Payroll Parallel Reconciliation Tool
Payroll being the backbone of Human Capital Management proves to be one of the pillars on which a company stands. Payroll activities have to be accurate in order to eliminate any loss to the company. Hence before using any payroll system we got to be dead sure that it will come up with accurate results as there is no turning back after the payments have been made. To ensure such accuracy the payroll implementation has to go through various parallel runs.
A parallel run is an activity in which the results of the newly implemented payroll system and the currently used payroll system are matched and the results are diagnosed. Parallel run is a crucial step in the payroll implementation as it ensures proper results in the new payroll system. The payroll parallel run gives us the platform to rectify the results of the newly implemented system in case of any mismatch of results. Hence the proper execution of Payroll parallel run is a must.
Most implementations fail because the method used during payroll parallel run are inaccurate. Most of the implementations rely on Excel sheets. The data from both the systems namely the new Payroll system and the Legacy system are brought to excel sheets and then matched using a number of V lookups. These methods are prone to error as well as the limitations of Excel make the processing extremely slow. Also the comparison of elements, balances and payments take lot of attention and manual work.
To eliminate such scenarios Payroll Cloud Corp has come up with an innovative tool which makes Parallel runs a piece of cake to carry forward. The tool manages to overcome all the difficulties faced in parallel runs in terms of comparisons, tolerance and processing.
The key highlights of our product are:
No additional license cost (entire comparison done in SaaS only)
Cost Reduction in time and effort for Payroll Validation
Risk Mitigation by automating the process of identifying discrepancies
Person Extra Information for Earning/Deduction and Gross to Ney Pay data from legacy can be secured in the HCM Cloud and can be purged on need basis
Comparison of Gross Salary
Comparison of Net Salary
Comparison of Earning Element Results
Comparision of Deduction Element Results
Comparison of Results by Element Classifications
Comparison Of Balance Results (e.g. Element balances , Tax Balances (Federal ,State ,Local))
Comparison using Variable Tolerance Rate
The features we provide makes Parallel Runs less cumbersome and an easy affair.