In our recent webinar, "Navigating Payroll Challenges for Staffing Firms," Product Marketing Manager Jerika Holton and Payroll Account Executive Will Digiovanni shared strategies to help staffing organizations tackle common payroll challenges. Here’s a breakdown of the key insights and takeaways.
Watch the full webinar here:
High turnover rates in staffing firms present unique payroll challenges, such as frequent updates to employee information and increased compliance requirements across different jurisdictions. We discussed how frequent onboarding and offboarding lead to potential overpayment or underpayment issues and the complexity of managing diverse pay types and schedules.
Late timecard submissions create significant problems, especially when employees work across multiple locations and time zones. Manual timecard management often results in errors and delayed payments, affecting employee satisfaction and client billing. To address this, we recommended standardized time-tracking systems to ensure timely submissions and maintain smooth payroll operations.
Greenshades makes it easy to manage late timecard submissions. If payroll has not yet been processed, timesheets can be refreshed to re-fetch the data. For payroll already processed, Greenshades supports running off-cycle payments effortlessly. Unlike competitors, Greenshades integrates directly with Bullhorn and other solutions, ensuring seamless data flow and minimizing human error.
Managing compliance across multiple jurisdictions can be daunting. Greenshades simplifies tax code management by automating updates based on changes in an employee's work location. This automation eliminates manual work and ensures compliance with federal, state, and local laws, including paid sick leave requirements, minimum wage, and overtime rules.
We highlighted the complexities of complying with varying overtime and minimum wage laws across states. For example, some states have their own minimum wage rates and unique overtime rules. Greenshades automatically adjusts payroll calculations to meet these location-specific requirements, ensuring compliance.
We also covered the management of wage garnishments, such as child support or tax levies. Greenshades provides detailed setups that allow for proper entry of garnishment orders, ensuring they are correctly applied during payroll processing. By automating these complex compliance tasks, Greenshades helps staffing firms reduce errors and avoid penalties.
Greenshades’ enhancements for managing state-based paid sick leave (PSL) ensure accurate PSL accrual calculations based on hours worked. Automating this process reduces manual work and helps firms maintain compliance, with accurate PSL balances and simplified reporting across multiple states.
We discussed how Greenshades efficiently manages different pay schedules, compensation types, and complex payroll needs for staffing firms. Greenshades automates payroll calculations, handles off-cycle pay runs, and configures unique payroll codes, enhancing accuracy and reducing administrative overhead.
Lastly, we explored the benefits of using cost accounting data for accurate allocation, tracking, and billing. By setting up custom fields and mapping them to the general ledger, Greenshades helps firms streamline reporting and budgeting. The platform integrates cost accounting data with ERP systems for effective financial management.
We wrapped up the webinar by reiterating the key strategies for overcoming payroll challenges in staffing firms. Leveraging automation, enhancing compliance management, and ensuring payroll accuracy can significantly boost operational efficiency. To learn more about how Greenshades can help your staffing firm, contact us for a personalized demo or more information.
If you want to learn more about how Greenshades can automate complex payroll processing for your staffing firm, contact us today to learn more or request a demo.