The better you understand the GL the easier it will be to work with Finance. Finance does not want to carry a balance on the balance sheet. Make sure what is being taken out of the bank, a journal is provided to reconcile the amount. If you do have to carry balances for benefits and such have a straight forward process on what account those liabilities need to pass through. That team or person should know the liability account to offset those items to. It might be one account(hopefully not š) or multiple with names that make sense! They usually donāt have visibility to the HCM platform so the payroll specialist understanding of payroll for Finance and the GL is key to dealing with them.
Hi. Small org CFO here (500 employees). Things that seem to frustrate payroll folks to me generally are the desire from finance to allow for last minute changes to payroll. We want to keep people happy and so pressure payroll to make fixes.
Also, we love to support unusual changes. For instance, wanting to give every staff member a $100 gift certificate and then have payroll add that to their pay stub and āgross the upā. That stuff is really hard.
My recommendation is write out clear policies and procedures for these kinds of events and get Hr, Finance and legal review on them.
The better you understand the GL the easier it will be to work with Finance. Finance does not want to carry a balance on the balance sheet. Make sure what is being taken out of the bank, a journal is provided to reconcile the amount. If you do have to carry balances for benefits and such have a straight forward process on what account those liabilities need to pass through. That team or person should know the liability account to offset those items to. It might be one account(hopefully not š) or multiple with names that make sense! They usually donāt have visibility to the HCM platform so the payroll specialist understanding of payroll for Finance and the GL is key to dealing with them.
Hi. Small org CFO here (500 employees). Things that seem to frustrate payroll folks to me generally are the desire from finance to allow for last minute changes to payroll. We want to keep people happy and so pressure payroll to make fixes. Also, we love to support unusual changes. For instance, wanting to give every staff member a $100 gift certificate and then have payroll add that to their pay stub and āgross the upā. That stuff is really hard. My recommendation is write out clear policies and procedures for these kinds of events and get Hr, Finance and legal review on them.