Greenshades' recent webcast, hosted by MSDW, titled "5 Signs It’s Time to Evaluate Your Dynamics Payroll Provider," provided key insights into recognizing when to reassess your current payroll solution within the Dynamics ERP ecosystem.
Led by Jodi Thibedeau, Greenshades Payroll Account Executive, and Jerika Holton, Greenshades Product Marketing Manager, the session highlighted the importance of an efficient and integrated payroll system for streamlining operations and enhancing business performance.
View the full webcast here.
Here’s a detailed recap of the key points discussed during the session.
Introduction to Greenshades
Greenshades specializes in Payroll, HR, and Tax solutions that integrate seamlessly with the Dynamics ERP suite, including Dynamics GP and Dynamics 365 Business Central. With over 20 years in the Dynamics ecosystem, Greenshades has developed top-tier, bi-directional integrations to enhance in-house operations, ensure compliance, provide detailed tax reporting, and offer superior employee self-service.
Jodi Thibedeau highlighted Greenshades' role in migrating GP clients to Greenshades Payroll as they upgrade their ERPs, showcasing the company’s commitment to improving operations and client success.
The Importance of Payroll Systems
The webcast explored why an effective payroll system is vital for business success. Payroll systems go beyond issuing payments; they align with business needs, support strategic goals, simplify processes, and enhance overall efficiency.
An optimized payroll system integrated with your Dynamics ERP can provide real-time data access, centralized management, and a better employee experience, ultimately boosting operational efficiency and control.
Five Signs It’s Time to Re-evaluate Your Payroll Provider
- Integration Challenges
Integration issues can lead to manual workarounds and reduced data quality. Seamless integration is key for operational efficiency, especially for Dynamics users. If you are using Dynamics 365 BC, the solution does not have a native payroll option, so your chosen payroll solution will need to integrate with BC to maintain efficient business continuity.
It's also important to consider other solutions your business might need to keep up with emerging trends, such as timekeeping systems, earned wage access (EWA), or applicant tracking systems (ATS).
Greenshades offers enhanced reporting capabilities and open API integration, ensuring smooth integration with other systems. For example, Greenshades can sync custom fields from payroll to tie labor to projects, locations, or clients within Dynamics ERPs, providing clear insights into workforce data. Having a true integration instead of just a GL integration allows you to adjust and have control over your GL mapping without having to work with outside providers.
- Compliance Struggles
Keeping up with compliance changes and managing multi-jurisdictional tax reporting can be complex and error-prone, potentially resulting in costly penalties. Greenshades continuously updates regulatory requirements, provides an automated compliance solution, and simplifies multi-jurisdictional tax reporting to help businesses stay compliant and avoid penalties.
For instance, when Alabama recently changed its laws regarding overtime pay, Thibedeau spoke with a GP user who had to manually change their system to accommodate the new ruling. On the other hand, Greenshades automatically updated for affected companies, highlighting the importance of a payroll system that keeps up with regulatory changes in real time.
- Handling Complex Payroll Needs
Managing varied pay structures, comprehensive reporting, and intricate payroll calculations can be overwhelming. Many businesses spend an average of 12 hours per month correcting payroll errors.
Greenshades provides the flexibility and control needed to handle these complexities, automating deductions and calculations, and offering unlimited payroll codes and custom fields.
- Time-Consuming Payroll Processes
Manual processes and lack of automation can lead to inefficiencies and increased time spent on payroll. Studies indicate that 40% of payroll errors are due to manual processes. Greenshades automates payroll calculations, reducing the time spent on payroll processing and minimizing errors. The intelligent payroll wizard and employee self-service portals further streamline the process, freeing up valuable time for more strategic tasks.
Thibedeau shared an example of how Parks Marina saved an estimated $50,000 in payroll admin costs by reducing the time spent on payroll utilizing the Greenshades solution.
- Scaling Challenges
As businesses grow, scaling payroll processes can become challenging with outdated systems. GP Payroll, for example, often lacks the flexibility needed for growth. Greenshades provides a cloud-based solution that scales with your business, offering financial control, bulk updates, and unlimited payroll codes, ensuring seamless growth without significant hardware upgrades or system overhauls.
Thibedeau noted that Greenshades' in-house solution offers agility and flexibility, allowing businesses to handle increasing numbers of employees and complex payroll structures without added costs for features like additional EINs. In addition, as your organization grows, so do your payroll complexities. An in-house solution empowers you to adjust your solution independently without needing to reach out to your provider
Greenshades' Solution Overview
To highlight key points made in the presentation, the session concluded with a demonstration of an efficient pay run in the Greenshades Payroll solution.
Key Takeaways
- Regularly Evaluate Your Payroll System: Identifying inefficiencies and limitations in your current payroll system is crucial for maintaining smooth and effective processes.
- Integration Matters: Seamless integration with Dynamics ERP enhances control, compliance, and overall efficiency.
- Leverage Automation: Automating manual tasks minimizes errors and saves time, allowing your team to focus on strategic initiatives.
- Choose the Right Payroll Partner: Greenshades offers a tailored payroll solution that integrates seamlessly with Dynamics, ensuring efficiency, compliance, and robust support to help your business grow.
For more information or to schedule a personalized demo, contact Greenshades today.
