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.

Let’s dive into 3 Payroll Pitfalls

Payroll Pitfall #1 - Control

When looking at new systems it’s important to have flexibility and control because:

  • Each business is unique. Your payroll needs are unique, too.
  • Payroll must be managed in a way that reflects your distinct culture.
  • There should be no blind spots. No workarounds. No kidding.

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:

  • Reduced reliance on manual processes or handling a subset of employees outside of the system and your company.
  • Corrective check runs, spot bonuses, etc. can be handled immediately.

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.

Payroll Pitfall #2 - Finances

In house payroll means not giving money to outsourced providers. The pay run is done right out of your account.

  • In an outsourced model, your payroll funds cover the provider’s float.
  • Keep payroll funds in your own account for as long as you like.
  • Maximize cash flow to benefit your business, not the payroll provider.

Unlock more strategic use of funds and have more control of your finances.

  • Better financial control creates new opportunities to leverage those funds to enhance the employee experience.
  • Fund availability + ad-hoc reporting empowers you to run “what if” scenarios, calculate and distribute spot bonuses, etc.

This way you can support employee retention and overall business performance improvements.

Payroll Pitfall #3 – Flexibility

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.

  • Simple and straightforward integration with any HR or Finance system means payroll will NEVER be a barrier to progress.
  • If business needs, require a change in your HR or Finance technology stack, you can make changes with minimal disruption.
  • Process changes and enhancements can be made immediately.

Keep track of certifications, important documents, and records.

  • Self-service tools simplify onboarding, streamline approvals, and allows HR pros to focus on more strategic issues.
  • Advanced add-on services – such as certification & vaccination tracking, payment card services, and others – enhances employee satisfaction.

Leverage a platform that delivers benefits to payroll, HR, finance, and most of all, employees.

Who is Greenshades?

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.

Here are 4 Common Payment Pitfalls

Payment Pitfall #1 - High Overheads 

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: 

  • Lockboxes 
  • Manual matching 
  • Bank fees 

This could cost you anywhere between $4 to $20 a check. As per a Bank of America Report.

Payment Pitfall #2 – Slow time to cash 

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.  

Payment Pitfall #3 – Inflexible Payment Options 

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:  

  • Self-Service Portals  
  • Cost-effective digital payments  
  • Flexible options 

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. 

Payment Pitfall #4 – Fraud Risk 

Paper-based and isolated payment methods are prone to fraud risks. 

Why? 

  • Lack of visibility and control 
  • Non-compliant to security standards 

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: 

  • Enabling Faster e-Payments and provide a Self-Service Portal 
  • Leverage Digital Payments to reduce processing overheads 
  • Inspire Loyalty through customer centric buyer experience 
  • Mitigate Risk with secure and payment processing 
Who is HighRadius? 

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. 

 

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