Payroll Cost Reduction by Improving the Effectiveness of Payroll Operations
The Payroll function is complex and difficult to manage, requiring a multitude of skills and knowledge in the areas of payroll administration, human resources, finance, technology and management. Although organizations derive no competitive advantage from payroll activities, the function is still critical to business operations. A poorly managed payroll creates disruptions that significantly reduce employee morale and productivity. It is therefore imperative that payroll departments consistently produce paychecks that are timely and accurate, without consuming excessive resources in the process. Establishing a well-run payroll function is not a simple task. Some of the key challenges faced by payroll management are:
- Eliminating waste and errors to ensure that that payroll services are cost-effective and efficient.
- Balancing the dual roles of transaction processor and customer service provider.
- Attracting, retaining and developing highly competent payroll professionals.
- Maintaining compliance with changing government regulations.
- Determining what payroll functions, if any, to outsource.
- Avoidance of fraud.
- Time and Attendance and unique challenges:
Most payroll challenges are centered on collecting time efficiently, determining proper payments, managing time away from the business and scheduling employees based on volume of business driven by demand and seasonality.
“Our payroll practice is the fast growing part of our business because we’re seeing an increase in companies focusing on improving internal controls, driving down unnecessary payroll and benefits expense, and fully leveraging systems investments.” Kevin Mallett, Founder
Our versatile team of highly regarded industry experts helps clients to maximize their investment in people and technology. Using our proven methodologies and tools, we will help improve performance by aligning processes with technology to meet your Payroll strategy. Our Payroll services include strategic planning, process improvement, technology improvement, implementation, and project management.
Our Services cover all aspects of Payroll including:
- Deduction Processing
- Pay Processing – On/Off Cycle, Retro
- On Line Checks
- Account Distribution
- Commitment Accounting
- Check Distribution
- Timekeeping, Labor Scheduling and Absence & Leave Management.
Payroll Audit Services:
Our Payroll Business Process Audit provides our clients with an Executive Level Strategy Report that assesses the current payroll process, payroll staff members and the use of technology in the production of payroll. Executive Alliance Consultants will also create a Payroll Best Practices Analysis which will evaluate how well current practices align with industry standards and make appropriate recommendations where improvement may be needed.
We have a strong track record of delivering results. We are proud that 98% of our engagements have resulted in identified cost savings valued up to 10 times the client’s initial investment. Over the past 5 years, 95% of our payroll assessments were completed within 30 days of being hired by the client. In situations where our firm is asked to review a client’s payroll activities, we have the following success rate:
|Savings Opportunity||% of Engagements Where
EA Found Savings Opportunity
|Eliminate employee overpayments||96%|
|Reduce errors and processing delays||80%|
|Identify undetected fraudulent activity||38%|