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Ready to prevent payroll and payment pitfalls from the start?
When it comes to Payroll there can be many pitfalls in regards to outsourcing versus in house. With Greenshades you’ll have more control and flexibility which allows you to take care of your payroll wherever and whenever you want. It also means employees' have access to a robust self-service model giving them control over personal data and other valuable tools.
When looking at new systems it’s important to have flexibility and control because:
You want a payroll platform that adheres to your business processes not the other way around. Bringing payroll in house gives you that control and access to all of the data.
It’s also important to have your employees in mind when looking at or implementing new Payroll and HR systems. It should not only benefit you but them as well. You can do this by:
Doing this sends a strong and positive message to your workforce. It also reinforces that you make accurate, complete, and timely payroll processing a priority for your employees.
In house payroll means not giving money to outsourced providers. The pay run is done right out of your account.
Unlock more strategic use of funds and have more control of your finances.
This way you can support employee retention and overall business performance improvements.
A Payroll solution that is ERP agnostic means it will push back the data to your GL in any ERP you’re using. Payroll and HR processes are synced across the board.
This means Payroll can run at the speed of your business.
Keep track of certifications, important documents, and records.
Leverage a platform that delivers benefits to payroll, HR, finance, and most of all, employees.
Since 2002, Greenshades has been providing exceptional automated payroll tax reporting, employee engagement, and comprehensive compliance solutions to mid-sized employers across North America. Today, through Greenshades cloud-based Payroll, Tax & HR Platform, your organization is enabled on a whole new level.
You’ve just read about all the payroll pitfalls so what about payment pitfalls. HighRadius shares what the most common A/R ones are, what their customer base is doing about it, and how they’re overcoming them.
There’s a lack of digital payment methods. Check and wire have always been the primary payment options but this way leads back to high overhead. What do these overheads include:
This could cost you anywhere between $4 to $20 a check. As per a Bank of America Report.
The trends are moving towards rapid digital payment adoption. Traditional payments are slow: Which means an uptick on your DSO (Days Sales Outstanding) and a negative effect on your cash flow.
As you can see from this chart, the trend is moving towards digital payments and moving away from paper checks.
You need to give your customers what they want or they’ll go somewhere else. If you don’t make it easy for them then you’re going to lose money.
The need for a buyer-centric purchase experience includes:
When customers have a bad experience, they’ll consider doing business elsewhere or with your competitor. Now it's more important than ever to be flexible and give your customers a choice.
Paper-based and isolated payment methods are prone to fraud risks.
Using older payment methods and narrowing the choice for customers gives you a higher risk to fraud. Traditional payment methods don’t have those controls.
Security standards are always changing and it can be very costly to stay on top of those changes. This could also lead to fraud risk.
How do you overcome these common payment pitfalls? You modernize B2B payments and collections.
These means you can:
HighRadius offers cloud-based Autonomous Software for the Office of the CFO. More than 700 of the world’s leading companies have transformed their order to cash, treasury and record to report processes with HighRadius. Our customers include 3M, Unilever, Anheuser-Busch InBev, Sanofi, Kellogg Company, Danone, Hershey’s and many more.
Want to learn more? Check out the webinar recording, Avoid Payroll & Payment Pitfalls with Greenshades and High Radius.
The post Avoid Payroll & Payment Pitfalls appeared first on ERP Software Blog.
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