If variations lead to a drastic increase in the time to run payroll, it may be worth revisiting your processes for calculating and recording these variations. Track this measurement to see how seasonal variations such as summer, holiday breaks, and flu seasons affect the time spent processing payroll. Have those in charge of payroll submit the hours spent for each payroll run, including the time spent reviewing data and fixing payroll errors. She saved many hours when she implemented BambooHR and BambooHR Time Tracking, letting her onsite employees punch in with mobile devices and integrating with her payroll provider. She had to edit time logs for her delivery drivers who couldn’t be at the office to punch the physical time clock, and the situation got even more complicated when the time clock got fried in a lightning strike. Here’s a concrete example: one BambooHR customer used to spend an hour every pay period driving to FedEx to mail physical paychecks to her out-of-state employees. Measuring how long the payroll process takes lets you know the expenses involved and helps you find new efficiencies. Payroll Performance Metric: Time to Run PayrollĮven with the best software tools, it takes hours to work through every step of the payroll process.
For a long-term payroll accuracy percentage, divide the number of payroll runs with errors by the total number of payroll runs. Keep a running tally of payroll errors per pay period. Before you can use other KPIs to analyze the full effects of your payroll performance, you need to ensure that your current payroll process is reliable. Every other payroll performance KPI depends on the accuracy of your payroll data. The people in charge of payroll need to find every error and correct them as soon as possible to avoid serious consequences. When it comes to running payroll, perfection matters. Tax and fee payments at every level (federal, state, county, municipal, etc.).Application of different leave categories (PTO, maternity, sick leave, bereavement, etc.).Accurate time tracking for hourly compensation.Differences in salary type (salary, hourly, commission, contractor, etc.).Payroll Performance Metrics: Number of Errors/Accuracy RateĪ payroll admin has to account for a lot of variables to ensure an accurate payroll, including the following:
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