With more pressure on Payroll and Finance teams to provide accurate and ‘real-time’ reporting to their stakeholders, how much time could you save by implementing Sage’s General Ledger Module for MicrOpay?
The General Ledger is a tool for keeping record of an organisation’s total financial accounts. This is essential for tracking income, business costs and outstanding balances, providing a total picture of an organisation’s financial health.
Payroll and Finance teams often develop their own methods for reporting and maintaining payroll data for the General Ledger, resulting in critical errors and time-consuming corrections.
What’s your current process?
Many businesses report their payroll information to their finance team once a month, due to their current process being complicated and laborious. The team members involved in reporting often have to block out hours or days to ensure they can concentrate on the difficult, multistep process of transcribing and manipulating their payroll data to suit their finance package.
Other essential payroll duties must take a back seat while this important process is completed.
The General Ledger Module provides a seamless link between MicrOpay and your financial package, producing a report in the right format, with the right cost centre codes, right when you need it.
Goodbye to urgent, last minute reporting
Now more than ever, businesses need to be agile. Knowing your payroll obligations is essential to remaining nimble, especially across multiple sites and regions. With COVID-19 shutdowns and restrictions varying between states, it’s important to be able to provide accurate, real-time reporting of payroll costs and obligations at a moment’s notice.
The General Ledger Module allows you to complete a batch report for your finance package as often as you like. Instead of the dreaded ‘out-of-cycle’ query from your Finance team, your General Ledger batch reporting could be completed after each pay run, ensuring they have the latest information on payroll costs for their reporting needs. You can run the batch reporting whenever it’s required; the process is quick so it won’t impact the rest of your working week.
Safer data transfer and fewer queries? Yes please!
Transferring information directly from MicrOpay to the General Ledger maintains the accuracy of your data. Using the module, you can:
- Easily check for errors, complete analysis and finalise balances using the GL batch window
- Calculate & record Leave accrual costs and Payroll On Cost obligations
- Eliminate manual data entry or manipulation
- Reduce risk of payroll information being stored on shared servers in an easily accessible format
Streamlining this process frees up your payroll team to concentrate on payroll compliance and supporting your employees with any queries they may have regarding recent changes in JobKeeper and parental leave.