4 KEY BENEFITS OF INTEGRATING YOUR PAYROLL AND GENERAL LEDGER
When it comes to your business ’ s financials , there is a lot for your team to account for . Managing accounts receivables and accounts payable within the general ledger is an all-encompassing job in itself ! However , there ’ s still the task of processing payroll wages and incorporating them into your ledger . Historically , payroll and the general ledger have been accounted for separately , leading to the time-consuming manual entry of payroll data and a lot of cross-referencing between the two . Fortunately , there are now programs that integrate payroll with your general ledger and can boost the efficiency of your organization with just a few clicks . DM Payroll Solutions explores the benefits of payroll-general ledger integrations and how they can help simplify your financials .
1 . ELIMINATES MANUAL-ENTRY ERRORS This is easily the most salient issue of having two separate systems ; managing payroll expenses and your general ledger separately comes with the undesirable task of manually inputting these amounts . As with any manual task , there ’ s a large margin of human error that could throw off your entire general ledger with just one mistake . When you integrate payroll into the ledger , your team ’ s wages and taxes , among other things , are accurately added with a few clicks .
2 . AVOIDS PENALTIES If manual entry errors cause your team to incorrectly file , report or pay payroll taxes , your business is looking at steep fines . Leveraging payroll software with a general ledger integration can help to reduce these expensive errors in one easy-to-use interface . Working with a trusted payroll service provider ensures you are kept upto-date on changes in legislation or compliance regulation and free from errors .
18 VIEWpoint Issue 2 | 2022