Keep in the loop with the latest payroll services, work management news and expert advice from Blue Canvas.
Recently, Blue Canvas staff had the opportunity to meet with a new client who shared how their current payroll provider's reporting options are limited. This caused him much grief in that manual calculations needed to be done and any unusual report on payroll information was going to cost him in terms of money AND waiting time, (weeks!)
In today’s quick information world, one cannot underestimate the importance of reporting. Being able to rely on customized reports for your organization for a number of applications cannot only give you timely information to make important decisions, but can also provide you with a competitive edge.
Of course the type of data that can be captured and used by management today is endless. For example, the cost to make “x”, the gross margin % of ‘y’, the month over month increase/decrease of ‘z’. The combinations are many and can almost be overwhelming.
Reporting that is often overlooked is the cost of labour – if only because management feels that it is essentially a ‘fixed’ cost. However, a detailed analysis of your cost of labour could reveal real insight into the actual cost of employees. For example, suppose you pay your employee $50,000 per year. But what exactly is that person costing you once you add on the employer portion of standard deductions, benefits, worker’s compensation, pension matches, and days off for birthdays, vacations, sick time, OT, statutory holidays? That employee is no longer costing $50,000 but between 13 and 20% more than the base salary. Do you have a report that shows you EXACTLY how much employee “X” is costing you?
There are other types of information that management can use to better manage the workforce. What about overtime and sick abuse? Could you run a report to track which employees may be guilty? Do you have a salesforce and do you know the real cost of each sales person in relation to the amount of business being brought in? Are you properly tracking banked time? Vacation time? Sick time? Fess up now……..are you relying too much on Excel?
All of this information can be easily obtained with the customizable reports found on the Blue Canvas platform. Not only can you manipulate what information you want to see, it is immediate and free to our clients. No longer will you have to wait weeks or pay additional fees to gather information from your current payroll provider that you need now. Let’s not forget, Blue Canvas’ scheduling and time and attendance platform will ease you from manual calculations and chasing down timesheets in time for payroll. Payroll can be hard but it really doesn’t have to be.