It’s that time again: year-end payroll.
From keeping up with changing regulations to maintaining accuracy with an overwhelming amount of data, year-end payroll processing can be challenging and time-consuming. If your organization is using Workday for your payroll system, there are a lot of features that can help you stay on top of changing data and change your focus from data entry to strategic planning.
Here are some opportunities that you can utilize to get the most out of Workday for year-end payroll processing.
There is a lot to keep up with to ensure accurate processing for year-end payroll. On one end, you have all of the legal changes: tax regulations, labor laws, compliance requirements, etc. On the other end, you have organizational changes: new hires, terminations, salary adjustments and changes in benefits or bonus structures.
One of the greatest benefits of Workday across the board is its automation capabilities. For payroll, Workday automates routine tasks such as calculations, tax withholdings and benefit deductions. Even if your organization has multiple systems for time tracking, benefits and compensation, Workday integrates seamlessly between many vendors to ensure all relevant data is consistently and accurately transferred.
Workday is also designed to stay automatically compliant, providing real-time updates to tax tables and regulatory changes throughout the year.
Employee Self-Service Tools
You don’t have to do it all! Another opportunity to save some time during year-end payroll is through Workday’s employee self-service functionalities. Employees can access and manage their payroll information, making it a lot easier to ensure their details are accurate and hopefully diverting the heavy load of questions at the end of the year.
In Workday, employees can update their direct deposit details or their withholding elections for the next year. They can also review their last paycheck of the year and their W-2s via mobile or on their desktop.
Another one of Workday’s top features is its reporting capabilities. Through Workday, HR teams can generate customized reports, allowing them to monitor and analyze data, facilitate quick decision-making and identify discrepancies to address throughout the year to ease the year-end payroll process. When tax authorities and other stakeholders come knocking, you can quickly provide comprehensive reports with all the necessary information from Workday.
It’s Time to Simplify Year-End Payroll
The end of the year should be a time of joy and celebration, not paperwork and data entry. When you take full advantage of Workday, year-end payroll is transformed from a daunting task into a seamless and efficient process.
If you’re not sure how to experience all of these benefits from Workday, talk to me! I’d love to help ensure your payroll process is set up accurately and effectively for a simplified year-end experience. Reach out to email@example.com to get the conversation started and enjoy a strong close to the year!