Payroll can provide you with a rich source of information and can give you insight into how well your business will perform. Unfortunately, many businesses don’t fully utilise their payroll function to take advantage of this knowledge.
Here are five ways you and your team can unearth the full potential of payroll.
1. Payroll marks the spot
The need for workforce data is growing. This information is vital to the operational success of a business. You can find a rich source of in-depth and accurate data at the point where your operations, finance and HR teams meet. That spot is payroll. Your payroll staff and the data they manage can be key to running a successful business.
2. Take advice from payroll
Is your entire payroll team focused on accurately paying your employees and meeting your remittance obligations? If so, great, but wouldn’t it be even better to use the accuracy and insight from your payroll data to realise the full potential of your business?
A member of your payroll team should play the part of adviser and contribute to your decision-making process. They can provide insight into how your decisions will impact payroll.
3. Understand business drivers
You need to understand what is really happening in your business and then align the information your payroll team provides. How does your business create revenue? What drives the sales, costs and cash flow of your business? Aligning this information with the data provided by your payroll team will help you determine how to best improve your bottom line.
4. Collaboration is key
It’s important to ensure your entire team has the capability to add value to your business. To do this, you need to focus on collaborative business processes and make sure the HR, finance, operations and payroll teams all work together seamlessly.
5. Identify key data
More and more, business owners are looking to increase profits by making the most of the business resources they already have in place. Identifying key payroll data is one resource that can be used to flick the profit switch. Analyse only the employee demographic data that will affect your profits rather than wasting time on data that has little bearing.
Want to unearth more untapped information?
Payroll data will give you clearer insight into the operation of your business. Look to your payroll team to help make better decisions. Making changes to the way your payroll team operates will yield tangible results for your business.
For more information about using payroll insights to fuel your business success, get in touch.