Payroll just got more complicated. Per Payscale’s 2021 State of Remote Work report, 47% of organizations (vs. 18% pre-CV19) say that >25% of their team will work remotely. Multi-state remote work burdens Payroll data management, but RPA is here to help.
While some companies utilize an enterprise ERP system with an integrated Payroll module, many organizations have a stand-alone HRIS/Payroll system and/or different financial or reporting systems. This patchwork of enterprise applications usually requires manual aggregation and input of complex payroll data into the General Ledger system. This manual integration of payroll data requires a tremendous amount of Finance & Payroll Team labor, is error-prone, can cause delays in closing or tax reporting, and limits management confidence and visibility surrounding payroll transactions in financial reports.
However, there is hope. By utilizing intelligent automation, an organization can rapidly deploy a Robotic Process Automation (RPA) bot to handle integrating, extracting, auditing, and posting payroll data into your General Ledger system. This automated integration consistently provides the following benefits:
- Reduced Errors. Automated processes result in a 90%+ increase in compliance and quality compared to the same processes executed manually.
- Payroll and GL Systems Stay in Sync. The bot can monitor account setup in both systems to ensure your Payroll system mirrors the GL chart of account configuration.
- Improved Compliance. Errors and delays result in erroneous or late tax filings and associated penalties. Automation with RPA helps minimize these risks.
- Savings of Time and Money. Automating your payroll to GL integration typically saves hours each payroll cycle and the associated stress of manually reconciling tedious Excel payroll extracts.
- Improved Financial Visibility. Correct and timely data loaded into your GL dramatically improves payroll and tax data analysis and reporting in your financial system.
As you can see, RPA is a powerful tool that can be rapidly deployed to automate and enhance any manual data feeds into your General Ledger system – saving time, increasing quality, and improving reporting.
Contact us to learn more about how to automate your GL integrations while accelerating the efficiency of your Finance team; allowing them to focus more on what matters most.