Payroll Reconciliation Solution: Smarter, Faster Payroll
It is fair to say that there are a number of global payroll tasks that can be a source of frustration for global payroll professionals around the world.
Monitoring variances and discrepancies between source payroll data and what comes back from the local country payroll providers, while critical, is rarely something that anybody looks forward to!
This is because manual reconciliation processes can be time-consuming, error-prone, and can lead to discrepancies that result in unhappy employees if they are not caught and dealt with.
Payslip are in the business of making game-changing solutions for payroll processing, so we have taken proactive steps to make the variance checking process smarter, faster, and easier to manage.
A solution that makes everything easier
The Payslip Payroll Reconciliation Solution identifies and helps resolve any discrepancies and errors in payroll data, ensuring that employee salary, taxes, deductions, and benefits are accurately calculated and recorded.
It features built-in automation technology that looks at the data coming from local providers and compares it directly to the source data calculation files. It then autodetects variances and highlights them so global payroll professionals can identify, investigate, and quickly fix any discrepancies in employee compensation.
The solution uses sophisticated algorithms and rules to identify inconsistencies, flag potential discrepancies, and provide real-time results.
This ensures that any issues can be promptly addressed, reducing the chances of errors going unnoticed and preventing future problems.
The really good news is that this feature removes the need for manual cross-referencing at the comparison stage. The platform does this automatically for you, saving you hours in every pay cycle. This level of efficiency also results in significant cost savings because it reduces the likelihood of payroll errors and there is no need for additional spending on external tools to help you check the data.
Payslip automates the analysis of Payroll Input and GTN files, so you no longer have to spend hours using excel V lookups to find variances. Now, the files are compared instantly, the variance is revealed automatically, and the only work left to do is the analysis and explanation side of things.
How it works
Payslip generates a reconciliation report that highlights variances between versions of payroll inputs and/or Gross-to-Net (GTN) calculations
- Store different versions of Payrun files
- Saved versions compared and analyzed
- Variances detected and identified
- Download to review and take action
You can select any version of the payrun file to run comparisons- compare
- Inputs V Inputs
- Inputs v GTNs
- GTNs v GTNs
Result: A slow and tedious manual reconciliation process is replaced with an instant view of payroll variances
Key Benefits:
- Automates the reconciliation processes
- Instantly detects payroll anomalies & variances
- Saves time and effort in every pay cycle
- An end to file uploads and manual cross-referencing
- Greater payroll efficiency and accuracy
This represents an ongoing process of real-time variance monitoring and reconciliation. The payroll reconciliation solution continuously monitors and compares payroll data in real-time, detecting any variances or discrepancies between different data sets. By automating the comparison process, Payslip is helping users to identify and resolve errors or inconsistencies in payroll calculations, in a proactive manner.
“This new Payroll Reconciliation Solution generates significant efficiencies and time savings. Currently, it takes us 1 to 2 hours per payroll per pay cycle to manually extract all this data, but with Payslip, those burdensome tasks will become a thing of the past."
David Nugent, Director, International Payroll, Cloudera
For more information about our Global Payroll Control Platform contact us today.