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Create procedures today that will have a positive impact in holding down overall payroll processing expenses.
Off-cycle payments are an inescapable fact of business life. However, the off-cycle payments that are avoidable — those that are the result of discrepancies introduced somewhere in the process —represent an added or unnecessary expense that the company most likely would not have incurred had proper workflows, data entry, and/or administrative procedures been followed.
One discrepancy can snowball into a myriad of catch-up processes that often include the production of a manual, off-cycle payment, creating a disproportionately negative impact on a company’s bottom line.
To better understand how off-cycle payments impact the bottom line, you need to understand your overall payroll operations — as the nature and frequency of off-cycle payments may be just the symptom of a larger problem. The presence of a large number of off-cycle payments can be an indicator of other, more fundamental management problems hiding below the surface that have not yet been picked up by more conventional reporting systems.
Bloomberg BNA’s Off-Cycle Payments: Bringing More Certainty to Uncertainty to Minimize Payroll Costs will help you understand and find solutions to these problems.
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