-alone metrics software in the payroll field, giving us the competitive advantage to set best practices for the payroll industry. If we have interfaces already built for major ERP’s, installation costs could be kept to a minimum, allowing consulting services to be the main focus for mapping, customizing reports, etc.

Software can be scaled for small to mid-sized companies by offering fewer options that provides an easier install with a price point that is attractive, allowing us to gain market share while growing with them.  We would also have an offering for large, global companies with shared service reporting, heavy metrics and automated reporting. The install would have multiple interfaces and customization, with potential links into their company portal and multiple global payroll systems.

In all cases, consulting fees will be required. A bundled price could be offered for smaller companies, larger installs would be priced based on requirements.