In our recent webinar, we covered essential topics related to labor reporting, cost accounting, and payroll processing with Greenshades. In addition, presenters Daniel Biondi, Senior Product Manager, and Amber Manuel, Sales Engineer, demonstrated how to use Greenshades Custom Fields for seamless labor reporting. Let’s dive into the key highlights from the session:
Watch the full webinar here:
Understanding Cost Accounting
Cost accounting is crucial for identifying all costs related to the production process, monitoring financial performance, and measuring the return on investment (ROI) of various projects. Tracking labor costs is a critical data point in cost accounting, as most businesses hope to keep payroll expenses between 15% to 30% of gross revenue.
Efficient labor tracking provides fiscal clarity, improves production, and helps keep costs low. However, there are many factors that may influence how you assign custom fields to employees to tie labor to locations, jobs, and more.
Exploring Various Labor Costs
In the context of cost accounting, labor costs can be categorized as follows:
- Fixed Labor Costs: These costs remain constant over a specific period and include salaries of employees whose pay remains consistent.
- Variable Labor Costs: These costs fluctuate based on production levels and may include wages of hourly employees or temporary staff hired to meet varying business demands.
- Direct Labor Costs: This refers to costs directly associated with employees involved in the production process, such as manufacturing line workers, drivers, and construction workers.
- Indirect Labor Costs: Indirect labor costs encompass salaries of employees who aren't directly involved in production, like HR staff, project managers, and administrative roles.
Payroll Processing with Greenshades
Greenshades offers comprehensive payroll processing services, covering everything from calculating pay to managing overtime and garnishments. Our payroll wizard enables businesses to streamline the payroll process with ease and efficiency.
With a range of powerful features, including quick timesheet validation, automatic calculations for complex payroll needs with alerts, real-time recalculations, seamless synchronization with the General Ledger, and full compliance with tax withholdings and workplace laws, Greenshades has your payroll covered.
Utilizing Payroll Custom Fields for Cost Reporting
Greenshades Custom Fields integration with the BC Jobs Module provides businesses with a powerful tool to achieve seamless labor reporting. By linking labor to the relevant fields, this feature ensures precise allocation of labor costs for cost accounting purposes.
Additionally, users can split labor costs for General Ledger reporting, enabling the selection of specific fields for cost allocation. The system efficiently collects labor costs from earnings and then distributes them proportionally for benefit and employer tax transactions, enhancing cost accounting accuracy and streamlining financial reporting processes.
Custom Fields Demo
The webinar concluded with a live demonstration of Greenshades Custom Fields in action, showcasing how it works with the BC Jobs Module to streamline labor reporting and improve cost accounting accuracy. Watch the full webinar to explore how Greenshades Custom Fields can optimize labor reporting and cost accounting in Dynamics 365 BC Jobs Module.
Achieve greater accuracy and efficiency in your cost accounting practices by utilizing cost accounting with Greenshades.