In many companies, payroll is one of their most significant expenses. In most companies we work with, weekly or bi-weekly payroll expenses from the outsource provider are entered into the accounting system with a monthly journal entry. The result? Wasted manual effort and no visibility into payroll expenses as they are incurred.
Intacct and ADP are looking to address this need by improved visibility for payroll expenses and costs. They have recently announced a partnership with ADP that will integrate Intacct’s ERP cloud software with ADP’s Workforce Now.
ADP designed Workforce Now as a comprehensive HCM suite that reduces administrative chores and keeps companies compliant with regulations. The integration between Intacct and ADP will allow mid-size companies to sync their employee data and transfer payroll data from ADP to their general ledger within Intacct by clicking a mouse instead of entering the information by hand. That makes for fewer errors and saves employees time.
System One is a staffing company that has to process payroll every week for 65,000 employees and issues 15,000 W-2s at the end of the year. They used to enter all new hire employee and payroll information into two systems by hand. The company has said that migrating to Intacct/ADP has saved them $60,000 each year as they avoided hiring new staff while they were growing.
ADP noted that by giving their clients the ability to spend less time on duplicative administrative tasks, they have more time to spend on more strategic initiatives that will help grow their businesses. Partnerships like the Intacct/ADP integration allow companies to leverage technology necessary to make their employees more productive and provide flexibility that allows their companies to move toward the future.
If you are using or thinking about using ADP to outsource your payroll and want to learn more about streamlining payroll processes and getting real-time visibility into your payroll expenses, please contact the Cloud Accounting Blog.